Microsoft Withdraws AI Data Center Investment Plans, Causing Mining Company Stocks to Fall
JH Kim
Summary
- Microsoft withdrew its AI data center investment plans, causing Bitcoin mining company stocks to fall.
- Stocks of several mining companies like Bitfarms, CleanSpark, and Core Scientific fell by 4-12%.
- It was reported that after the Bitcoin halving, mining revenue decreased, leading mining companies to rely on AI data support businesses.
Microsoft (MS) has withdrawn its plans to invest in new artificial intelligence (AI) data centers in the US and Europe due to potential oversupply, causing Bitcoin (BTC) mining company stocks to fall.
According to Cointelegraph, a cryptocurrency-focused media outlet, after the report, the stocks of companies like Bitfarms, CleanSpark, Core Scientific, Hut8, Marathon Digital, and Riot fell by 4-12%.
The media explained that "since the Bitcoin halving last April, mining revenue has decreased, leading cryptocurrency mining companies to rely more on AI data support businesses."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
