Over the past two weeks, bitcoin miners have received an influx of investor interest in response to the announcement that Core Scientific will host GPUs for artificial intelligence cloud provider CoreWeave, a JP Morgan report published Monday said.

JP Morgan analysts Reginald L. Smith and Charles Pearce said the aggregate market cap of the 14 bitcoin miners they track has increased by 22%, or $4 billion, since the Core Scientific announcement. At the beginning of June, North American bitcoin mining and hosting services provider Core Scientific announced it signed a series of 12-year contracts with AI Hyperscaler CoreWeave.

The increase in bitcoin miners' aggregate market cap is due to their facilities being increasingly recognized for their potential dual use as AI GPU hosting centers, …