Bitcoin Miners Thrive Off a New Side Hustle: Retooling Their Data Centers for AI
It's harder than ever to mine bitcoin. And less profitable, too. But mining-company stocks are still flying, even with cryptocurrency prices in retreat.That's because these firms have something in common with the hottest investment theme on the planet: the massive, electricity-hungry data centers expected to power the artificial-intelligence boom. Some companies are figuring out how to remake themselves as vital suppliers to Alphabet, Amazon, Meta, Microsoft and other "hyperscalers" bent on AI dominance.Bitcoin-mining -- using vast computer power to solve equations to unlock the digital currency -- has been a lucrative and cutting-edge pursuit in its own right. Lately, however, increased competition and other challenges have eroded profit margins.But just as the bitcoin-mining business began to cool, the AI build-out turned white hot. The AI arms race has created an insatiable demand for some assets the miners already have: data centers, cooling systems, land and hard-to-obtain contrac