Bitcoin Miners Surge as AI Infrastructure Expansion Hopes Build

Bitcoin mining stocks climbed broadly as expectations grew that the companies could expand into artificial intelligence infrastructure.

Cointelegraph reported on May 26 that TeraWulf jumped as much as 17% intraday after news of its acquisition of a data center site in Kentucky. Other major Bitcoin mining stocks, including Hut 8, IREN and Riot Platforms, also closed up more than 5%.

The rally reflects optimism that Bitcoin miners can leverage their existing power infrastructure and data center capabilities to expand into AI and high-performance computing businesses.

AI-related shares also continued to advance in U.S. markets the same day. The S&P 500 rose above 7,500 to a record high, while the Philadelphia Semiconductor Index surged 5.6%. The index has gained about 77% this year.

Cointelegraph said secure access to power is emerging as a critical competitive advantage as demand for AI data centers rises. That has drawn attention to Bitcoin miners with large-scale power infrastructure and data center operating experience as potential key partners for AI companies.

Bernstein said in a report that 11 U.S.-listed Bitcoin mining companies have a current and future power portfolio totaling about 27 gigawatts.

"The main bottleneck in AI infrastructure expansion is more likely to be power access than semiconductors," Bernstein wrote. "Bitcoin miners can play a strategic role in the AI infrastructure market."