Bitcoin Mining Stocks Surge on AI Infrastructure Pivot

Shares of several Bitcoin mining companies have seen significant gains in recent months as investors bet on their expansion into AI data-center infrastructure.

According to CryptoQuant analyst JA Maartunn, Riot Platforms shares rose 83% from January through the end of July, while Hut 8 and Bitfarms saw gains of 72% and 50%, respectively. Core Scientific's shares climbed 31% over the same period.

The rally is attributed less to Bitcoin mining itself than to miners' efforts to supply power capacity and data-center infrastructure to AI companies, Maartunn said.

Riot has been expanding its AI infrastructure business through a long-term lease agreement for a 191-megawatt data center with an AI company, highlighting the growing competition around power, grid access, and AI-supporting infrastructure.