AI-focused bitcoin miners such as Core Scientific, IREN and Terawulf have outperformed their bitcoin-only rivals, according to a report by analysts at Bernstein, a research and brokerage firm. This is largely due to investors' greater confidence in their data centre business models. Nonetheless, all listed miners have "significant upside" potential, due to the power mix they control and the expected bitcoin price increase. The report notes that AI miners are gaining traction with investors through business diversification, better valuation multiples, predictable revenue streams, and more flexible market strategies. IREN is particularly strong, with plans to double GPU equipment and computing power by the end of the year, and AI Cloud as a Service is expected to contribute about 10% of earnings. In contrast, large traditional miners such as Marathon, Riot Platforms, and CleanSpark hold large amounts of bitcoin and have sold a lower proportion of mined bitcoin this year than in 2023. Bernstein predicts that pure mining companies' share prices could bottom out at current levels and benefit from the acceleration of the bitcoin cycle once the uncertainty of the US election is lifted.