Bitcoin miners are morphing into AI data centers, and the shift is turning eyes from Bitcoin rewards to HPC economics. Riot Platforms is seen as the likely leader as miners repurpose warehouses for AI compute and energy-efficient colocations [1].
Key moves driving the pivot include: - Cipher signed a $3B deal with Fluidstack (Google-backed) to lease AI compute capacity [1]. - IREN raised $1B through convertible notes to expand HPC sites [1]. - Bitdeer is converting major facilities into AI data centers, projecting $2B+ in annualized revenue by 2026 [1]. - TeraWulf announced a $3.2B expansion for its Lake Mariner data center [1].
Riot Platforms has trimmed fresh hash-rate builds and doubled down on energy efficiency and AI-driven colocation, a pivot many say is the real value play as halving rewards bite [1]. Needham’s analyst puts it bluntly: investors are valuing miners for HPC/AI opportunities now [1].
Bitdeer is scaling to meet AI demand. Its latest weekly update shows BTC Holdings at 2126.8, Output 117.2, Sold 51.6; Net Added 65.6 BTC, with roughly 3GW of energy capacity backing operations [3]. The company has alluded to AI and rig divisions in public chatter [2].
Across Cipher, IREN, Bitdeer, and TeraWulf, legacy mining assets are being repurposed into AI-ready data centers—reshaping margins and energy use as the AI wave crashes ashore [1].
References
Bitcoin Miners Are Quietly Becoming AI Data Centers and RIOT Might Be the Next Big One
Miners pivot to AI/HPC data centers; RIOT highlighted; Cipher, IREN, Bitdeer, TeraWulf expanding; focus on energy efficiency and AI opportunities
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