With AI data processing, more stable income is perceived than with mining.
In this way, the business model becomes more sustainable over time.
Shares of Bitcoin mining companies have seen a significant rally since September 2025, outperforming the digital currency itself after nearly two years of lagging performance.
This remarkable growth is not attributed only to a boost in the price of bitcoin (BTC), but to the diversification of the operations of mining companies towards the provision of computing resources for Artificial Intelligence (AI).
After showing similar correlation and fluctuations to bitcoin from February to early September 2025—with mining stocks even falling to close to 50% annual returns in April—the trajectory of both assets became drastically decoupled.
The following graph, provided by Ecoinometrics, shows that while bitcoin (orange) held annual returns in the range of 25% to 40%, the average stock return of Bitcoin miners (blue) skyrocketed, reaching a peak of over 150% annual performance by the end of October 2025as seen in the following graph.
This divergence is driven by the integration of AI services by a select group of miners that have begun to redirect some of their computing capacity to these workloads. The Ecoinometrics report highlights that “without these AI-related bets, this type of divergence would not be seen,” underscoring that Bitcoin mining, on its own, is not currently a high-margin business.
Taking advantage of excess capacity for AI processing represents a rational decision for companies in the sector. This operational change allows them to diversify their income, mitigate the volatility inherent to the mining business and, as CriptoNoticias reported, has facilitated their access to debt markets to obtain financing.
However, Ecoinometrics points out that the computing market for AI is highly competitive and that This movement is probably a “gradual process of equilibrium”. Over time, it is expected that miners will continue to find a sweet spot between Bitcoin mining and providing AI services. This process suggests an evolution in the operational structure of the industry, adjusting to new technological and financial opportunities.