Do you want to invest in AI? Consider Crypto Miner Hut 8 and HUT Stock.

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Crypto mining has been a hot industry, even as crypto prices themselves have been on the decline. Massive mining farms have been plugging in, rushing out issues and hoarding their rewards in anticipation of a bullish resurgence. But many miners are also jumping on a new trend. Maybe it’s pessimism towards crypto, maybe it’s optimism towards new arenas. Anyway, the pivot that some crypto miners — Cabin 8 (NASDAQ:COTTAGE) included — taking on artificial intelligence is something worth looking into. Could HUT stock be the next AI game?

Crypto mining is gaining notoriety a lot of power. In fact, it consumes so much electricity that energy consumption was a primary concern that drove China’s complete ban on cryptocurrency. Energy consumption has also provoked many concerns from US lawmakers.

As it turns out, AI isn’t much different. Of course, the algorithms of AI tools need to be learned, so feeding them as much data and information as possible is a daunting and energy-consuming practice. That’s why programs continue to learn long after they’re brought to market. OpenAI developers will likely continue feeding ChatGPT datasets long after the recent craze over their services.

This realization leads to a change in priorities for many people. Developers in the blockchain space are starting to incorporate more AI elements into their projects. This has created its own crypto-investment niche, helping to lift the market as a whole in early 2023. However, there are also existing companies that will also join the hype – and they are making interesting changes that could be big selling points.

HUT stock looks more promising with AI Turn

Hut 8 is one of the older crypto companies leading the way into the AI ​​market. As a result, investors may find HUT shares to be one of the best ways to both invest in AI and profit from crypto mining.

The company, which mines crypto from Canada, wants to make its thousands of crypto mining rigs operate in the most profitable way possible. With crypto mining difficulty and the total number of miners at an all-time high, this is no easy feat. However, the rise in AI popularity is helping Hut 8 become knowledgeable.

Specifically, Hut 8 has changed many of its cryptomining-only machines to ones that can facilitate the machine learning necessary to grow AI. Hive Blockchain (NASDAQ:HIV), another crypto mining company, has done much the same.

This switch doesn’t come out of left field, mind you. Crypto miners have been looking at ways to expand the capacity of their equipment for the better part of a year now. In the past, cloud computing had been one of the most popular ways for these companies to diversify their offerings.

For AI developers, there is a huge need for a lot of hardware. In addition, there are logistical problems with cooling and other infrastructure that accompany equipment maintenance. Outsourcing this machine learning computing to crypto miners means they don’t have to own the machines themselves. In addition, the hardware is already set up and proven operational.

Hut 8’s pivot is still news to investors. Hopefully the move will be well received and lead to some solid gains for the HUT share. Meanwhile, HUT remains in the green with more than 120% year-to-date (YTD). HIVE stock is also off to a good start in 2023, up almost 100% YTD.

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At the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to the InvestorPlace.com Publishing Guidelines.