Bitcoin mining stocks rallied Monday as Hut 8 and IREN announced significant moves into artificial intelligence infrastructure.
Hut 8 secured a 15-year, $9.8 billion lease for an AI data center campus. IREN disclosed $2.8 billion in cloud services contracts with AI developers, projecting its AI cloud business to generate over $4 billion in annual recurring revenue by the end of 2026.
Shares of IREN, Cipher Digital, CleanSpark, Hut 8, and MARA Holdings each gained at least 11% in early trading. The surge reflects growing investor optimism that miners can successfully pivot to AI and cloud computing as traditional mining economics weaken.
The rally was tracked by The Energy Mag’s TEM AI Infrastructure Growth Index, which rose 1.4% Monday and is up more than 12% over the past week. The broader tech market also recovered, with the Nasdaq Composite up 0.9% and the Philadelphia Semiconductor Index climbing 2% after entering a bear market last week.
Despite the enthusiasm, the pivot is not without scrutiny. Industry analysts note substantial capital is required, with an estimated $50 billion needed industry-wide to fund AI ambitions. Insider stock sales at several mining firms have also drawn investor questions, though they occurred under prearranged trading plans.