Seven of the top ten miners by hashrate report AI or high-performance computing initiatives already generating revenue, with the other three planning to follow suit.
The shift pairs miners’ energized land and interconnections with contracted revenue from GPU customers, creating a second line of business that competes with running ASICs at full power.
AI partnerships redefine mining economics and investor focus
TeraWulf set the reference point after signing two 10-year hosting agreements with Fluidstack, totaling approximately 200 MW at Lake Mariner.
According to Barron’s, Google is backing a portion of Fluidstack’s lease obligations, up to approximately $ 1.8 billion, and has received warrants that could equate to roughly 8 percent of TeraWulf. The disclosed deal math implies roughly $1.85 million per MW per year of headline revenue over the term, which many miners now use as a benchmark when courting AI tenants.
Core Scientific expanded a 12-year relationship with CoreWeave for about 70 MW of additional HPC capacity, with operations targeted for the second half of 2025. Bitdeer continues to operate a commercial AI cloud based on NVIDIA DGX systems, while Iris Energy reports an AI cloud business running on H100 and H200 GPUs.
Others are building the real estate for the next wave. CleanSpark said on October 29 it secured 271 acres and about 285 MW of long-term power in Texas for what it calls a next-generation AI and HPC campus. Marathon agreed in August to acquire 64 percent of Exaion, an EDF subsidiary, to expand its global AI and HPC capabilities, with an option to increase its stake to 75 percent by 2027.
Riot has been assessing the conversion of approximately 600 MW at Corsicana for AI or HPC and has paused part of its mining expansion, resulting in a reduction of year-end 2025 hashrate guidance from 46.7 EH/s to 38.4 EH/s. Bitfarms has hired consultants to conduct a feasibility study and has been marketing its sites to AI clients.
Cipher Mining is reported to have a multi-year Fluidstack arrangement with a Google-linked lease commitment, although not all terms are disclosed in a single primary filing. Abu Dhabi’s Phoenix Group has signaled plans to scale data-center capacity beyond 1 GW, with an AI focus, and is exploring a U.S. listing to fund the expansion.
The economic case rests on power and predictability.
Using today’s network context of about 1.08 to 1.10 ZH/s and 144 blocks per day with fees…
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