Crypto Miners Riding the AI Wave Are Leaving Bitcoin Behind

Shares of the large-scale computing outfits that make Bitcoin work are once again outperforming the original cryptocurrency, as more pivot to hybrid models built around artificial intelligence and high-performance computing.

Long-ago dubbed miners because of the perceived similarities to the mining of traditional commodities such as gold when creating Bitcoin, the companies have often been at the mercy of the volatile price swings experienced by the token. Two years ago, the sector benefitted at the initial start of the AI boom, only to see their share prices tumble the following year as mining profitability declined and competition increased.

Even with ...