The mining industry is redefining value beyond exahashes, with contracted AI megawatts and dollars per megawatt per year becoming key disclosures for investors, as mixed-use campuses housing GPUs, miners, and shared infrastructure grow more common.

Most top Bitcoin miners by hashrate are pursuing AI and high-performance computing as a substantial revenue stream, with seven of the top ten already earning from AI/HPC and the rest planning to follow.

These deals illustrate economics: TeraWulf’s 10-year hosting deals with Fluidstack totaling ~200 MW, partly backed by Google, and Core Scientific’s 12-year AI/HPC capacity deal with CoreWeave for ~70 MW, alongside ongoing AI cloud services and large-scale AI campuses across the sector.

Redirecting power to AI may temper headline hashrate growth but offers more predictable cash flows and higher enterprise valuations, with Riot pausing expansion to evaluate converting 600 MW for AI use and Phoenix Group targeting over 1,000 MW of AI-focused capacity.

CleanSpark is acquiring 271 acres in Texas to build a next-generation AI campus, while Marathon Digital is buying a majority stake in EDF’s Exaion to advance global AI/HPC ambitions.

Cross-border energy strategies are expanding as Marathon Digital and Phoenix Group pursue international expansion to power AI/HPC initiatives within Bitcoin mining.

AI partnerships and hosting deals now anchor revenue for major miners, with TeraWulf signing two decade-long agreements totaling about 200 MW, backed by Google, yielding roughly $1.85 million in headline revenue per MW per year.

Across the industry, Bitcoin miners are diversifying into AI and HPC to counter bear markets and rising electricity costs.

Executive snapshot: Marathon Digital leads with 57 EH/s and is acquiring 64% of EDF’s Exaion to expand AI/HPC, with CleanSpark, Iris Energy, Riot, Bitdeer, Cipher Mining, Core Scientific, Bitfarms, TeraWulf, and Phoenix Group all advancing AI/HPC programs and mixed-use data-center models.

Other large miners like Core Scientific, Bitdeer, and Iris Energy are expanding AI/HPC operations through new contracts and GPU-centric infrastructure.

Broader energy and policy context—rising data-center electricity demand, interconnection constraints, and utility capex—heightens the appeal of miners’ land, infrastructure, and grid ties as strategic AI campus assets, influencing interconnection timelines and the pace of the ASIC-to-GPU shift.

Utilities are increasing capex to meet data center demand, enabling miners to offer grid ties and substation access to AI tenants as a core part of monetizing energy capacity.