Shares of large-scale computing companies that enabled Bitcoin to function again are outperforming the original cryptocurrency, with more of them shifting to hybrid models built on AI and high-performance computing.
These companies have long been known as “mining companies” due to their striking similarity to traditional commodity mining, such as gold, when Bitcoin was first created. However, they have often been at the mercy of BTC’s price volatility.
Two years ago, the sector benefited from the initial surge in AI, only to see its share prices decline the following year as mining profitability decreased and competition intensified.
The biggest winners from this year’s cryptocurrency resurgence aren’t Bitcoin holders, but the mining companies themselves.
Shares in a fund that tracks publicly traded mining companies have surged by more than 150% since the start of 2025. Unlike previous cycles, when mining companies moved up and down with Bitcoin, these companies are now viewed as technology infrastructure providers.
