Bitcoin Miners Shift Focus to Artificial Intelligence Infrastructure Development

Bitcoin miners are shifting their focus from cryptocurrency mining to building artificial intelligence (AI) infrastructure. Panelists at the H.C. Wainwright conference emphasized that this shift is driven by genuine demand, not market excitement. They pointed out that hyperscalers will spend more than $1 trillion on AI infrastructure in the coming year.

Executives from CleanSpark, Core Scientific, Big Digital Energy, Soluna, and WhiteFiber highlighted their companies' significant contracts and revenue pipelines. CleanSpark signed a $6.6 billion lease with a high investment-grade tenant, while Core Scientific announced a 500-megawatt deal with AMD. WhiteFiber has secured about $500 million in cloud services deals.

The panelists noted that the sector's core advantage is securing energized megawatts in places that can support large projects, which they have already dealt with as Bitcoin miners. They also pointed out rising construction costs, political resistance, and lender caution as significant challenges. The cost to build AI-grade data centers has increased from $4.5 million per megawatt in late 2023 to $12 million to $13 million per megawatt for 2025 to 2027 projects.

The shift to AI infrastructure development is being driven by the need for speed and power, as hyperscalers seek to solve 'speed to power' issues. Companies are targeting costs of $10 million to $11 million per megawatt for complete ready-for-service delivery. Direct liquid cooling is becoming standard for AI data centers, often requiring new construction or major retrofits.