Bitcoin Miners Have $100B in AI Contracts, Only 550MW Billing

Publicly traded Bitcoin miners tracked by CoinShares have signed more than $100 billion in artificial intelligence and high-performance computing contracts covering over 4 gigawatts of capacity, but only about 550 megawatts of that capacity are billing today. The gap reflects efforts to convert Bitcoin mining sites into grid-connected data centers for AI customers while construction, interconnection and permitting proceed.

Investors are valuing companies that secured AI or HPC deals at higher multiples. Firms with contracted AI capacity trade at an average of 12.9 times enterprise value to next-12-month sales, compared with 3.7 times for miners without such agreements, according to CoinShares’ analysis.

The premium is tied mainly to access to energized land and grid hookups. CoinShares documented at least 225 moratoriums or restrictions on data-center development across 30 states, with 151 still in force. New York has paused environmental permits for facilities of 50 megawatts or more statewide. The U.S. grid interconnection queue totals roughly 2,600 gigawatts, and projects completed in 2025 waited a median of more than five years from queue entry to operation. A recent transaction cited in the report priced three fully leased Northern Virginia AI data centers at about $27 million per megawatt, while some publicly traded miners with energized but unleased capacity trade for less than $3 million per megawatt.

Converting a Bitcoin mining site to an AI data center requires substantial investment. CoinShares estimates retrofits cost about $8 million to $15 million per megawatt, compared with roughly $700,000 to $1 million per megawatt to install Bitcoin mining infrastructure. The report estimates AI infrastructure can generate about $1.5 million in annualized profit per megawatt for miners, versus about $500,000 per megawatt from Bitcoin mining under recent conditions.

Market moves have outpaced revenue generation. Ten of the 12 miners tracked by CoinShares gained between 70% and 195% in the second quarter. Keel Infrastructure rose 194.4% during the quarter even after shutting down Bitcoin mining on June 29. Some operators are writing off mining assets or terminating equipment agreements to speed the transition. Core Scientific paid $41.9 million in the second quarter to cancel a next-generation mining equipment deal and reported a negative 56% gross margin in its remaining self-mining business. IREN recorded hundreds of millions of dollars in impairments while AI cloud revenue reached $70.5 million, surpassing $66.7 million from Bitcoin mining. Cipher Digital has paused new mining capital expenditures and expects Bitcoin production to become immaterial before an anticipated exit by the end of 2027. TeraWulf retired mining buildings as HPC leases made up 71% of its quarterly revenue.

CoinShares estimates at least 35 exahashes per second of capacity is scheduled to leave publicly listed miners as conversions continue, roughly 4.7% of the recent ~750 EH/s network hashrate. Bitcoin’s recovery to about $77,000 has improved mining economics and pushed many operators back above cash breakeven, which could affect future capital allocation.

Only about 550 megawatts of the more than 4 gigawatts under contract are billing, leaving most of the sector’s backlog dependent on construction, financing and power delivery. Core Scientific is billing about 437 megawatts, Cipher has begun collecting rent from a facility called Black Pearl, and IREN is targeting $4 billion in annual recurring revenue by year-end. CoinShares projects the industry’s AI and HPC revenue run rate to more than double by its next report, while noting billions of dollars still must be spent to convert contracted capacity into operating data centers.