Artificial intelligence (AI) needs a lot of computing power. From training the back-end systems to running the daily operations, AI businesses rely on tons of high-end chips and rivers of electric energy.

It’s not easy setting up an AI shop, since you need at least one data center with ample and affordable power. Luckily, another group of number-crunching tech companies are ready to sell, rent, or lease powered data center space to the incoming AI hopefuls.

Image source: Getty Images.

That’s the Bitcoin (BTC 3.26%) mining crews taking a break from their costly main business. AI specialists are willing to pay a premium price for their data center services.

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Who’s making the switch?

MARA Holdings (MARA 0.58%) supports “high-performance computing applications, from AI to the edge” these days. Riot Platforms (RIOT +2.64%) is now “in the business of monetizing megawatts.” Terawulf (WULF 6.81%) has signed a 25-year joint venture deal with Fluidstack, an AI capacity provider with close ties to Alphabet (GOOG +1.91%) (GOOGL +2.04%).

These are some of the largest players on the Bitcoin mining scene. Terawulf had 12.2 exahashes per second (EH/s) of mining capacity in Q2 2025. Riot had a 35.4 EH/s hashrate at the same time, and MARA overshadows them all with a 50 EH/s capacity. Together, they account for about 8% of global Bitcoin mining activity. I could keep going; smaller Bitcoin miners are also jumping aboard the AI opportunity.

Is the new idea working?

Bitcoin mining is a cyclical business. Mining rewards are halved on a predictable four-year schedule. Each halving disrupts the mining industry as service providers scramble to find a profitable operating plan with a thinner revenue stream and steady expenses.

It’s no surprise to see these companies cast a wandering eye at alternative plans, at least to keep the lights on while the Bitcoin business isn’t terribly lucrative. And the new plan seems to work, at least for now. All of the Bitcoin mining stocks with an open mind for AI operations have outperformed Bitcoin in the last six months:

WULF data by YCharts