According to Golden Finance, analysts from research and brokerage firm Bernstein have released a report stating that AI-focused Bitcoin miners such as Core Scientific, IREN, and Terawulf have outperformed their competitors focused solely on Bitcoin mining. This is primarily attributed to investors' greater confidence in their data center business model. Nevertheless, all publicly listed mining companies have "significant upside" potential stemming from their controlled power portfolio and anticipated Bitcoin price increases.

The report highlights that AI miners have garnered investor favor due to their business diversification, superior valuation multiples, predictable revenue streams, and more adaptable market strategies. IREN stands out, aiming to double its GPU devices and computing power by the end of the year. AI cloud services are projected to contribute approximately 10% of its revenue. In contrast, large traditional miners like Marathon, Riot Platforms, and CleanSpark hold substantial Bitcoin reserves and are expected to sell a smaller proportion of their mined Bitcoin this year compared to 2023. Bernstein anticipates that pure-play miners' share prices may have bottomed at their current levels, poised to benefit from an accelerated Bitcoin cycle after the uncertainties surrounding the US election dissipate.