Despite Bitcoin’s dip in Q2, Bitcoin miners with Canadian operations like Hut 8 and Bitfarms saw their shares rise—due to their AI potential, not their crypto holdings, a report suggests. These companies are leveraging the computing power of their data centres for applications of AI, a move attracting investor interest.
Hut 8’s stock jumped 39% and Bitfarms’ increased by 14%. Polymarket, a crypto prediction market, also gained traction amid U.S. presidential election speculation. Vancouver-based Hive Digital Technology didn’t perform as well over the same time period, but still did manage to outperform Bitcoin. While digital currency mining remains the bulk of Hive’s revenue, the company is building out a newly established AI business line.
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