Bitcoin Miners Moving to AI
Which miners have AI tenants, what they pay per MW, and how it was financed.
What it covers
Of the 51 miners and mining hosts here, 16 have signed AI or HPC leases and 14 run their own GPUs; some do both. Their AI contracts with a disclosed value add up to about $153 billion across 24 deals, led by TeraWulf's $19B lease to Anthropic.
Where the sites are
Texas has the most. 17 operators have a site there; next is Ohio with 4. Each operator counts once in every state where it has a site.
| Region | Operators | Countries |
|---|---|---|
| Latin America | 2 | Paraguay |
| Europe and the Nordics | 11 | United Kingdom, Norway, Sweden, Germany, Finland, France |
| Middle East and Africa | 5 | Kenya, Ethiopia, United Arab Emirates |
| Asia-Pacific | 1 | Singapore |
Every miner
| Source | ||||
|---|---|---|---|---|
| TeraWulfNASDAQ:WULF, Easton, MD | Signed AI/HPC lease | 102 MW AI/HPC | Anthropic, $19B (2026) | Blockspace |
| Applied DigitalNASDAQ:APLD, Dallas, TX | Signed AI/HPC lease | 1.41 GW AI/HPC | CoreWeave, $11B (2025) | Applied Digital |
| Core ScientificNASDAQ:CORZ, Austin, TX | Signed AI/HPC lease | 1.1 GW AI/HPC | CoreWeave, $10.2B (2024) | Core Scientific, Las Vegas Sun |
| Hut 8NASDAQ:HUT, Miami, FL | Signed AI/HPC lease | 949 MW AI/HPC | Investment-grade tenant (unnamed), $9.8B (2026) | CoinDesk |
| Riot PlatformsNASDAQ:RIOT, Castle Rock, CO | Signed AI/HPC lease | 241 MW AI/HPC | Frontier AI lab (unnamed), $9.1B (2026) | Barchart |
| CleanSparkNASDAQ:CLSK, Henderson, NV | Signed AI/HPC lease | 885 MW pipeline | High-investment-grade global technology company (unnamed), $6.6B (2026) | Invezz, SEC |
| Cipher DigitalNASDAQ:CIFR, New York, NY | Signed AI/HPC lease | 4.4 GW pipeline | AWS, $5.5B (2025) | SEC, Blockspace |
| BitdeerNASDAQ:BTDR, Singapore, Singapore | Signed AI/HPC lease | 1.45 GW across sites | Volta Tydal, $4.7B (2026) | The Block, GuruFocus |
| Ionic DigitalNASDAQ:IOND, United States | Signed AI/HPC lease | 234 MW AI/HPC | Nscale, $1.95B (2025) | SEC |
| WhiteFiberNASDAQ:WYFI, New York, NY | Signed AI/HPC lease | 45 MW AI/HPC | Nscale, $865M (2025) | DCD |
| Galaxy Digital (Helios)NASDAQ:GLXY, New York, NY | Signed AI/HPC lease | 800 MW AI/HPC | CoreWeave (2025) | Blockspace |
| Hyperscale DataNYSE American:GPUS, Las Vegas, NV | Signed AI/HPC lease | 28 MW operating | California-based neocloud (unnamed) (2026) | Nasdaq, Pulse 2.0 |
| Mawson InfrastructureNASDAQ:MIGI, Midland, PA | Signed AI/HPC lease | 129 MW operating | AI customer (unnamed) (2025) | DCD |
| Digi Power XNASDAQ:DGXX | Signed AI/HPC lease | 55 MW pipeline | Cerebras (2026) | Datacenter Map, DCD |
| LanciumPrivate, The Woodlands, TX | Signed AI/HPC lease | 1.2 GW across sites | - | Converge Digest |
| IRENNASDAQ:IREN, Sydney, Australia | Own GPU cloud | 1.21 GW pipeline | Microsoft, $9.7B (2025) | IREN, SEC |
| Northern DataAcquired by Rumble (85.2%, June 2026), Frankfurt, Germany | Own GPU cloud | 200 MW pipeline | Tether, $150M (2026) | Pulse 2.0 |
| HIVE Digital TechnologiesNASDAQ:HIVE, Vancouver, Canada | Own GPU cloud | 440 MW operating | Unnamed customer, $30M (2026) | Newsfile, SEC |
| CrusoePrivate, San Francisco, CA | Own GPU cloud | 1.2 GW pipeline | Oracle / OpenAI (2025) | Crusoe, Cointelegraph |
