Bitcoin (BTCUSD) mining companies were expected to quickly go bust as they were unable to cope with Bitcoin's block rewards being halved in the last halving event. Even though the significant increase in Bitcoin's price compensated for that and then some, mining companies were still unable to pull off a notable recovery.
This caused many to take a creative approach. These companies use GPUs to mine Bitcoin, and the same hardware can be used for artificial intelligence (AI) and cloud computing purposes. As such, some of them started to use AI as a fig leaf to drive investor attention, but it is quickly becoming a serious endeavor. Applied Digital (APLD) has successfully pulled it off, and more are following in its footsteps.
