MSTR Aug 2024 700.000 put

AI-linked bitcoin miners outperform pure-play firms as BTC tumbles: report

Bitcoin has shed by more than 10% in less than a week, dropping from a comfortable position above $66,500 to around $61,300 as the market is digesting the refund of assets from now-defunct exchange Mt. Gox. Elsewhere, shares of AI-linked bitcoin miners outperformed pure-play miners, rising by 11.5% compared to a 1.4% increase for the latter group. "AI contracts come with recurring, high-margin revenue streams that are not susceptible to BTC price fluctuations," the analysts noted.