| PowerComputeNASDAQ:PWCM, Tampa, FL | Own GPU cloud | 26 MW operating | Vast.ai (2026) | Taiwan News, SEC |
| Arkon EnergyPrivate, Australia | Own GPU cloud | 100 MW operating | - | TechCrunch |
| CoreWeaveNASDAQ:CRWV, Livingston, NJ | Own GPU cloud | - | - | CoreWeave |
| Genesis CloudPrivate, Germany | Own GPU cloud | - | - | Finding Genius Podcast |
| NscalePrivate, London, United Kingdom | Own GPU cloud | 60 MW across sites | - | SEC |
| Soluna HoldingsNASDAQ:SLNH, Albany, NY | Announced, no tenant | 6.3 GW pipeline | Metrobloks (2026) | Soluna |
| Phoenix GroupADX:PHX, Abu Dhabi, United Arab Emirates | Announced, no tenant | 550 MW operating | DC Max (2026) | Phoenix Group |
| Bitzero HoldingsListed, Vancouver, Canada | Announced, no tenant | 40 MW operating | OneQode Networks (2026) | SEC |
| Sphere 3DNASDAQ:ANY, Mississauga, Canada | Announced, no tenant | 53 MW operating | Bitdeer (2026) | Panabee |
| DMG Blockchain SolutionsTSXV:DMGI, Delta, Canada | Announced, no tenant | 75 MW operating | Single tenant (unnamed) (2026) | DCD |
| MARA HoldingsNASDAQ:MARA, Fort Lauderdale, FL | Announced, no tenant | 2 GW across sites | Exaion (2026) | SEC |
| Keel InfrastructureNASDAQ:KEEL, New York, NY | Announced, no tenant | 2.2 GW pipeline | - | DCD |
| Genesis Digital AssetsAcquired by SWI Group / AiOnX (77%, June 2026) | Announced, no tenant | 1.3 GW operating | - | BeBeez |
| Giga EnergyPrivate, Houston, TX | Announced, no tenant | 175 MW operating | - | Giga Energy |
| NYDIGPrivate, New York, NY | Announced, no tenant | 270 MW operating | - | NYDIG |
| SATO TechnologiesTSXV:SATO, Canada | Announced, no tenant | 20 MW operating | - | Newsfile |
| EdgeModeOTC:EDGM, United States | Announced, no tenant | 95 MW across sites | - | Barchart |
| Merkle StandardPrivate, United States | Announced, no tenant | 72 MW across sites | - | Baxtel |
| West Data GroupPrivate, Hong Kong, Hong Kong | Announced, no tenant | 50 MW across sites | - | Shega |
| BitFuFuNASDAQ:FUFU, Singapore, Singapore | Exploring | 273 MW operating | - | SEC |
| CanaanNASDAQ:CAN, Singapore, Singapore | Exploring | 266.3 MW operating | - | ForkLog |
| Greenidge GenerationNASDAQ:GREE, Dresden, NY | Exploring | 111.5 MW operating | - | Greenidge |
| Argo BlockchainNASDAQ:ARBK, London, United Kingdom | Exploring | - | - | SEC |
| Blockware SolutionsPrivate, Chicago, IL | Exploring | - | - | DCD |
| CangoNYSE:CANG | Exploring | - | - | StreetInsider |
| Simple MiningPrivate, Cedar Falls, IA | Mining only | 160 MW operating | - | Simple Mining |
| EZ BlockchainPrivate, Chicago, IL | Mining only | 60 MW operating | - | HackerNoon |
| American BitcoinNASDAQ:ABTC, Miami, FL | Mining only | - | - | Blockspace |
| GridlessPrivate, Nairobi, Kenya | Mining only | - | - | Bitcoin Magazine |
| HashlabsPrivate | Mining only | - | - | Bitcoinblog.de |
| SazminingPrivate, United States | Mining only | - | - | The Block |
| SOLAINYSE:SLAI | Mining only | 51 MW across sites | - | Barchart |
AI leases and rent per MW
Most pay $1.7-2.4 million per MW a year. Across the 21 leases with a disclosed value, term and critical IT load, the median is $1.86M per MW a year, mostly with power passed through to the tenant. CoreWeave pays the least: $1.43M at Core Scientific, where it also pays for the conversion.
