Bitcoin miners are facing reduced profitability after the halving in April, leading investors to shift their focus to miners that are diversifying into artificial intelligence (AI) and high-performance computing (HPC). Miners with larger market capitalizations such as Marathon, Riot, and CleanSpark have seen increased share of the total amount of bitcoin mined, but their stocks have underperformed. On the other hand, miners like Core Scientific, TerraWulf, and IREN that are focusing on AI and HPC have seen their stocks outperform bitcoin. Investors are rewarding miners that use their data centers to host AI and HPC machines, as these activities require a large amount of power. In September, stocks of miners with links to AI and HPC saw gains as large as 25%, while bitcoin's price rose about 7%.



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