Shares of CleanSpark, a Nasdaq-listed Bitcoin mining firm, surged over 13% on Monday following the announcement of its strategic expansion into artificial intelligence.
As the fifth-largest Bitcoin (BTC) mining company by market capitalization, CleanSpark revealed plans to extend its focus to AI data center infrastructure, with the goal of diversifying revenue sources and enhancing long-term cash flow.
To spearhead this initiative, CleanSpark appointed Jeffrey Thomas as senior vice president of AI data centers, as announced on Monday.
Thomas, who previously directed Saudi Arabia’s multi-billion-dollar AI data center program as the former president of AI Data Centers at Humain, has created over $12 billion in shareholder value throughout his career across 19 ventures, according to the announcement.
“We have been reviewing the entire portfolio from first principles to assess AI suitability and discovered Georgia as a strategic area for both potential conversion and expansion,” stated Scott Garrison, chief development officer and executive vice president at CleanSpark, adding:
“We recently contracted for extra power and real estate in College Park to provide high-value compute resources to the greater Atlanta metro area and are exploring giga-campus opportunities across our portfolio that align with significant off-taker demand.”
The strategic expansion was well-received by shareholders, as CleanSpark’s stock jumped over 13% on Monday, following a remarkable 140% increase year-to-date in 2025, according to data from Google Finance.
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Bitcoin miners are exploring new revenue options amid post-halving challenges
CleanSpark’s strategic move comes as post-Bitcoin halving pressures prompt other mining companies to seek new revenue sources.
Several large Bitcoin mining firms have also announced shifts toward AI since early 2024, including Core Scientific, Hut 8, and Iris Energy.
In June 2024, Core Scientific revealed a $3.5 billion partnership with AI cloud provider CoreWeave to supply an additional 200 megawatts of infrastructure for high-performance computing (HPC) operations.
This deal is projected to generate over $3.5 billion in cumulative revenue for the world’s largest Bitcoin mining company during the initial 12-year contracts, as reported by Cointelegraph.
The move into AI has revitalized Core Scientific’s business model, as the company had filed for Chapter 11 bankruptcy in 2022, just two years prior to its relisting on the Nasdaq ahead of the AI pivot.
Related: Grok, DeepSeek outperform ChatGPT, Gemini with massive crypto market long
In September 2024, Hut 8 forayed into AI services, launching a GPU-as-a-Service offering via a new subsidiary named Highrise AI.
In June, Hut 8 secured a $150 million investment from tech-focused investment manager Coatue Management to help capitalize on the surging demand for AI computing power.
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