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The surge in Bitcoin mining companies transitioning to AI businesses heats up, with Cipher and Hut 8 stock prices reaching new highs
BlockBeats News. May 28 — After traditional Bitcoin mining firms shifted into the fields of artificial intelligence, large-scale computing, and data center infrastructure, they continued to be pursued by the market on Wednesday. A series of related stocks all logged double-digit gains. IREN led the entire sector on Wednesday, with its share price rising more than 13%, and it further moved closer to its all-time high; Cipher Digital and Hut 8 even hit record highs.
This follows the upward trend seen over the past several months: companies that once focused on Bitcoin mining are shutting down some mining operations and redirecting resources and capital toward AI power and computing infrastructure. Now, many investors believe these new businesses are more attractive than traditional mining operations.