Mining Stocks Rise as Bitcoin Falls Amid AI Deals
Despite a downturn in the Bitcoin price and major stock indices, publicly-traded mining companies in the US are experiencing gains thanks to deals related to high-powered computing and artificial intelligence.
Hut 8, CleanSpark, and MARA all saw increases between 3-7% on Thursday, while the Bitcoin price dropped about 2% to $64,760.
The surge can be attributed to recent announcements from Hut 8 and IREN Limited. Hut 8 signed a second 15-year lease for 352 megawatts of IT capacity at its Beacon Point campus in 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.
IREN Limited, formerly a Bitcoin miner, signed $2.8 billion in new AI cloud contracts on Tuesday. Both companies experienced price jumps Thursday morning in New York, with Hut 8 sustaining its rally.