Bitcoin-mining companies turned the spotlight onto their pivot to artificial-intelligence infrastructure at the H.C. Wainwright 28th Annual Global Investment Conference on Monday, unveiling multi-gigawatt pipelines and multi-billion-dollar contracted revenues that mark a dramatic shift from pure crypto operations.
CleanSpark, whose market capitalization stands at $3.25 billion, disclosed a $6.6 billion, 20-year triple-net lease in Sandersville, Georgia, equivalent to roughly $330 million in annual revenue. The company also secured exclusivity rights on 885 megawatts of Texas capacity, including 585 megawatts through Batch Zero Base Load. Its first data hall under a lump-sum turnkey agreement is slated for December 2027. CleanSpark reported 128 percent revenue growth over the trailing twelve months, $1 billion in Bitcoin holdings plus approximately $400 million in untapped Bitcoin-backed credit lines, and a debt-to-equity ratio of 1.77, while posting negative levered free cash flow of $2.09 billion over the same period.
Core Scientific revealed a 500-megawatt agreement with AMD under a triple-net lease priced at $125 million in rent per year, or a modified gross structure at $145 million per year, spanning 15 years. An option covers an additional 2,000 megawatts across Hunt County, Texas; Pecos, Texas; and Muskogee, Oklahoma. The firm has between 450 and 500 megawatts of direct liquid-cooling infrastructure already energized or under construction, and its first AI deal closed in February 2024 before a larger arrangement with CoreWeave was signed in June of that year.
MARA Holdings, which acquired majority control of EDF subsidiary Exaion in March 2024, is targeting a mix of large 400- to 500-megawatt sites and smaller 50- to 150-megawatt facilities. The company is working with Starwood, which has delivered more than 7 gigawatts of data-center capacity, and Worldwide Mission Critical.
Soluna Holdings declared more than 200 megawatts of operational Bitcoin-hosting capacity alongside 6.3 gigawatts of power assets across 30 projects, with 1.6 gigawatts actively in development. Its Cotty Two site in southeast Texas carries a letter of intent for 350 megawatts, and Dorothy III in northwest Texas totals 300 megawatts.
Bitdeer outlined an initial 10-megawatt NeoCloud site in Malaysia projected to generate $800 million in revenue over five years, with 20 additional megawatts planned locally and 65 megawatts announced concurrently. The company also holds a 121-megawatt Volta colocation deal at Tydal in Norway, plus 10 megawatts in Washington, 50 megawatts in Tennessee, and 40 to 50 megawatts of available capacity at Tydal. Bitdeer’s current annual AI run rate is approximately $75 million, and its CFO Michael Potter participated in the session.
WhiteFiber, spun out of Bit Digital in August 2024, announced $500 million in cloud-services deals, including an $865 million contract with Enscale for a 1-million-square-foot facility in North Carolina. The firm’s NC 1 facility, at 1.1 million square feet, has 50 megawatts online for Enscale with a path to 99 megawatts and potential growth of another 100 megawatts. Operational sites also include three conversions in Montreal serving up to 20 customers and Cerebras.
Big Digital Energy, which restructured the former Mawson Infrastructure business in April 2024, is advancing a Hood County, Texas project starting at 17 megawatts and scaling to 74 megawatts in phase two, potentially reaching 111 megawatts. At least 600 megawatts of natural gas generation capacity is accessible there via two 12-inch and one 20-inch gas line.
Construction economics emerged as a central theme. Direct liquid-cooling facility costs climbed from roughly $4.5 million per megawatt in late 2023 to $8 million by June 2024, then to $10 million–$10.5 million per megawatt later in the year, and are now running $12 million–$13 million per megawatt for 2025 projects. A ready-for-service data center overall sits in the $10 million–$12 million per megawatt range. Typical project financing runs 80 percent debt and 20 percent equity; a 100-megawatt build can cost $1.2 billion to $1.4 billion, yield $100 million to $150 million in net operating income, and produce roughly $2.4 billion in asset value.
Labor-market constraints were equally prominent. Journeyman electricians now command $250,000 to $350,000 annually, while master electricians earn about $750,000. On the software side, AT&T projected that open-weight and open-source model workloads will rise from 40 percent to 70 percent over the next two years.
On the macro slide, hyperscalers are expected to spend more than $1 trillion on AI next year alone. Bitcoin miners collectively have locked up over $160 billion in AI colocation deals to date, and panelists said they collectively hold line of sight to more than 14 gigawatts of total power capacity. CleanSpark also highlighted a 110-megawatt Wyoming contract won by deploying immersion-cooled Bitcoin mining in just 90 days, and noted its Sandersville portfolio spans 35 sites with a 250-megawatt fully energized substation and 122 acres of expansion land.
