Crypto Mining Stocks Surge Pre-Market Amid Shift to AI

Crypto mining stocks BMNR, IREN, WULF, CIFR, and HUT rose in pre-market trading on Wednesday.

Despite this, retail sentiment on Stocktwits remained largely bearish, with chatter levels around these stocks low. The exception was BMNR, which saw its sentiment shift from bearish to neutral as it traded up by almost 3% in the morning hours.

Hut 8 Corp (HUT), Cipher Mining Inc. (CIFR), and TeraWulf Inc. (WULF) also traded up, with HUT gaining almost 2% pre-market. However, the retail sentiment around these stocks remained bearish.

The mining industry's shift towards AI infrastructure has been underway for some time, driven by high electricity costs. Analysts predict that AI infrastructure companies' sales will triple over the next two years, with prices ranging from $200 to $500 per MW compared to Bitcoin mining's $57 to $129 per MW.