Shares of CleanSpark, a Bitcoin mining company listed on Nasdaq, surged more than 13% on Monday after the firm revealed plans for a strategic move into artificial intelligence.
As the fifth-largest Bitcoin (BTC) mining firm by market cap, CleanSpark unveiled a strategy focused on developing AI data center infrastructure, with the goal of diversifying revenue streams and enhancing long-term cash flow.
Jeffrey Thomas has been appointed as the senior vice president of AI data centers to spearhead this initiative, CleanSpark announced on Monday.
Previously, Thomas led a multi-billion dollar AI data center initiative in Saudi Arabia as the former president of AI Data Centers at the Saudi AI firm Humain. He has created over $12 billion in shareholder value across 19 different ventures, according to the announcement.
“We have been analyzing our entire portfolio from first principles to assess AI feasibility and have identified Georgia as a strategic area for potential conversions and growth,” wrote Scott Garrison, Chief Development Officer and Executive Vice President at CleanSpark, adding:
“We have contracted for additional power and real estate in College Park to provide high-value compute services to the greater Atlanta metro area and are exploring giga-campus opportunities that are favorably positioned to meet substantial off-taker demand.”
Investors responded positively to the strategic shift, as CleanSpark’s stock price increased by over 13% on Monday, following a year-to-date rise of 140% in 2025, according to data from Google Finance.
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Bitcoin miners are seeking new revenue sources amid post-halving pressure
The strategic shift by CleanSpark comes as companies in the Bitcoin mining sector face post-Bitcoin halving pressures, leading them to explore new revenue avenues.
Several major Bitcoin miners have announced similar strategic movements into AI since early 2024, including Core Scientific, Hut 8, and Iris Energy.
In June 2024, Core Scientific revealed a $3.5 billion agreement with AI cloud provider CoreWeave to enhance infrastructure for its high-performance computing (HPC) services, adding 200 megawatts of capacity.
The arrangement is projected to generate more than $3.5 billion in total cumulative revenue for the largest Bitcoin mining entity worldwide over the initial 12-year contract period, as reported by Cointelegraph.
This expansion into AI has revitalized the business model of the Bitcoin miner, which had filed for Chapter 11 bankruptcy in 2022, two years before relisting on Nasdaq ahead of its AI transition.
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In September 2024, Bitcoin mining company Hut 8 ventured into AI services after launching a GPU-as-a-Service offering under a new subsidiary called Highrise AI.
In June, Hut 8 secured a $150 million investment from tech-focused investment manager Coatue Management to help capitalize on the increasing demand for AI computing power.
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