Major mining companies like IREN, Core Scientific, and Hut 8 are transitioning to AI data centers, capitalizing on their existing power infrastructure to meet the surging demand for AI computing power. This strategic shift has resulted in significant stock price increases in 2024 and 2025. The move is largely driven by the 2024 Bitcoin halving, increased mining difficulty, and stagnant Bitcoin prices, which have impacted miner profitability.The explosive growth of AI has created a substantial demand for power, with global data center electricity consumption projected to double by 2030. Mining firms, with their access to low-cost, reliable power, are well-positioned to benefit. IREN, for instance, has secured 2.9GW of power capacity and signed a $97 billion contract with Microsoft. Core Scientific and Hut 8 have also expanded their AI infrastructure, with Hut 8 forming a joint venture with the Trump family. The continuation of this trend hinges on securing large contracts, capital investments by AI firms, and maintaining low power costs.