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Bitcoin’s (BTC) price remains stagnant, and corporate bitcoin treasury firms are experiencing a rapid boom-and-bust cycle within just weeks. However, BTC miners are enjoying a significant upswing, driven by advancements in artificial intelligence and high-performance computing.
The upward trend continued on Wednesday, with notable gains in the sector, particularly from Riot Platforms (RIOT) and IREN (IREN), both of which surged approximately 13%. Companies like Hut 8 (HUT), CleanSpark (CLSK), and Bit Digital (BTBT) saw increases closer to 6%. Since the April lows, IREN has emerged as the standout, achieving nearly 500% growth.
The current momentum is fueled by announcements from OpenAI, Oracle (ORCL), and SoftBank regarding their rapid expansion of the Stargate AI infrastructure program, which includes five new data center sites in the U.S. This initiative is set to provide nearly 7 gigawatts of planned capacity and over $400 billion in investments, aiming for a total of 10 gigawatts by the end of 2025, as per OpenAI.
The extensive speculation surrounding AI demand could potentially be trending towards “bubble territory,” yet AI miners stand to gain significantly from the capital and infrastructure necessary to meet these enormous energy demands.
Even traditional bitcoin-only miners such as Riot Platforms (RIOT) and CleanSpark (CLSK) are now venturing into AI and high-performance computing, benefiting from this shift, with RIOT seeing an 85% increase year-to-date and CLSK rising by 55%. Interestingly, MARA Holdings (MARA) has recently shifted towards more of a bitcoin treasury strategy, and it is lagging behind the sector with only a 10% gain in 2025.
