Shares of bitcoin miners that have repurposed capacity to host AI and cloud workloads saw sizable gains and continued that momentum into the new year. Big technology firms' earnings and guidance suggest sustained AI spending, which helped make hosting deals attractive for mining companies looking to diversify beyond bitcoin production.
Big Tech's AI Spending Boom
Two tech giants signalled expansion of AI-focused investment and strategy that feed demand for data-center capacity. Meta forecast 2026 capital spending of $115-$135 billion, a level highlighted in company guidance as central to its plans. Microsoft framed AI as a core growth engine: as CEO Satya Nadella put it, "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."
Bitcoin Miners' Strategic Shift
Facing tighter margins from bitcoin reward changes and higher costs, several miners moved to host AI and high-performance computing gear in their facilities to diversify revenue. Iren announced a multiyear cloud-services contract with Microsoft to support AI workloads using advanced Nvidia chips, a shift toward higher-value compute hosting. Cipher Mining signed a deal to deliver 300 megawatts of capacity to Amazon Web Services, showing how miners can convert power and space into cloud infrastructure revenue.
Financial Performance of Mining Firms
The market has rewarded companies that secured AI and cloud contracts with substantial stock gains. IREN was up 4.9% on the Wednesday cited, bringing its year-to-date gain to 47% and year-over-year advance to 524%. Cipher Mining was up 1.2% that same day and is now up 17% in 2026 and 322% year-over-year, while Hut 8 is up 26% year-to-date and 230% year-over-year.
Future Outlook and Key Dates
Investors and industry participants are watching a few signals to judge if AI-related demand for infrastructure will hold. One scheduled milestone is Nvidia's next report on Feb. 25, which many see as a test for continued enthusiasm around chips and AI deployments. Beyond that report, the durability of deals and cloud spending will shape whether miners' pivots remain profitable over time.
Why this matters
If you run mining equipment, the shift toward hosting AI and cloud workloads matters because it changes who competes for data-center resources and what those resources earn. Even if your operation remains focused on bitcoin, increased demand for hosting can affect local power markets, site availability and potential buyers for excess capacity. For miners who consider diversification, these developments demonstrate that contracts with big tech can materially alter revenue profiles and investor perceptions.
What to do?
Assess your site's suitability for hosting higher-density compute: evaluate available power capacity, cooling, and contract flexibility before pursuing cloud or AI customers. If you cannot host AI gear, consider short-term options such as power resale agreements or partnerships to use excess capacity while monitoring market signals like Nvidia's Feb. 25 report. For a broader view of how miners have repositioned and what pressures to expect, see the AI and margin pressure analysis and recent coverage on IREN performance.
