Shares of CleanSpark, a Bitcoin mining company listed on Nasdaq, climbed more than 13% on Monday following the announcement of its strategic move into artificial intelligence.
As the fifth-largest Bitcoin (BTC) mining firm by market cap, CleanSpark revealed plans to broaden its activities into AI data center infrastructure, which aims to diversify its revenue and enhance its long-term cash flow.
To spearhead this initiative, CleanSpark appointed Jeffrey Thomas as the senior vice president of AI data centers, as they announced on Monday.
Prior to this, Thomas directed a billion-dollar AI data center initiative in Saudi Arabia as the former president of AI Data Centers at the Saudi AI firm Humain. Throughout his career, he generated over $12 billion in shareholder value across 19 ventures, according to the announcement.
CleanSpark.com
“We have been reviewing our entire portfolio from first principles to assess suitability for AI and have identified Georgia as a key area for potential conversion and expansion,” stated 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 to the greater Atlanta metro area and are exploring giga-campus opportunities across the portfolio and pipeline to meet significant off-taker demand.”
Investors responded positively to the strategic shift, with CleanSpark’s stock price surging over 13% on Monday and a remarkable 140% increase year-to-date in 2025, according to data from Google Finance.
Google.com
Related: Elon Musk touts Bitcoin as energy-based and inflation-proof, unlike ‘fake fiat’
Bitcoin miners are exploring new revenue streams amid post-halving challenges
The strategic shift by CleanSpark occurs during a time of post-Bitcoin halving pressure, prompting other mining companies to look for additional sources of revenue.
Several major Bitcoin mining firms have also initiated similar strategic changes towards 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 firm CoreWeave to provide an extra 200 megawatts of infrastructure for CoreWeave’s high-performance computing (HPC) operations.
This deal is projected to generate over $3.5 billion in total cumulative revenue for the world’s largest Bitcoin mining company during the initial 12 years of the contracts, as reported by Cointelegraph.
The pivot towards AI has revitalized Core Scientific’s business model, having filed for Chapter 11 bankruptcy in 2022, before its relisting on Nasdaq ahead of its AI transition.
Related: Grok, DeepSeek outperform ChatGPT, Gemini with strong crypto market performance
Cointelegraph
In September 2024, Bitcoin mining company Hut 8 entered the AI sector by 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, aimed at helping the company “capitalize” on the increasing demand for AI computing power.
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