Bitcoin Slumps But These Mining Stocks Are Up Thanks to AI Deals
Bitcoin Magazine
Bitcoin Slumps But These Mining Stocks Are Up Thanks to AI Deals
Bitcoin may be slumping — along with the Nasdaq in general — but one technology investment seems to be doing well: publicly-traded mining companies.
Top U.S. Bitcoin mining companies — Hut 8, CleanSpark, and MARA — all experienced gains between 3-7% on Thursday, despite a sell-off across other assets.
The Bitcoin price was down about 2% Thursday, trading for $64,760. Major stock indices also took a hit — including the tech heavy Nasdaq — but a handful of miners continued to rally on new deals related to high-powered computing and artificial intelligence.
Hut 8 announced Monday that it had signed a second 15-year lease for 352 megawatts of IT capacity at its Beacon Point campus in Nueces County, Texas — doubling the site’s tenant to 704 MW of contracted capacity and fully commercializing the campus against its 1,000 MW of utility capacity.
And on Tuesday, IREN Limited signed $2.8 billion in new AI cloud contracts. Formerly a Bitcoin miner, IREN is now transitioning to mostly providing high-powered computing to power AI demand.
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