Bitcoin miners are pivoting into AI compute and HPC, turning energy into AI data centers. Posts frame this shift as core strategy, with RIOT, IREN, and CIFR moving toward AI compute [1]. The thesis: whoever masters power plus compute wins the next leg, and GPUs from NVIDIA and AMD will pace the ramp [1].
- RIOT — 22 EH/s today, targeting 46 EH/s with nearly 1.8 GW of power lined up; HPC operations eyed for 2027 Q1 [1].
- IREN — cost structure and execution speed cited as highly efficient as they push into AI compute [1].
- CIFR — rents out the physical layer through long-term leases, tying crypto and AI infrastructure [2].
- CAN — rolling out the Avalon series miners; expanding AI/mining footprint; government-backed projects underscore energy efficiency and scale [3][4][5].
- CLSK — raised capital via convertible notes and a buyback to fund power, land, and AI/data center build-out [6].
- NBIS — forging AI data-center deals with Microsoft and Meta, signaling real AI compute validation [1].
All of this is underpinned by real capex needs: more power, more land, and faster hardware cycles. The chatter also flags that GPUs need time and supply and that macro capex timing will shape margins [1][6]. The long game: whoever locks power contracts and scalable AI capacity wins the franchise [1][2].
Closing thought: margins will hinge on capex discipline, power deals, and speed to deploy AI-friendly data centers—a race that could redefine who dominates crypto + AI compute in the next few years [6].
References
Bitcoin miners are quietly morphing into AI compute giants.
Bitcoin miners RIOT, IREN, MARA discuss pivot to AI compute; NBIS data centers; debate hash rate, power, profitability.
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