Bitcoin miners rallied as investors cheered multi-billion-dollar AI infrastructure contracts, underscoring the sector’s accelerating shift toward data centers and cloud computing.
Shares of several Bitcoin mining companies surged Monday after Hut 8 and IREN announced major AI infrastructure deals, reinforcing investor optimism around miners expanding into artificial intelligence and high-performance computing.
IREN, Cipher Digital, CleanSpark, Hut 8 and MARA Holdings each gained at least 11% in early Monday trading. The rally followed Hut 8’s announcement of a 15-year, $9.8 billion lease for its AI data center campus and IREN’s disclosure of $2.8 billion in cloud services contracts with AI developers. Both companies began as Bitcoin (BTC) miners before accelerating a pivot toward AI infrastructure and cloud computing as mining economics weakened.
IREN now expects its AI cloud business to generate more than $4 billion in annual recurring revenue by the end of 2026.
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