Weaker credit pays more. Investment-grade tenants pay a median $1.68M. Unrated AI labs whose credit support is not yet in place pay $2.37M to $2.43M.
| Signed | Landlord | Tenant | MW | Term | Value | Per MW a year | Source |
|---|---|---|---|---|---|---|---|
| Aug 2026 | Riot PlatformsRockdale, Texas | Frontier AI lab (unnamed)Unrated, IG support pending | 191 | 20 yr | $9.1B | $2.38M | Riot Platforms |
| Aug 2026 | BitdeerTydal, Norway | Volta Tydal ASUnrated, IG support pending | 121 | 16 yr | $4.7B | $2.43M | SEC EDGAR |
| Jul 2026 | Hut 8Beacon Point, Texas (Phase 2) | High-investment-grade tenant (unnamed)Investment grade | 352 | 15 yr | $9.8B | $1.86M | Blockspace |
| Jul 2026 | CleanSparkSandersville, Georgia | High-investment-grade global technology company (unnamed)Investment grade | 175 | 20 yr | $6.6B | $1.89M | The Block |
| Jul 2026 | TeraWulfJustified Data Campus, Hawesville, Kentucky | AnthropicUnrated, IG support pending | 401 | 20 yr | $19B | $2.37M | TeraWulf |
| Jun 2026 | Applied DigitalDelta Forge 2, Alabama | Tier-one investment-grade hyperscaler (unnamed)Investment grade | 210 | 15 yr | $5.2B | $1.65M | SEC |
| May 2026 | Applied DigitalPolaris Forge 3, North Dakota | High-investment-grade hyperscaler (unnamed)Investment grade | 300 | 15 yr | $7.5B | $1.67M | Applied Digital |
| May 2026 | Hut 8Beacon Point, Nueces County, Texas (Phase 1) | High-investment-grade tenant (unnamed)Investment grade | 352 | 15 yr | $9.8B | $1.86M | DCD |
| Apr 2026 | Applied DigitalDelta Forge 1 (southern U.S.) | High-investment-grade hyperscaler (unnamed)Investment grade | 300 | 15 yr | $7.5B | $1.67M | GlobeNewswire via Finviz |
| Dec 2025 | Hut 8River Bend, Louisiana | FluidstackUnrated, Google backstop | 245 | 15 yr | $7B | $1.90M | DCD |
| Dec 2025 | WhiteFiberNC-1, North Carolina | NscaleUnrated, no backstop | 40 | 10 yr | $865M | $2.16M | SEC |
| Nov 2025 | Cipher DigitalBlack Pearl, Wink, Texas | Amazon Web ServicesInvestment grade | 216 | 15 yr | $5.5B | $1.70M | Forklog |
| Oct 2025 | Core ScientificAustin, Denton, Dalton, Marble, Muskogee | CoreWeaveRated below IG | 390 | 12 yr | $6.7B | $1.43M | Core Scientific |
| Oct 2025 | TeraWulfAbernathy, Texas (TeraWulf-Fluidstack JV) | FluidstackUnrated, Google backstop | 168 | 25 yr | $9.5B | $2.26M | DCD |
| Oct 2025 | Applied DigitalPolaris Forge 2, Harwood, North Dakota | Investment-grade hyperscaler (unnamed)Investment grade | 200 | 15 yr | $5B | $1.67M | GlobeNewswire via Seeking Alpha |
| Oct 2025 | Ionic DigitalCedarvale, Ward County, Texas | NscaleUnrated, no backstop | 234 gross | 10.5 yr | $1.95B | $0.79M gross | SEC EDGAR |
| Sep 2025 | Cipher DigitalBarber Lake, Colorado City, Texas | FluidstackUnrated, Google backstop | 168 | 10 yr | $3B | $1.79M | The Block |
| Aug 2025 | TeraWulfLake Mariner, New York (CB-5) | FluidstackUnrated, Google backstop | 160 | 10 yr | $3B | $1.88M | The Fly |
