Hive, Bitfarms lead bitcoin miner-turned-AI rally with 11% gains as BTC hits two-month high
Hive and Bitfarms surged over 10%, leading a rally in bitcoin miners pivoting to AI infrastructure as Bitcoin reached a two-month high.Summary
Bitcoin miners Hive Digital (HIVE) and Bitfarms (BITF) experienced significant stock gains, exceeding 10% on Tuesday, as they lead a broader rally among companies transitioning their infrastructure towards artificial intelligence (AI) and high-performance computing (HPC) data centers. This surge coincides with Bitcoin's price climbing above $76,100, reaching a two-month high, and a recovery in U.S. equities. This trend reflects a strategic shift in the mining sector, where companies are repurposing their power-intensive operations to meet the growing demand for AI compute power and electricity. Experts note that these miners are diversifying their capacity to serve the AI market and are undervalued compared to other data center peers. Hive is expanding its AI capacity with a GPU cluster in Paraguay and scaling back Bitcoin mining in Sweden to focus on AI data centers in Canada. Bitfarms, rebranded as Keel Infrastructure, is adopting a landlord model, leasing power-secured data center capacity to hyperscalers and large compute customers, with a significant development pipeline for AI-related revenue expected by 2027. Other mining stocks also saw gains, with the broader market rebound contributing to the positive sentiment.
(Source：The Block)