Speculation Over OpenAI-Driven Power Needs Sparks Bitcoin Miner Surge

Publicly traded Bitcoin miners are rallying as investors anticipate that excess mining capacity could support high-performance computing for AI applications.

While Bitcoin (BTC) remains relatively flat at around $109,385, and corporate Bitcoin treasury plays have experienced sharp boom-and-bust cycles, miners themselves are seeing strong gains thanks to artificial intelligence and high-performance computing emerging as new growth drivers.

On Wednesday, the sector posted notable gains, led by Riot Platforms (RIOT) and IREN (IREN), both up roughly 13%, while Hut 8 (HUT), CleanSpark (CLSK), and Bit Digital (BTBT) rose about 6%. Since April, IREN has been the standout performer, surging nearly 500%.

The momentum is being driven by news that OpenAI, Oracle (ORCL), and SoftBank are accelerating their Stargate AI infrastructure program, adding five new U.S. data center sites. The expansion will provide nearly 7 gigawatts of planned capacity and over $400 billion in investment, with a goal of reaching 10 gigawatts by the end of 2025, according to OpenAI.

While some observers caution that speculation over AI demand may be entering “bubble territory,” miners are among the primary beneficiaries of the capital and energy infrastructure required for these projects.

Even traditional Bitcoin miners are pivoting to AI. Riot Platforms and CleanSpark are expanding into high-performance computing, driving strong stock performance. Year-to-date, RIOT has gained 85%, and CLSK is up 55%. Meanwhile, MARA Holdings (MARA), which has shifted to a Bitcoin treasury strategy, has lagged, rising just 10% in 2025.

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