Bitcoin miners TeraWulf, IREN, and Hut 8 posted strong gains as investors welcomed their growing focus on AI data centers and high-performance computing, signaling a broader shift toward more diversified and stable sources of revenue.
TeraWulf led the gains after its shares climbed more than 12.8%, making it one of the best-performing stocks on July 8. The rally followed the company’s announcement of a 20-year agreement with AI startup Anthropic to develop a data center campus in Kentucky.
Under the deal, TeraWulf will provide up to 401 megawatts of critical IT capacity, with the facility expected to become operational in early 2028.
Analysts estimate the agreement could generate about $19 billion in revenue over its lifetime, prompting Compass Point to raise its price target on the stock from $28 to $40 while maintaining a buy rating.
Chief Executive Paul Prager said the agreement strengthens TeraWulf’s transition into AI infrastructure by securing a stable, long-term source of revenue.
The company has also exited its investment in a Texas project, allowing it to redirect capital toward expanding its AI data center business.
IREN and Hut 8 Extend Bitcoin Miner Rally
The rally extended beyond TeraWulf, with IREN and Hut 8 also posting strong gains as investors continued to back Bitcoin miners expanding into AI infrastructure and high-performance computing (HPC).
IREN rose around 8% after Freedom Capital Markets upgraded the stock to a buy rating, saying the recent decline had created an attractive valuation.
The positive outlook was reinforced by Nvidia’s July 8 keynote, which highlighted accelerating demand for AI infrastructure and boosted confidence in companies serving the sector.
Hut 8 also advanced nearly 10% after being added to several Russell growth and small-cap indexes, a move that could increase its visibility among institutional investors.
The company’s shares have climbed more than 380% over the past year, reflecting growing optimism about its AI-focused strategy.
The strong performances highlight a broader shift across the Bitcoin mining industry. Investors are increasingly valuing miners that diversify into AI data centers and long-term computing services, reducing their dependence on Bitcoin mining revenue.
As a result, AI partnerships and infrastructure deals are becoming a more important driver of mining stocks than short-term movements in Bitcoin’s price.
