Bitcoin mining stocks continue to rise rapidly in October. This is because expectations related to t..
Hive Digital Surges 79% In October Irene ranks fourth in net purchase of West Hak ants in October, coexisting with Bitcoin mining profitability and AI expectations
Bitcoin mining stocks continue to rise rapidly in October. This is because expectations related to the artificial intelligence (AI) business have been added to the improvement of the profitability of the bitcoin mining business.
According to Trading View on the 12th, among major bitcoin mining stocks, HIVE surged about 78.66% to post the biggest gain since October. IREN, another Bitcoin mining stock, was up 35.61%. According to the Korea Securities Depository Savero, Irene ranked fourth in the number of net purchases by Koreans since October. Mara Holdings (MARA) and Riot Platforms (RIOT), which both use bitcoin mining and stockpiling strategies, also rose 9.58% and 14.65%, respectively.
It is expected to improve the profitability of the mining business. According to Riot, the cost of mining one bitcoin in the second quarter was $48,992, up about 93% from the same period last year ($25,327). Bitcoin prices have doubled compared to a year ago.
Also expected is a business that is converting mining equipment owned by these companies into AI and high-performance computing (HPC) uses. Iren, which announced a large-scale investment plan related to AI cloud, recently announced that its use contract for more than 11,000 of its 23,000 graphics processing units (GPUs) has been completed. Iren explains that this can generate $225 million in sales every year. Iren said it will increase its AI cloud sales to $500 million by the first quarter of next year. This is similar to the total sales ($501 million) recorded by Irene in fiscal 2025 (closing in June).