| Aug 2025 | TeraWulfLake Mariner, New York (CB-3, CB-4) | FluidstackUnrated, Google backstop | 200 | 10 yr | $3.7B | $1.85M | DCD |
| Jul 2025 | Applied DigitalPolaris Forge 1 (third building) | CoreWeaveRated below IG | 150 | 15 yr | $4B | $1.78M | Baxtel |
| Jun 2025 | Applied DigitalPolaris Forge 1, Ellendale, North Dakota | CoreWeaveRated below IG | 250 | 15 yr | $7B | $1.87M | Bisnow |
| Mar 2025 | Galaxy DigitalHelios, Dickens County, Texas | CoreWeaveRated below IG | 526 | 15 yr | $1B+ a year | $1.90M+ | Galaxy |
| Jun 2024 | Core ScientificSix Core Scientific sites (initial 200 MW) | CoreWeaveRated below IG | 200 | 12 yr | $3.5B | $1.46M | SEC |
How the campuses are financed
The collateral changed from machines to leases. In 2022 miners borrowed against ASICs at 12% to 14.5% (NYDIG and BlockFi loans to Bitfarms: Equipment Finance Advisor, CoinDesk). When bitcoin fell, lenders took the machines: Core Scientific settled a $38.6 million NYDIG loan by handing over about 27,000 miners (The Block). In 2025-26 the same companies borrow against signed AI leases, at 6% to 10%.
| Borrower | Financing | Lender | Source |
|---|---|---|---|
| Hut 8 | $7.5B investment-grade senior secured notes ($3.25B River Bend, $4.25B Beacon Point phase 1), non-recourse to Hut 8 | - | Blockspace |
| Applied Digital | $5B preferred equity facility, $900M drawn | Macquarie Asset Management | Applied Digital |
| IREN | $3.6B investment-grade GPU financing at 6.0% for the Microsoft contract | - | IREN |
| Galaxy Digital (Helios) | $3.507B 9.875% senior secured notes due 2031 for phase II | - | Blockspace |
| Core Scientific | $3.3B senior secured notes due 2031; CoreWeave rent paid into a lockbox | - | Core Scientific |
| IREN | $2.4B facility for the Mackenzie expansion, part of $2.8B closed at 9% fixed | Blue Owl, PIMCO (lead) | Webull |
| Applied Digital | $2.35B 9.25% senior secured notes due 2030 | - | Applied Digital |
| Galaxy Digital (Helios) | $1.4B project facility for Helios phase I | - | ABL Advisor |
| Cipher Digital | $810M 6% senior secured notes due 2031 for Stingray | - | Blockspace |
| Riot Platforms | $573M interim financing for Rockdale development | Morgan Stanley | Barchart |
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Questions
- Can bitcoin mining machines run AI workloads?
- No. A bitcoin ASIC computes one hash function. What converts is the site: the power interconnect, substation, land and permits. The halls are rebuilt for liquid-cooled GPU racks and the ASICs are sold or moved.
- What does a miner need to finance its first GPU cluster?
- A signed customer contract for the GPUs, firm power rather than curtailable mining power, a hardware quote with a delivery date, and some equity. Lenders size the loan to the contract.