Microsoft’s $10 billion deal with former bitcoin miner IREN for data center capacity highlights the crypto mining industry’s shift to artificial intelligence. IREN secured a $9.7 billion agreement with Microsoft, making it their largest customer for AI workloads. IREN’s stock soared 10% and is up 580% this year.

IREN also partnered with Dell for a $5.8 billion deal on processors and equipment. Bitcoin miners, like Riot and TeraWulf, are pivoting towards high-performance computing and AI, driving stock prices up significantly. Analysts see miners as crucial to AI data centers, with bitcoin mining profits squeezed by competition and price swings.

IREN, previously Iris Energy, shifted focus from bitcoin mining to AI cloud and data centers. The company’s CEO highlights the move away from over-equipped facilities for bitcoin mining towards AI infrastructure. Bitcoin miners now prioritize optimizing power assets over chasing Bitcoin rewards, navigating challenges like profit margins and reward halving events.

Read more at Yahoo Finance: Microsoft’s $9.7 billion deal with IREN shows bitcoin miners’ AI pivot is paying off