Crypto Currency

Chamber of Progress says Biden can ‘still win’ on crypto against Trump

According to the advocacy group, the US president still has an opportunity to counter Donald Trump’s “change of heart on cryptocurrency” by supporting regulation…

Published 1 year ago in
Chamber of Progress says Biden can ‘still win’ on crypto against Trump

According to the advocacy group, the US president still has an opportunity to counter Donald Trump’s “change of heart on cryptocurrency” by supporting regulation…
Read More

Be the first to write a comment.

Leave a Reply

Your email address will not be published. Required fields are marked *

Crypto Currency

Stablecoin Supply Hits Record $304.5 Billion—Is a Massive DeFi and Bitcoin Rally Next?

The post Stablecoin Supply Hits Record $304.5 Billion—Is a Massive DeFi and Bitcoin Rally Next? appeared first on Coinpedia Fintech News The crypto market is regaining momentum as Bitcoin (BTC) price trades near $107,000, while top altcoins like Ethereum (ETH), Solana (SOL), and Avalanche (AVAX) show steady recovery after recent pullbacks…

Published 16 hours ago in
Stablecoin Supply Hits Record $304.5 Billion—Is a Massive DeFi and Bitcoin Rally Next?

The post Stablecoin Supply Hits Record $304.5 Billion—Is a Massive DeFi and Bitcoin Rally Next? appeared first on Coinpedia Fintech News
The crypto market is regaining momentum as Bitcoin (BTC) price trades near $107,000, while top altcoins like Ethereum (ETH), Solana (SOL), and Avalanche (AVAX) show steady recovery after recent pullbacks…
Read More

Continue Reading
Crypto Currency

CRYPTOCURRENCY: Bitcoin’s price plunge offers insight into the dangers of excessive leverage in trading

Borrowing to buy, be it cryptocurrencies, stocks or gold, can amplify profits when prices soar, but when markets fall, traders become heavily indebted. Traders who accumulated Bitcoin with debt were forced by their lenders to liquidate their holdings at lower-than-ideal prices, deepening the sell-off…

Published 16 hours ago in
CRYPTOCURRENCY: Bitcoin’s price plunge offers insight into the dangers of excessive leverage in trading

Borrowing to buy, be it cryptocurrencies, stocks or gold, can amplify profits when prices soar, but when markets fall, traders become heavily indebted. Traders who accumulated Bitcoin with debt were forced by their lenders to liquidate their holdings at lower-than-ideal prices, deepening the sell-off…
Read More

Continue Reading
Crypto Currency

Cardano Whale Makes $54 Million Coinbase Outflow: Sign Of Dip Buying?

On-chain data shows a Cardano whale has made a massive withdrawal from Coinbase, a sign that may be bullish for the ADA price. Cardano Whale Has Withdrawn Big From Coinbase According to data from cryptocurrency transaction tracker service Whale Alert, a large transfer has been spotted on the Cardano blockchain during the past day…

Published 2 days ago in
Cardano Whale Makes $54 Million Coinbase Outflow: Sign Of Dip Buying?

On-chain data shows a Cardano whale has made a massive withdrawal from Coinbase, a sign that may be bullish for the ADA price. Cardano Whale Has Withdrawn Big From Coinbase According to data from cryptocurrency transaction tracker service Whale Alert, a large transfer has been spotted on the Cardano blockchain during the past day…
Read More

Continue Reading
Crypto Currency

Crypto Miners Riding the AI Wave Are Leaving Bitcoin Behind

Breadcrumb Trail Links Home PMN Business Share this Story : Crypto Miners Riding the AI Wave Are Leaving Bitcoin Behind Copy Link Email X Reddit Pinterest LinkedIn Tumblr Crypto Miners Riding the AI Wave Are Leaving Bitcoin Behind Shares of the large-scale computing outfits that make Bitcoin work are once again outperforming the original cryptocurrency

Published 2 days ago in
Crypto Miners Riding the AI Wave Are Leaving Bitcoin Behind

Crypto Miners Riding the AI Wave Are Leaving Bitcoin Behind

Shares of the large-scale computing outfits that make Bitcoin work are once again outperforming the original cryptocurrency, as more pivot to hybrid models built around artificial intelligence and high-performance computing.

