Miners Ditch Bitcoin Proxies as Power Demand Drives Computing Business
Bitcoin miners are no longer purely cryptocurrency proxies and are evolving into high-performance computing hubs. This shift is driven by the increasing demand for power, which has become a scarce input in both industries.
According to CryptoSlate's analysis of two years of daily closes, Bitcoin sensitivity has weakened across most of the group as data-center contracts gained weight. The rate coefficients vary too widely to treat every AI-oriented miner as a long-bond proxy.
Several large US-listed miners have reported significant revenue from high-performance-computing leases and GPU cloud businesses, adding construction schedules, equipment procurement, and customer concentration to valuations that once depended only on hash price.
TeraWulf generated $31.9 million of its $44.8 million second-quarter revenue from high-performance-computing leases, while Hut 8's Beacon Point leases cover 949 megawatts of contracted IT capacity and carry $26.6 billion of base-term contract value.