Bitcoin Miners Soar on Multi-Billion AI Data Center Deals with Microsoft Amazon

Bitcoin miners are increasingly pivoting from traditional cryptocurrency mining to supporting artificial intelligence (AI) data center infrastructure, reflecting a significant shift in the sector. Australian bitcoin miner IREN recently secured a $9.7 billion deal with Microsoft to provide AI cloud capacity, including a $5.8 billion purchase of Nvidia GPUs from Dell Technologies, which led to a surge in its stock price by over 600% in 2025. Wall Street broker Bernstein updated its valuation model to incorporate miners' bitcoin holdings, mining EBITDA, and AI-related revenues, raising price targets for companies like Core Scientific, Riot Platforms, and CleanSpark due to their AI infrastructure potential. The broker emphasized that miners' large-scale power infrastructure is now critical to AI data centers, a major bottleneck for the rapidly growing AI industry. This trend is further validated by multi-billion dollar deals between miners and tech giants such as Microsoft and Amazon, alongside growing institutional support from financial firms like JPMorgan. Overall, the transition towards AI infrastructure is transforming bitcoin miners into key enablers of next-generation computing, with significant financial upside and strategic partnerships driving the sector's re-rating.