Bitcoin mining companies that have expanded into artificial intelligence infrastructure are extending their gains, supported by fresh signals from Big Tech that AI spending remains a top priority.
Quarterly results and outlooks from Meta and Microsoft underscored continued heavy investment in AI. Meta said it expects capital expenditures in 2026 to reach between $115 billion and $135 billion, above market expectations near $110 billion. Microsoft also reiterated that AI will remain central to its long-term growth strategy.
“We’re still in the early stages of AI adoption,” Microsoft Chief Executive Satya Nadella said, noting that the company’s AI business has already grown larger than several established franchises.
For bitcoin miners, sustained AI investment offers a critical offset to mounting pressures in their core business. The most recent bitcoin halving reduced mining rewards by half, while competition and energy costs have continued to rise. In response, many miners have repurposed their data centers to support AI and cloud-computing workloads, diversifying revenue beyond bitcoin mining.
That shift has resulted in major partnerships with technology giants. In November, Iren signed a multiyear cloud-services agreement with Microsoft to run AI workloads using Nvidia chips. Around the same time, Cipher Mining agreed to provide 300 megawatts of capacity to Amazon Web Services, representing one of the largest AI infrastructure deals by a bitcoin miner.
Shares of miners making the transition have outperformed. Iren climbed nearly 5% on Wednesday, bringing its gains to 47% year-to-date and more than 500% over the past year. Cipher Mining is up 17% so far this year and more than 320% year-over-year, while Hut 8 has advanced 26% year-to-date and roughly 230% over the same period.
Investors will next look to Nvidia’s earnings report on Feb. 25 for further insight into the durability of AI-related capital spending.
