Bitcoin miners pivot to AI boom, pushing Cipher and Hut 8 stocks to all-time highs
ChainCatcher news, according to The Block, the stock prices of Bitcoin mining companies transitioning to AI and large-scale computing continue to rise. IREN rose over 13% on Wednesday, nearing an all-time high, after it previously announced $3 billion in convertible bond financing, a partnership with NVIDIA to build a 5 GW AI data center, and a $625 million acquisition of Mirantis. On Tuesday, it also reached a $1.6 billion agreement with Dell to supply Blackwell AI systems. Cipher and Hut 8 both hit all-time highs, with Cipher up about 9.5% to $25 and Hut 8 up nearly 5% to $118; over the past year, HUT has increased by nearly 600%. TeraWulf rose over 6% on Wednesday, with an annual increase of about 800%; its HPC business quarterly revenue exceeded its Bitcoin mining business for the first time. Riot rose 3.3% on Wednesday to $27, with first-quarter data center revenue of $33 million, mainly coming from AMD cooperation. This year, it has already sold some of its Bitcoin holdings to finance AI development and still holds nearly $1.2 billion in Bitcoin.
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