The bitcoin mining realm is witnessing a burgeoning wave of investor fervor, catalyzed by Core Scientific’s (CORZ) recent alliance with artificial intelligence (AI) powerhouse CoreWeave, as articulated by JPMorgan (JPM) in a Monday analytical dossier.

JPMorgan‘s assessment elucidates that the aggregate market capitalization of the 14 monitored miners has surged by an impressive 22%, translating to a $4 billion augmentation since the proclamation of the deal, juxtaposed with a 7% depreciation in bitcoin’s value and a 3% ascension in the S&P 500 index. Core Scientific heralded the sealing of a 200-megawatt (MW) AI pact with the cloud computing entity earlier this month. This revelation has precipitated a recalibration of the bitcoin mining sector, as investors responded with marked optimism to the disclosure.

This trend underscores the emerging “alternative (and potentially more lucrative) applications for mining infrastructures and the premium and scarcity of power availability,” as articulated by analysts Reginald Smith and Charles Pearce. They further expounded that the Core Scientific arrangement “corroborates and is likely to expedite miners’ transition into high-performance computing (HPC) ventures.”

Read more: “Beyond Proof-of-Work: Can Alternative Mining Models Address Bitcoin’s Supply and Sustainability Challenges? “

Amongst the beneficiaries, Iris Energy (IREN), carrying an overweight rating, is optimally poised to capitalize on this burgeoning opportunity. The company boasts surplus power capacity and maintains flexibility beyond bitcoin mining. Iris Energy was an early adopter of the HPC trajectory and has already integrated graphics processing units (GPUs) within its operations, showcasing a robust history of constructing and delivering high-caliber data centers punctually, coupled with ample power access.

Conversely, Cipher Mining (IFR), rated neutrally, possesses commendable power cost efficiency and a solid operational track record, yet its power pipeline is less extensive compared to Iris Energy, according to the bank.

Riot Platforms (RIO), similarly rated overweight by JPMorgan, retains a staunch commitment to bitcoin mining, demonstrating minimal interest in HPC despite its substantial power reserves.

In contrast, Marathon Digital (MARA) and CleanSpark (CLSK), rated underweight and neutral respectively, “emerge as the most costly on an enterprise to energized power ratio,” as per the report’s analysis.