In a twist that would make even the most stoic of Wall Street brokers raise an eyebrow, Bitcoin (BTC) mining stocks have taken a nosedive. Why, you ask? Because Microsoft, the tech behemoth that once promised to conquer the world with its artificial intelligence dreams, has reportedly scrapped plans to invest in new data centers across the US and Europe. According to Bloomberg and Google Finance, the company cited a potential oversupply—because, apparently, even AI can have too much of a good thing. 🤖💔
Shares of crypto miners like Bitfarms, CleanSpark, Core Scientific, Hut 8, Marathon Digital, and Riot plummeted between 4% and 12%, as if they were competing in a race to the bottom. 🏎️📉 The irony? These miners had been banking on AI data centers to save their bacon after Bitcoin’s April 2024 “halving” event slashed their revenues. Talk about putting all your eggs in one basket—only to have Microsoft drop it. 🥚💥
According to Coin Metrics, miners have been “diversifying into AI data-center hosting” to repurpose their infrastructure for high-performance computing. Because, you know, when life gives you lemons, you turn your Bitcoin rigs into AI servers. 🍋🤷♂️ For instance, Core Scientific pledged 200 megawatts of hardware capacity to support CoreWeave’s AI workloads in June 2024. Meanwhile, asset manager VanEck predicted a $37 billion market cap boost for Bitcoin mining stocks—if they went all-in on AI. But alas, Microsoft had other plans. Or rather, no plans. 🚫📅
JPMorgan noted in March that miners were already struggling due to declining crypto prices and the halving’s impact. Now, with AI data center demand waning, they’re caught between a rock and a hard place. Or, more accurately, between a Bitcoin and a hard drive. 💻💎
Cutting Back on Compute—Because Why Not? 🤔
a tale of ambition, oversupply, and the fickle nature of tech giants. Bitcoin miners, meanwhile, are left to pick up the pieces—or, more accurately, the GPUs. 🖥️💔
Read More
- Maiden Academy tier list
- Cookie Run Kingdom: Shadow Milk Cookie Toppings and Beascuits guide
- Cookie Run Kingdom Town Square Vault password
- Girls Frontline 2 Exilium tier list
- 10 Hardest Bosses In The First Berserker: Khazan
- `H&M’s Wild White Lotus Getaway`
- Tap Force tier list of all characters that you can pick
- Wizardry Variants Daphne tier list and a reroll guide
- ‘White Lotus’ Fans React to That Incest Kiss: “My Jaw Is On The Floor”
- ‘Bachelor’ Co-Executive Producers Exit Franchise
2025-03-26 22:22