Over the past few years, many cryptocurrency mining companies have reinvented themselves as artificial intelligence (AI) infrastructure companies. Instead of using their powerful computer chips solely to mine tokens, which were subject to unpredictable price swings, they monetized that cloud-based computing power by remotely processing machine learning and AI tasks.

These “neocloud” companies include Hut 8 (NASDAQ: HUT) and IREN (NASDAQ: IREN), which both mined Bitcoin (CRYPTO: BTC) before evolving into AI infrastructure companies; and CoreWeave (NASDAQ: CRWV), which mined Ethereum (CRYPTO: ETH) before it rebranded itself as an AI infrastructure provider and repurposed its GPUs to process AI tasks.

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