Crypto Mining Stocks Surge as Microsoft Strikes $17.4B GPU Deal with Nebius

Crypto mining stocks soared Tuesday after Nebius Group revealed a five-year agreement to supply Microsoft (MSFT) with graphic processing units (GPUs) worth $17.4 billion. The deal, designed to strengthen Microsoft’s artificial intelligence infrastructure, ignited strong investor enthusiasm for companies with large-scale computing capacity, particularly bitcoin miners.

Despite bitcoin (BTC) slipping about 1% to $111,100, shares of major mining firms rallied sharply. Bitfarms (BITF) surged 22%, while Cipher Mining (CIFR) gained 20%. Other miners, including IREN, Hut 8 (HUT), Riot Platforms (RIOT), and TeraWulf (WULF), posted double-digit percentage increases. MARA Holdings, however, lagged behind with a modest 4% rise, reflecting its pivot toward a bitcoin treasury strategy rather than high-performance computing.

The rally highlights a broader shift in the industry. For years, mining profits closely followed bitcoin’s four-year halving cycle. Today, rising energy costs, competitive hardware production from firms like Bitmain, and relentless market pressure have reshaped profitability.

The rise of artificial intelligence is accelerating this transformation. Mining firms with robust infrastructure and energy resources are now exploring opportunities to lease computing power to hyperscalers or expand into data center services. The Nebius-Microsoft partnership underscores the growing demand for GPU access and why markets are rewarding miners capable of scaling infrastructure for AI.

As AI adoption surges, bitcoin miners with advanced data center capabilities are increasingly viewed not just as crypto operators, but as key players in the global computing ecosystem. The latest rally signals that investor focus is shifting from bitcoin’s price action to the vital role mining infrastructure will play in powering the AI boom.