Cipher and Hut 8 hit fresh highs as miners pivot to AI!

Bitcoin miners are riding a powerful re-rating wave as Wall Street reprices their infrastructure assets from pure-play BTC production to AI compute hosts. Cipher Mining and Hut 8 both reached fresh stock-price highs this week, reflecting investor enthusiasm for the pivot thesis: idle or expandable data-centre capacity, cheap power contracts, and existing cooling infrastructure make former miners natural candidates for high-density GPU and AI workloads.

Hut 8 has been among the most vocal in repositioning itself as a diversified digital infrastructure company, while Cipher has drawn attention for its large-scale Texas sites that are well-suited to hyperscaler and AI tenant demand. The market is rewarding the narrative shift with a premium that pure BTC mining multiples alone would not justify.