Publicly traded bitcoin mining companies experienced significant stock rallies on Sep 9, 2025 after Nebius Group announced a landmark five-year contract to supply Microsoft with $17.4 billion worth of graphics processing units. The agreement aims to enhance Microsoft’s artificial-intelligence infrastructure, prompting investors to equally value large-scale computing capabilities among crypto miners.
Bitfarms emerged as the standout performer, with shares jumping 22% intraday. Other notable gainers included Cipher Mining and Hut 8, both up approximately 18%, and Riot Platforms, which saw a 15% increase. In contrast, companies with heavy exposure to treasury holdings rather than mining operations, such as MARA Holdings, posted more modest gains near 4%, underscoring the sector’s bifurcation between asset-light and infrastructure-centric firms.
The rally reflects a broader market reassessment of mining profitability drivers. Historically, miners’ fortunes were closely tied to bitcoin’s halving cycle, which occurs every four years. However, the recent shift toward integrated GPU deployment for AI computing introduces new revenue streams. Leading mining infrastructure providers are now exploring opportunities to lease excess capacity to hyperscale data centers, diversifying beyond block-reward income.
Analysts highlight that rising electric power costs, hardware supply dynamics, and competitive pressures have challenged traditional mining margins. The Nebius-Microsoft deal may herald a strategic pivot, as miners with established energy contracts and hardware fleets seek partnerships with enterprise-grade AI operators. This dual-use model could insulate mining firms from pure crypto volatility, provided regulatory frameworks support expanded data center licensing.
Market watchers will monitor subsequent developments, including detailed project milestones, GPU delivery schedules, and potential off-take agreements. The long-term impact on hash-rate distribution and network security also remains a key focus, as concentrated GPU pools could affect decentralization metrics. For now, the pronounced stock gains signal investor confidence in the evolving synergy between crypto mining and AI infrastructure.
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