Crypto mining stocks saw significant gains on September 9, 2025, influenced by Nebius Group's agreement to supply Microsoft with $17.4 billion worth of GPUs for AI infrastructure. Despite Bitcoin's decline of around 1%, stocks of miners like Bitfarms rose by 22%, while Cipher Mining and IREN saw 20% gains. Other companies such as Hut 8 and Riot Platforms also gained in the mid-teens percentage-wise. This spike underscores a changing landscape where investor interest is increasingly based on the computing capabilities of mining companies rather than just Bitcoin's price. The rising costs of power and competition within the industry are influencing profitability, prompting miners to explore new revenue paths, including leasing capacity to larger tech companies. The partnership between Nebius and Microsoft showcases the growing value of GPU access, benefiting organizations with robust mining infrastructures as they pivot toward catering to the AI sector.

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