Bloomberg News
Sidhartha Shukla
Published Oct 18, 2025
3 minute read
Join the conversation

j4]srcsrcnrj17dqamj6sur}xvgt_media_dl_1.png
j4]00nrj17dqamj6sur}xvgt_media_dl_1.png Bloomberg

(Bloomberg) — Shares of the large-scale computing outfits that make Bitcoin work are once again outperforming the original cryptocurrency, as more pivot to hybrid models built around artificial intelligence and high-performance computing. 

Long-ago dubbed miners because of the perceived similarities to the mining of traditional commodities such as gold when creating Bitcoin, the companies have often been at the mercy of the volatile price swings experienced by the token. Two years ago, the sector benefitted at the initial start of the AI boom, only to see their share prices tumble the following year as mining profitability declined and competition increased.

Story continues below

Even with the crypto market carnage over the past week, Bitcoin is still up about 14% in 2025, and within striking distance of the all-time high of almost $126,000 reached at the start of the month. Investors have stampeded into the token since the second Trump administration embraced a pro-crypto agenda. 

Yet, the biggest winners of this year’s crypto comeback aren’t Bitcoin holders but the miners themselves. A fund tracking listed mining firms has soared more than 150% year-to-date. Unlike during past cycles, when the miners would rally while Bitcoin was gaining, the companies are now being viewed for what they are becoming: tech infrastructure firms.

“Investors are almost exclusively valuing Bitcoin miners for their HPC/AI opportunities at this point,” said John Todaro, analyst at Needham & Co. “We would say less than 10% of our conversations on miners are actually on Bitcoin and mining.” 

Cipher Mining Inc. and IREN Ltd. exemplify the trend. Shares in the Nasdaq-listed firms have soared about 300% and 500%, respectively, this year as they pivot from pure Bitcoin mining to AI infrastructure. Earlier in 2025, Cipher signed a 10-year, roughly $3 billion colocation deal with Fluidstack — backed in part by Google — which guaranteed $1.4 billion in lease obligations in exchange for warrants representing a 5.4% stake. The agreement is one of the clearest signals yet that the line between crypto mining and AI computing is blurring.

Story continues below

IREN, meanwhile, closed a $1 billion convertible notes offering on Wednesday. TeraWulf Inc., a US-based miner, also announced plans this week to issue $3.2 billion in senior secured notes to finance an expansion of its Lake Mariner data center in Barker, New York.

Singapore-based Bitdeer Technologies Group, rallied almost 30% on Wednesday after detailing its plans to convert major mining sites into AI data centers, including its 570-megawatt facility in Clarington, Ohio. The company said that in a best-case scenario, full conversion could yield annualized revenue exceeding $2 billion by the end of 2026.

“For Bitdeer, AI/HPC is a complement to mining, not a replacement,” said Jeff LaBerge, vice president of capital markets and strategy at Bitdeer. “We’ll continue leading with efficiency in self-mining and selectively convert qualified sites to AI/HPC where long-term returns are durable.” 

The pivot toward AI comes in the wake of last year’s Bitcoin halving, which cut miner rewards from 6.25 to 3.125 Bitcoin. Since then, rising network difficulty and slowing transaction volumes have squeezed profit margins. Even Bitcoin’s recent record highs have offered little relief to miners’ unit economics.

(Bloomberg) — Shares of the large-scale computing outfits that make Bitcoin work are once again outperforming the original cryptocurrency, as more pivot to hybrid models built around artificial intelligence and high-performance computing. 

Long-ago dubbed miners because of the perceived similarities to the mining of traditional commodities such as gold when creating Bitcoin, the companies have often been at the mercy of the volatile price swings experienced by the token. Two years ago, the sector benefitted at the initial start of the AI boom, only to see their share prices tumble the following year as mining profitability declined and competition increased.

Story continues below

Even with the crypto market carnage over the past week, Bitcoin is still up about 14% in 2025, and within striking distance of the all-time high of almost $126,000 reached at the start of the month. Investors have stampeded into the token since the second Trump administration embraced a pro-crypto agenda. 

