Bitcoin Mining Firms Hit Record Highs on AI Pivot, With Cipher Up 9.5% and Hut 8 Up 5% on May 28

BTC-3.59%
HUT21.88%
IREN32.33%
DELL-0.18%
According to The Block, Bitcoin mining companies transitioning to artificial intelligence infrastructure saw stock prices surge to record highs on May 28. Cipher jumped 9.5% to $25 per share, while Hut 8 rose nearly 5% to $118, marking its highest level and representing a 600% gain over the past year. IREN climbed over 13% and approached a record high, driven by its $1.6 billion equipment supply deal with Dell for Blackwell AI systems. Across the sector, major mining firms are shifting toward high-performance computing and data center operations, with several announcing significant AI infrastructure investments this year.
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