Bitcoin Miners Expand into AI Data Center Business with $16.8 Billion Contract
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Bitcoin (BTC) mining companies are expanding into the AI data center infrastructure business. CoinShares described this trend as the 'digital power infrastructure' of the mining industry. As mining profitability is pressured by halving and hash rate competition, operators with power and cooling facilities are increasingly allocating assets between mining and AI hosting. Analysis suggests that the bottleneck in AI demand is shifting from securing GPUs to accessing power grids and securing land. The International Energy Agency (IEA) projects that data center power consumption will increase from 485 TWh in 2025 to approximately 945 TWh by 2030. Core Scientific has agreed to provide approximately 200 MW of infrastructure in a 12-year contract with CoreWeave starting in June 2024, with total revenue expected to exceed $3.5 billion. IREN signed a five-year GPU cloud service contract with Microsoft in November 2025, valued at approximately $9.7 billion. Terawulf reported that out of $34 million in revenue for the first quarter of 2026, $21 million came from HPC leasing. Hut 8 announced the commercialization of Phase 1 of the Beacon Point AI data center campus in May 2026, stating that the contract size reaches approximately $16.8 billion. This trend indicates that overseas mining companies are being reassessed between the power infrastructure industry and the AI data center market.
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