Publicly traded Bitcoin miners are rallying as investors anticipate that excess mining capacity could support high-performance computing for AI workloads.
While Bitcoin (BTC) remains relatively flat near $109,385, and corporate Bitcoin treasury plays have seen rapid boom-and-bust cycles, miners themselves are seeing strong gains thanks to AI and high-performance computing emerging as new growth drivers.
On Wednesday, Riot Platforms (RIOT) and IREN (IREN) led the sector, climbing roughly 13%, while Hut 8 (HUT), CleanSpark (CLSK), and Bit Digital (BTBT) rose about 6%. Since April, IREN has been the standout performer, surging nearly 500%.
The rally comes amid news that OpenAI, Oracle (ORCL), and SoftBank are accelerating their Stargate AI infrastructure program, adding five new U.S. data center sites. The initiative will deliver nearly 7 gigawatts of planned capacity and over $400 billion in investment, with a goal of 10 gigawatts by the end of 2025, according to OpenAI.
While some analysts caution that speculation around AI demand may be entering “bubble territory,” miners are among the primary beneficiaries of the capital and energy infrastructure required to meet these massive needs.
Even traditional Bitcoin miners are pivoting into AI. Riot Platforms and CleanSpark are expanding into high-performance computing, boosting stock performance. Year-to-date, RIOT has gained 85%, and CLSK is up 55%. By contrast, MARA Holdings (MARA), which has shifted toward a Bitcoin treasury strategy, has lagged, rising just 10% in 2025.
