The Largest Bitcoin Miners Are Quietly Becoming AI Data Centers
Bitcoin miners have signed more than $70 billion in AI and high-performance computing contracts, with deals such as TeraWulf–Anthropic, CleanSpark–Meta, CoreScientific–AMD and Riot Platforms–Anthropic announced between Q2 and Q4, and analysts expect the industry to earn as much as 70 percent of its revenue from AI by the end of 2026. AI contracts pay more per electron and offer multi-year revenue certainty, while post-halving mining margins have fallen to multi-year lows. Miners still face an approximately $50 billion near-term funding gap and have so far delivered only about 25 percent of the AI and HPC capacity leased to customers.