Publicly traded Bitcoin miners are seeing strong gains as investors anticipate that excess mining capacity could be leveraged for high-performance computing tied to AI.
While Bitcoin (BTC) remains largely flat at around $109,385, and corporate Bitcoin treasury plays have experienced rapid cycles of boom and bust, miners are benefiting from a bullish trend driven by AI and high-performance computing as new growth avenues.
On Wednesday, the sector posted significant gains, led by Riot Platforms (RIOT) and IREN (IREN), both up approximately 13%, while Hut 8 (HUT), CleanSpark (CLSK), and Bit Digital (BTBT) rose near 6%. Since April, IREN has been the standout performer, climbing nearly 500%.
The rally is being fueled by news that OpenAI, Oracle (ORCL), and SoftBank are accelerating their Stargate AI infrastructure program, adding five new U.S. data center sites. The expansion will provide nearly 7 gigawatts of planned capacity and over $400 billion in investment, with a goal of reaching 10 gigawatts by the end of 2025, according to OpenAI.
While some analysts warn that speculation around AI-driven demand may be entering “bubble territory,” miners are among the primary beneficiaries of the capital and energy infrastructure needed to support these massive initiatives.
Even traditional Bitcoin miners are embracing AI. Riot Platforms and CleanSpark are expanding into high-performance computing, contributing to strong stock performance. Year-to-date, RIOT has gained 85%, and CLSK is up 55%. By contrast, MARA Holdings (MARA), which has shifted toward a Bitcoin treasury strategy, has underperformed, up just 10% in 2025.
