Bitcoin Miners Strike Gold in AI Computing

Bitcoin miners are diversifying into artificial intelligence (AI) computing as they seek to reduce revenue volatility. One company, TeraWulf (WULF), is leading this shift by leasing data center infrastructure to AI customers.

TeraWulf has signed a 20-year agreement with Anthropic to provide approximately 401 megawatts of AI computing capacity. The lease is expected to generate around $19 billion in contracted revenue, with the first facilities set to begin operating in late 2027.

Bitcoin miners cannot convert their machines into AI servers, but they do control power infrastructure such as land, grid connections, and substations. This allows them to deliver AI capacity faster than developers starting from scratch, but only a few companies have the resources to make this shift.

TeraWulf is already making progress in this area. The company's 60 megawatts of operating AI and high-performance computing (HPC) capacity generated $21 million in lease revenue in the first quarter, compared with $13 million from Bitcoin mining.