US Bitcoin Miners Shift to AI, Secure 600 MW HPC Deals
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- Cypher Mining announced a full rebrand to Cipher Digital, divesting a 49% stake in Alborz, Bear, and Chief Mining Sites to shift toward AI/HPC.
- Bitfarms Ltd pivoted to AI, with CEO Ben Gagnon stating “We are no longer a Bitcoin company,” while retaining the “Bit” in its name.
- Sazmining CEO Kent Halliburton said average Bitcoin mining cost ($87k) exceeds spot price ($70k) and that the company has sold over 15,000 Bitcoin to fund AI initiatives.
- IREN Limited signed a $9.7 billion, five‑year agreement with Microsoft for 200 MW of AI compute using NVIDIA GB300 GPUs.
- Cipher Digital secured a 15‑year, 300 MW lease with AWS and a 10‑year, 300 MW lease with Google‑backed Fluidstack, totaling 600 MW of contracted HPC capacity.
- TeraWulf entered multiple 10‑year Google‑backed HPC agreements through Fluidstack for over 200 MW of AI compute.
- CleanSpark is funding Texas land and power acquisitions for AI/HPC with Bitcoin sales, targeting 300‑600 MW at a Brazoria County site and 890 MW aggregate capacity.
Why it matters: The pivot benefits AI hyperscalers and the miners’ shareholders by turning under‑performing Bitcoin assets into long‑term AI compute revenue, but it leaves the Bitcoin network with fewer public miners and transfers valuable land and power contracts to Microsoft, Google, and AWS.
