Shares of Bitcoin mining companies that also operate in the artificial intelligence (AI) sector soared on the stock market this week on investor optimism after a recent correction.
At today’s pre-opening, Cipher Mining (CIFR) Showing a bullish gap of 8% compared to yesterday’s closing price. IREN (IREN) posted an 8% gain driven by pre-market trading, while BitFarms (BITF) stood out with an 11% gain compared to the close of regular trading.
The rally coincided with the announcement of $38 billion in funding to develop two data centers led by banks including JPMorgan Chase & Co. and Mitsubishi UFJ Financial Group, in conjunction with Oracle Corp. (ORCL).
The operation is divided into two financing facilities. $23.25 billion for a project in Texas and $14.75 billion for another project in Wisconsin.. These centers are part of the Stargate initiative, a plan by Oracle and ChatGPT creator OpenAI to invest $500 billion in AI infrastructure.
Bitcoin mining, as reported by CriptoNoticias Discovering new niches in AI and high performance computing (HPC) data processing. Companies in this space are leveraging their facilities, originally designed to mine digital currencies, to meet the energy and infrastructure needs of AI.
These facilities, including networking, cooling, and specialized labor, are ideal for AI servers and create synergies between both industries.
Collaboration between Bitcoin miners and AI companies is expected to strengthen more diversified business models, improve profitability, and increase investor interest.
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