With the price of Bitcoin on the decline, crypto mining companies are making the pivot into AI.
Crypto mining stocks are hot right now, but not for the reason you might think. With the price of Bitcoin (BTC 0.37%) taking a nosedive below the $100,000 price level, crypto mining companies are now making a pivot from Bitcoin into artificial intelligence (AI).
Smaller Bitcoin mining companies have the edge here, given their ability to turn on a dime, and one of the companies on my radar right now is TeraWulf (WULF +2.04%), an AI-focused Bitcoin miner with a market cap of $7 billion. The company’s stock is up 52% year to date, and more than 240% over the past year.
The AI pivot
Long story short, much of the massive computing power used to…
