OpenAI Energy Demand Speculation Fuels Gains in Bitcoin Miners

Publicly traded Bitcoin miners are seeing strong gains as investors anticipate that excess mining capacity could be deployed for high-performance computing to support AI workloads.

While Bitcoin (BTC) remains range-bound near $109,385, and corporate Bitcoin treasury plays have cycled through boom-and-bust phases, miners are benefiting from a bullish trend fueled by AI and high-performance computing as new growth drivers.

On Wednesday, the sector recorded notable gains. Riot Platforms (RIOT) and IREN (IREN) led the rally, each climbing roughly 13%, while Hut 8 (HUT), CleanSpark (CLSK), and Bit Digital (BTBT) rose near 6%. Since April, IREN has been the standout performer, surging nearly 500%.

Momentum is being driven by announcements that OpenAI, Oracle (ORCL), and SoftBank are accelerating their Stargate AI infrastructure program, which includes five new U.S. data center sites. The expansion will add nearly 7 gigawatts of planned capacity and over $400 billion in investment, with a target of 10 gigawatts by the end of 2025, according to OpenAI.

While some analysts caution that speculation on AI demand may be reaching “bubble territory,” miners stand to benefit from the massive capital and energy infrastructure needed to meet these requirements.

Even traditional Bitcoin miners are pivoting into AI. Riot Platforms and CleanSpark are expanding into high-performance computing, driving strong stock performance. Year-to-date, RIOT has gained 85%, and CLSK is up 55%. In contrast, MARA Holdings (MARA), which has focused more on a Bitcoin treasury strategy, has lagged the sector, up only 10% in 2025.