Bitcoin Mining Is So Back (Except It's AI Now)

Hurting for revenue and profit, bitcoin miners are looking to activities outside mining bitcoin, such as hosting AI computers, to make up the difference. It’s paying off, at least in their stock prices. Bitcoin is up 7% over the last five days. You know what that means? Bitcoin mining is so back (until bitcoin’s price falls 5% over a five-day stretch again, after which it’ll be so over again). With bitcoin’s price surge, the stock prices of four of the five largest publicly traded miners (measured by total hashrate, or computing power spent securing the Bitcoin network) are up double-digit percentage points. The one laggard, Iris Energy Ltd (IREN), the fifth largest in this quintet, is down 15% following a report published last week by Culper Research in which the firm disclosed a sh