tl;dr
Bitcoin's price has surged by 7% in the last five days, leading to a corresponding rise in the stock prices of four of the five largest publicly traded miners. However, Iris Energy Ltd (IREN) has seen a 15% drop following a report questioning the suitability of its site for artificial intelligence (...
Bitcoin's price has surged by 7% in the last five days, leading to a corresponding rise in the stock prices of four of the five largest publicly traded miners. However, Iris Energy Ltd (IREN) has seen a 15% drop following a report questioning the suitability of its site for artificial intelligence (AI) or high-performance computing (HPC).
Bitcoin mining companies are increasingly focusing on diversification, particularly in AI and HPC, to generate additional revenue. This trend has attracted investor interest and even prompted takeover attempts and financial maneuvers. Additionally, some mining companies are exploring mining other cryptocurrencies, such as Kaspa, to supplement their revenue.
Bitcoin is up 7% over the last five days. With bitcoin’s price surge, the stock prices of four of the five largest publicly traded miners (measured by total hashrate) are up double-digit percentage points. The one laggard, Iris Energy Ltd (IREN), the fifth largest in this quintet, is down 15%.
AI and HPC might seem unrelated to bitcoin mining, but such diversification has become a way for bitcoin miners to make money, as evidenced by Core Scientific’s (CORZ) 200 megawatt (MW) AI deal with CoreWeave last month, which pumped CORZ’s share price by 40%.
The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.
More about Iris Energy Ltd
Iris Energy Ltd
Sector: Technology
Industry: Services - Computer Processing & Data Preparation
Revenue: $2,103,717,000
EPS: $-0.06
PE Ratio: 2.179
ROE: -0.0532
Volume: 165,535,000
Market Cap: $16.93
Dividend Yield: 0%
Beta: 3.798
More about C3 Ai Inc
Stock Market Analysis: C3 Ai Inc (C3)
C3 Ai Inc (C3) operates in the Technology, Services-Prepackaged Software sector with a market value of $3,634,700,000.
The stock exhibited a price change of -2.34, closing at $29.35. The Relative Strength Index (RSI) stands at 2.602, indicating a bearish trend. The stock's volatility is at -0.901.
With a trading volume of 310,582,000, C3 faces a resistance level at $29.35. The stock shows no clear breakout indication and a potential support level at $29.15.
Caution is advised as the stock's performance suggests a bearish trend with a slight incline of 0.196.
More about Core Scientific Inc. Common Stock
Stock: Core Scientific Inc. Common Stock
Description: Core Scientific, Inc. provides blockchain and artificial intelligence (AI) infrastructure services in the United States. The company is headquartered in Austin, Texas.
Sector: Technology
Industry: Services-Computer Processing & Data Preparation
Market Cap: 542,047,000
Dividend Yield: None
Price to Earnings (P/E) Ratio: None
EPS: 1.323
Profit Margin: -0.491
Revenue: 502,400,000
Debt to Equity: 6.75
Return on Equity: 0
Price to Book (P/B) Ratio: 0.171
More about Riot Blockchain Inc
Riot Blockchain Inc Summary Riot Blockchain Inc Summary
Riot Blockchain, Inc. focuses on the cryptocurrency mining operation in North America. The company is headquartered in Castle Rock, Colorado.
Industry
Life Sciences, In Vitro & In Vivo Diagnostic Substances
Financial Data
Market Cap: 3162196000
Stock Price: 26.07
Dividend Yield: None
P/E Ratio: 0.42
EPS: 1.448
Beta: 0.501
Volume: 286738000
Revenue: 17.91
Net Income: 6.36
EBITDA: 0.083
More about Bitfarms Ltd
Bitfarms Ltd Stock Analysis Summary
Company: Bitfarms Ltd
Sector: Technology
Industry: Services-Computer Programming, Data Processing, etc.
Market Cap: 1,227,009,000
Dividend Yield: None
P/E Ratio: None
EPS: -0.4
ROE: 0.577
ROI: -0.638
Volume: 166,633,000
Current Ratio: 3.94
Quick Ratio: 0
LT Debt/Equity: 0.674
More about Marathon Digital Holdings Inc
Company: Marathon Digital Holdings Inc
Description: Marathon Digital Holdings, Inc. is a cryptocurrency mining digital asset technology company with a focus on the blockchain ecosystem and digital asset generation in the United States. The company is headquartered in Las Vegas, Nevada.
Industry: Real Estate & Construction, Patent Owners & Lessors
Market Cap: 7225208000
Price: 15.97
Dividend Yield: None
P/E Ratio: 1.6
EPS: 2.402
Beta: 0.956
Volume: 501574000
Prev. Close: 23.56
Short Ratio: 0.764
Book Value: 2.231