Bitcoin mining firms are transforming into AI infrastructure giants, with Hut 8 and IREN securing billion-dollar deals that signal a major pivot away from crypto mining. Hut 8 landed a 15-year $9.8B lease for its AI data center, while IREN won $2.8B in AI cloud contracts—both capitalizing on the AI boom as mining profits wane. Stocks like IREN, Hut 8, and others surged 11%+ as AI-focused indexes climb, reflecting investor confidence. Yet the shift demands massive capital—$50B more needed to fuel expansion—with some firms struggling to close funding gaps. This move showcases how mining companies are leveraging existing infrastructure to become essential players in powering tomorrow’s tech revolution.
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