Bitcoin Miners Bet Big on AI Infrastructure

The shift from Bitcoin mining to AI data center development is accelerating, driven by strong demand and large contract wins. CleanSpark, along with peers MARA Holdings, Bitdeer, Core Scientific, and WhiteFiber, has visibility into more than 14 gigawatts of power capacity and has secured multiple billion-dollar AI infrastructure deals.

CleanSpark recently signed a $6.6 billion, 20-year triple-net lease with a high investment-grade tenant, equating to about $330 million in annual revenue and near 100% bottom-line profitability due to the triple-net structure. The deal represents a significant milestone for CleanSpark, which currently has a market cap of $5.76 billion.

The panel highlighted rising asset values, with build costs for AI data centers increasing sharply to $8 million to $13 million per megawatt, far above the $1 million to $1.5 million per megawatt typical for Bitcoin mining sites. CleanSpark is targeting $10 million to $11 million per megawatt for complete ready-for-service data center builds.