Publicly traded Bitcoin miners are benefiting from the AI infrastructure boom, as investors anticipate that excess mining capacity could support high-performance computing workloads.

While Bitcoin (BTC) remains largely flat at around $109,385, and corporate Bitcoin treasury plays have cycled through a rapid boom-and-bust, miners themselves are in a strong bullish trend thanks to artificial intelligence and high-performance computing emerging as new growth drivers.

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

Momentum is being fueled by news that OpenAI, Oracle (ORCL), and SoftBank are accelerating their Stargate AI infrastructure program, adding five new U.S. data center sites. The initiative will deliver nearly 7 gigawatts of planned capacity and $400 billion in investment, with a target of 10 gigawatts by year-end 2025, according to OpenAI.

While speculation around AI demand may be reaching “bubble territory,” miners stand to benefit from the massive capital and energy infrastructure required to support these projects.

Even traditional Bitcoin miners, such as Riot Platforms and CleanSpark, are expanding into AI and high-performance computing, driving strong stock performance. Year-to-date, RIOT is up 85% and CLSK has gained 55%. By contrast, MARA Holdings (MARA), which has recently pivoted toward a Bitcoin treasury focus, has lagged the sector, rising just 10% in 2025.