TL;DR
- Large US mining firms are accelerating a shift toward AI data centre hosting as Bitcoin mining margins shrink, securing long-term AI infrastructure deals that significantly boost valuations.
- Publicly-listed miners are now monetizing power capacity through AI cloud services instead of relying only on block rewards.
- This transformation is reshaping how Wall Street values mining companies, prioritizing power assets and AI contracts over traditional mining output.
The move many miners once viewed as a side activity has rapidly evolved into a strategic pillar for long-term survival. Institutions such as Bernstein and VanEck have tracked how listed miners now compete for AI cloud contracts rather than solely chasing Bitcoin block rewards. The trend reflects a reallocation of power infrastructure, technical talent, and capital toward high-density compute environments compatible with large-scale machine learning workloads.
A major catalyst came after the 2024 Bitcoin halving, which reduced block rewards and pressured profitability despite Bitcoin’s price appreciation. Rising energy costs, tougher mining difficulty, and longer hardware payback periods have pushed miners to diversify. Several operators that once focused exclusively on coin output now dedicate a growing share of their capacity to AI-oriented services. This enables miners to earn multi-year contractual revenue rather than depending on market cycles.
Power Capacity Becomes Strategic Currency
Core Scientific signed a 12-year, 590MW deal with CoreWeave expected to deliver about $10 billion in revenue. IREN targets over $500 million in annualised AI cloud income by early 2026, up from $28 million in Q2 2025. CleanSpark, long known for a Bitcoin-only philosophy, created a senior leadership role for AI data centres in October, signalling a broader operational shift backed by fresh capital commitments.
Miners control more than 14GW of global power capacity, meaning they can convert existing facilities into AI-capable centres by adapting cooling, network architecture, and grid interconnections. The model appeals to hyperscalers and new AI cloud providers struggling to secure energy-ready real estate. As a result, valuations for miners with AI contracts and scalable power have started outperforming those reliant solely on Bitcoin output.
Wall Street Rerates The Sector
Bernstein estimates companies with active AI contracts trade near $6 million per planned megawatt, double the valuation for pure Bitcoin miners at roughly $3 million per MW. For example, Riot’s 1GW Corsicana project in Texas represents roughly one-third of the firm’s enterprise value in analyst models, despite not yet producing revenue. At Core Scientific, the AI segment accounts for 86% of projected enterprise value, while its legacy Bitcoin mining contributes the remainder.
