Are These Bitcoin Mining Stocks a Sneaky Way to Profit From the Boom in AI?
The soaring price of Bitcoin (CRYPTO: BTC), now up more than 100% year to date, has catapulted Bitcoin mining stocks into the stratosphere. The biggest Bitcoin mining stocks, such as Riot Platforms (NASDAQ: RIOT) and Marathon Digital Holdings (NASDAQ: MARA), are now up more than 180% for the year as investors race to find companies that are highly leveraged to the price of Bitcoin.
But this single-minded focus on the price of Bitcoin may be missing a developing new story in the Bitcoin mining industry: the conversion of Bitcoin computing infrastructure into artificial intelligence (AI) computing infrastructure. Yes, that's right, a growing number of Bitcoin miners are looking to profit from the AI boom, although many investors have little idea this is happening. Here's what you need to know.
Two different Bitcoin miners caught my attention recently, and not for how much Bitcoin they were mining, how many new Bitcoin mining facilities they were launching, or how many new super-powerful Bitcoin mining rigs they were buying. Instead, they were announcing major moves to convert some of their Bitcoin computing infrastructure into AI computing infrastructure.
Source Fool.com
