Shares of bitcoin mining companies that have reinvented their business models to focus on artificial intelligence (AI) infrastructure have seen significant gains throughout 2025, continuing their impressive performance into 2026. This trend appears buoyed by strong earnings reports from major tech companies, indicating a persistent enthusiasm for AI investments.
Recent fourth-quarter results and projections for 2026 from leading tech firms Meta and Microsoft—both emphasizing AI as a core component of their future growth strategies—point to an ongoing surge in AI-related spending. Microsoft CEO Satya Nadella expressed confidence in their AI initiatives, noting, “We are only at the beginning phases of AI diffusion, and already Microsoft has built an AI business that is larger than some of our biggest franchises.” He emphasized the company’s commitment to expanding its AI capabilities across its entire stack, aiming to deliver enhanced value to customers and partners alike. Similarly, Meta has signaled plans for significant capital expenditures in 2026, estimating spending between $115 billion and $135 billion, surpassing analysts’ consensus of $110 billion.
Faced with challenges from bitcoin’s last halving event—which halved miners’ rewards—intensifying competition, and rising operational costs, many mining companies have shifted their focus towards leveraging their data centers for AI and cloud computing. This strategic pivot has allowed them to diversify their revenue streams and capture profits arising from the burgeoning demand for AI.
Notable shifts in strategy have already been observed. For instance, Iren (IREN) recently announced a multiyear cloud-services agreement with Microsoft, aimed specifically at supporting AI workloads using advanced Nvidia chips. This move signifies a deeper commitment to high-performance computing on the part of Iren. Similarly, Cipher Mining (CIFR) has forged a partnership with Amazon to provide 300 megawatts of capacity for Amazon Web Services, marking one of the largest infrastructure initiatives from a bitcoin miner targeting the AI sector.
As of the latest updates, IREN’s stock rose by 4.9% on the day before the earnings results, leading to a 47% increase year-to-date and a staggering 524% rise over the past year. Cipher Mining’s shares also saw a modest increase of 1.2%, contributing to a 17% gain in 2026 and a 322% increase year-over-year. Another key player, Hut 8 (HUT), has successfully transitioned to AI and high-performance computing as well, boasting a 26% year-to-date increase and a 230% rise over the past year.
The ongoing viability of this AI-driven growth will hinge on forthcoming earnings reports, particularly Nvidia’s scheduled release on February 25, which will be closely scrutinized for insights into the sustainability of AI and cloud computing investments in the current market environment.