Yet, the biggest winners of this year’s crypto comeback aren’t Bitcoin holders but the miners themselves. A fund tracking listed mining firms has soared more than 150% year-to-date. Unlike during past cycles, when the miners would rally while Bitcoin was gaining, the companies are now being viewed for what they are becoming: tech infrastructure firms.

“Investors are almost exclusively valuing Bitcoin miners for their HPC/AI opportunities at this point,” said John Todaro, analyst at Needham & Co. “We would say less than 10% of our conversations on miners are actually on Bitcoin and mining.” 

Cipher Mining Inc. and IREN Ltd. exemplify the trend. Shares in the Nasdaq-listed firms have soared about 300% and 500%, respectively, this year as they pivot from pure Bitcoin mining to AI infrastructure. Earlier in 2025, Cipher signed a 10-year, roughly $3 billion colocation deal with Fluidstack — backed in part by Google — which guaranteed $1.4 billion in lease obligations in exchange for warrants representing a 5.4% stake. The agreement is one of the clearest signals yet that the line between crypto mining and AI computing is blurring.

Story continues below

IREN, meanwhile, closed a $1 billion convertible notes offering on Wednesday. TeraWulf Inc., a US-based miner, also announced plans this week to issue $3.2 billion in senior secured notes to finance an expansion of its Lake Mariner data center in Barker, New York.

Singapore-based Bitdeer Technologies Group, rallied almost 30% on Wednesday after detailing its plans to convert major mining sites into AI data centers, including its 570-megawatt facility in Clarington, Ohio. The company said that in a best-case scenario, full conversion could yield annualized revenue exceeding $2 billion by the end of 2026.

“For Bitdeer, AI/HPC is a complement to mining, not a replacement,” said Jeff LaBerge, vice president of capital markets and strategy at Bitdeer. “We’ll continue leading with efficiency in self-mining and selectively convert qualified sites to AI/HPC where long-term returns are durable.” 

The pivot toward AI comes in the wake of last year’s Bitcoin halving, which cut miner rewards from 6.25 to 3.125 Bitcoin. Since then, rising network difficulty and slowing transaction volumes have squeezed profit margins. Even Bitcoin’s recent record highs have offered little relief to miners’ unit economics.

Trending

  1. Canada budget 2025: Five tax changes that you need to know about

    Canada budget 2src25

    Taxes

  2. Carney’s budget means the Bank of Canada may have to cut interest rates again, says economist

    Bank of Montreal economists said in an analysis of the budget that they estimated net new spending of $4 billion for this fiscal year and the next.

    Economy

  3. Story continues below

  4. Federal budget reveals Carney government is considering privatizing airports

    Air travellers walk in the Vancouver International Airport in Richmond, B.C.

    Transportation

  5. What did the 2025 budget deliver for generation Z and millennial Canadians?

    Prime Minister Mark Carney holds up a copy of the budget as he and Minister of Finance and National Revenue Francois-Philippe Champagne make their way to the House of Commons for the tabling of the federal budget on Parliament Hill in Ottawa, on Nov. 4, 2src25.

    News

  6. Ottawa’s deal with graphite miner could be the template Canada needs to crack China’s grip on critical minerals

    Graphite

    Mining

Advertisement

A firm’s pivot to AI-HPC means that they will slow down or pause the expansion of the Bitcoin hashrate — a measure of the total mining capacity of the industry – since part of their power capacity is being reallocated, according to Wolfie Zhao, an analyst at TheMinerMag. He noted that Riot Platforms Inc., IREN, and Bitfarms have already signaled they won’t expand hashrate in the near term.

“The focus is shifting from ‘how much hashrate can we add’ to ‘how efficiently can we utilize our energy footprint,’” Zhao said. With Bitcoin’s hashprice at record lows, the shift was inevitable, marking a phase where mining and computing now share “the same energy economy,” he said.

“The revenue per megawatt and EBITDA margins are far higher for HPC and AI colocation than for mining,” said Needham’s Todaro. With Bitcoin’s volatility and halving risks, he added, “capital markets are rewarding AI-focused data centers with much higher multiples than traditional miners.”

Comments
You must be logged in to join the discussion or read more comments.
Create an AccountSign in
Join the Conversation

Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more informati

Read More

Continue Reading