Bitcoin Miners Rally on Microsoft’s $17.4B AI Deal Despite Bitcoin’s Flat Price
September 10, 2025

Shares of major bitcoin mining companies surged Tuesday following Nebius Group’s announcement of a five-year agreement to supply Microsoft (MSFT) with GPUs valued at $17.4 billion for its artificial intelligence infrastructure.

The announcement boosted investor sentiment for miners with large-scale computing power, even as bitcoin (BTC) itself fell about 1% to $111,100, erasing an early advance and highlighting the market’s growing focus on mining infrastructure over cryptocurrency price movements.

Leading the rally was Bitfarms (BITF) with a 22% gain, followed by Cipher Mining (CIFR) at 20%, and mid-teens gains for IREN, Hut 8 (HUT), Riot Platforms (RIOT), and TeraWulf (WULF). MARA Holdings, which has recently positioned itself more as a bitcoin treasury company than a high-performance computing operator, saw a modest 4% increase.

The sector’s performance reflects a shifting business landscape. Mining profitability is no longer dictated solely by bitcoin’s four-year halving cycles. Rising energy costs, continuous hardware expansion, and increasing competition have reshaped the industry. Meanwhile, miners with advanced infrastructure are leveraging GPUs and data center capacity to support hyperscalers, offering alternative revenue streams beyond traditional bitcoin mining.

The Nebius-Microsoft deal underscores the value of scalable GPU access and why the market is rewarding miners with robust computing infrastructure capable of serving the booming AI sector.