Major Bitcoin miners accelerate pivot to AI data centers, securing over $70 billion in compute contracts

Major Bitcoin miners have cumulatively signed over $70 billion in AI and high-performance computing (HPC) contracts, accelerating the conversion of their existing power capacity and site infrastructure into AI data centers. Compared to post-halving Bitcoin mining with its volatile earnings, long-term AI contracts offer higher and more predictable returns on power capacity. However, retrofitting mining sites into liquid-cooled, high-density AI facilities entails construction costs of $8 million to $15 million per megawatt, leaving the industry with a short-term funding gap of roughly $50 billion.