Cryptocurrency-mining firms listed in the U.S. are increasingly pivoting from pure Bitcoin operations to AI data-centre infrastructure as bitcoin profit margins shrink. Companies such as Cipher Mining and IREN Ltd have seen share prices jump 300-500% this year on this strategic shift. Cipher, for example, signed a roughly $3 billion 10-year deal to boost its AI-compute capacity. Analysts say this trend signals a broader transformation in the crypto-mining industry toward AI workloads rather than token mining alone.