Will Crypto Miners Pivot to AI? Latest on 3 Key Players

The worlds of cryptocurrency and artificial intelligence infrastructure are closely linked. A notable example is Strategy (NASDAQ: MSTR)—which recently made the controversial pivot from AI-linked software and services to functioning as a Bitcoin treasury. But while that represents a move deeper into crypto, the reverse trend—crypto firms pivoting toward AI—is gathering steam amid waning enthusiasm for crypto and sustained AI momentum.

The path from crypto mining and related operations to data centers is a short one, as many companies in the first category already have much of the necessary infrastructure in place. While no company discussed here has finalized a full transition, all three are showing early signs of a pivot that analysts believe could unlock long-term upside.

Galaxy Digital Builds Out Helios to Capitalize on Cloud AI Demand

Galaxy Digital Holdings Ltd. (NASDAQ: GLXY) offers a digital assets platform that experienced 140% trading volumes growth on a sequential basis for the latest quarter. With $17 billion in assets on its platform and adjusted gross profit from digital assets of $318 million as of the same period, the company maintains its bona fides as a major player in the cryptocurrency space.

Yet Galaxy is clearly looking beyond crypto. Its Helios data center project in Texas—a $1.7 billion initiative—has recently cleared a major hurdle by securing a lease agreement and full funding for Phase One.

This first phase aims to deliver 133 MW to CoreWeave (NASDAQ: CRWV), a leading cloud infrastructure provider, by mid-2026.

Though data centers currently contribute under $3 million in its quarterly adjusted gross profit, Galaxy's ability to secure financing and partnerships may signal a strategic realignment. 

The company may now find additional interest from data center partners looking to capitalize on its Helios project or similar operations. Analysts are bullish on Galaxy's prospects, estimating that the firm could see upside potential of 60% or more.

Bitfarms Bets on AI With $128 Million Data Center Conversion

Bitcoin mining firm Bitfarms Ltd. (NASDAQ: BITF) saw its share price plunge by almost a quarter in the last month amid falling Bitcoin prices and revenue misses. 

Still, the company is charting a new path. Management has openly discussed pivoting toward AI and high-performance computing (HPC) via data center services.

The firm seems to be moving to execute on this promise, having signed a $128-million agreement to convert its Washington mining site to a GPU-as-a-service model.

The facility is expected to see 50 MW online by late 2026, positioning the company to diversify away from pure Bitcoin exposure.

Of the analysts tracking Bitfarms on MarketBeat, eight out of nine have rated BITF shares a Buy.

The company also enjoys 46% in possible upside based on analyst estimates. Still, investors should keep in mind that Bitfarms' low share price makes it a penny stock with a higher risk level than some alternatives in the space.

CleanSpark Uses Massive Power Capacity to Straddle AI and Crypto

Another company already operating at the edge of cryptocurrency mining and data centers is CleanSpark Inc. (NASDAQ: CLSK). After a massive share price drop earlier in the year, CleanSpark reversed the downtrend and has recovered a portion of those declines.

The company's power capacity is massive—it has more than 1 GW of power at its disposal—and it has the flexibility to deploy between crypto and AI projects as demand indicates.

With a price-to-earnings (P/E) ratio of around 13, CleanSpark is a cheaper alternative to many of the other firms in the crypto mining and data centers industries, and this is despite already returning about 53% year-to-date.

Analysts are broadly optimistic about the future for this firm, seeing more than 60% in possible upside.

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