Bitcoin Miners Score Gains After Meta Inks 20-Year AI Collaboration Deal With NPP

Bitcoin

BTC's $106,274.90 price, which is trading at record highs, hasn't provided much benefit to tired BTC miners, but the growing energy needs of the AI industry could be a lifeline for the sector.

On Monday, social media giant Meta (META) signed a 20-year deal with a nuclear power plant to buy 1.1 gigawatts of power for its artificial intelligence needs, another sign that tech companies are serious about investing in the necessary infrastructure to power their data centers.

Bitcoin miners, some of whom have begun expanding their operations to work in the AI space, could benefit from the information. MARA Holdings (MARA), Riot Platforms (RIOT), Hut 8 (HUT), Core Scientific (CORZ), and CleanSpark (CLSK) are among the companies that have seen significant gains, each up 7%-8% less than an hour before the end of U.S. trading.

CoreWeave (CRWV), one of the leading players in the artificial intelligence industry, rose 23% in a day to set a new record and has increased more than 270% since going public in March.

Cryptocurrencies as a whole have seen modest gains, with Bitcoin up 1.8% over the past 24 hours to $106,200. The broader CoinDesk 20 index (composed of the 20 largest cryptocurrencies by market cap, excluding exchange-traded coins, memecoins, and stablecoins) has risen 2.8% over the same period, supported by gains in Solana SOL $161.22 and Uniswap UNI $6.68 , each up around 5-6%.

Shares of cryptocurrency companies Coinbase (COIN) and Strategy (MSTR) rose 4.6% and 4.2%, respectively.

A look at traditional markets shows the Nasdaq up 0.8% and the S&P 500 up 0.6%.

Source: cryptonews.net