Bitcoin Miners Shift Focus to AI Data Centers as Demand Reaches Tipping Point

Executives from several major Bitcoin mining and infrastructure companies recently spoke at the H.C. Wainwright 28th Annual Global Investment Conference, outlining their shift towards artificial intelligence data centers.

The panel, which included CleanSpark (WYFI), MARA Holdings, Soluna Holdings, Bit Digital Energy, Bitdeer, Core Scientific, and WhiteFiber, highlighted a market where energized land, power, substations, permits, and access to power are now the most valuable assets. This shift is driven by demand for AI compute, with hyperscalers expected to spend over $1 trillion next year.

CleanSpark's Matt Schultz stated that his company has more than $1 billion in Bitcoin holdings and about $400 million in largely untapped Bitcoin-backed credit lines. The company secured a $6.6 billion, 20-year triple net lease with a high investment-grade tenant, equal to about $330 million in annual revenue.

Core Scientific's Russell Cann noted that labor costs are a major driver of increasing construction costs, citing journeyman electricians earning up to $350,000 per year and master electricians up to $750,000. The company's AMD deal carries about $5 billion in net revenue commitment, along with 2,000 megawatts of critical IT load at three sites.