The moves highlight a faster shift from Bitcoin mining toward hosting large-scale computing customers, as miners repurpose power and data center capacity for AI workloads.
Hut 8 and IREN secured multi-billion-dollar AI infrastructure deals, helping lift crypto mining stocks and underscoring how quickly the sector is expanding beyond Bitcoin mining. The development points to a broader industry pivot from hashing blocks to running data centers for hyperscalers (very large cloud and AI operators), as miners use existing power access and infrastructure to pursue AI-related revenue.