Shares of CleanSpark, a Bitcoin mining company listed on Nasdaq, surged by over 13% on Monday following its announcement of a strategic expansion into artificial intelligence.
As the fifth-largest Bitcoin (BTC) mining firm by market capitalization, CleanSpark revealed its new strategy focused on AI data center infrastructure, intending to diversify its revenue sources and enhance long-term cash flow prospects.
To spearhead this initiative, CleanSpark appointed Jeffrey Thomas as senior vice president of AI data centers, the company announced on Monday.
Thomas has previously led Saudi Arabia’s multi-billion AI data center program as the former president of AI Data centers at Saudi AI company Humain. Throughout his career, he has generated over $12 billion in shareholder value across 19 ventures, as stated in the announcement.
“We have been reviewing the entire portfolio from first principles to evaluate AI suitability and identified Georgia as a key area for both potential conversion and expansion,” wrote Scott Garrison, chief development officer and executive vice president at CleanSpark, adding:
“We recently contracted for additional power and real estate in College Park to provide high-value compute for the greater Atlanta metro area and are exploring giga-campus opportunities across our portfolio and pipeline that are well-positioned to meet significant off-taker demand.”
Investors responded positively to the strategic expansion, as CleanSpark’s stock price increased by over 13% on Monday, following a 140% rise year-to-date in 2025, according to data from Google Finance.
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Bitcoin miners are seeking new revenue sources amid post-halving pressure
CleanSpark’s strategic shift arrives as post-Bitcoin halving pressure compels other mining companies to seek new revenue avenues.
Several of the largest Bitcoin mining firms have announced similar strategic shifts towards AI since early 2024, including Core Scientific, Hut 8, and Iris Energy.
In June 2024, Core Scientific unveiled a $3.5 billion partnership with AI cloud provider CoreWeave to supply an additional 200 megawatts of infrastructure to support CoreWeave’s high-performance computing (HPC) operations.
This deal is projected to generate cumulative revenue exceeding $3.5 billion for the world’s largest Bitcoin mining firm during the initial 12-year term of the contracts, as Cointelegraph reported.
The strategic push into AI has revitalized the business model for the Bitcoin miner, which previously had filed for Chapter 11 bankruptcy in 2022, just two years before being relisted on Nasdaq prior to its AI evolution.
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The Bitcoin mining company Hut 8 ventured into AI services in September 2024, launching a GPU-as-a-Service offering through its new subsidiary, Highrise AI.
In June, Hut 8 secured a $150 million investment from tech-focused investment manager Coatue Management to position the company to capitalize on the rising demand for AI computing power.
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