Bitcoin miners with scale and infrastructure are uniquely positioned to supply AI/HPC capacity. Those with large acreage, water for cooling, dark fiber, secured power approvals, and skilled labor can unlock significant value by converting operations into AI-ready data centers.

Goldman Sachs Research projects U.S. data center demand will reach 45 GW by 2030, with power demand growing at a 15% CAGR from 2023 – 2030, largely driven by AI adoption.

JP Morgan forecasts hyperscaler AI capex will hit $370 billion by 2038, a 127% increase from 2024 levels.

Traditional data centers are struggling – server racks that once maxed out at ~40 kW now require >132 kW per rack for systems like NVIDIA’s GB200 NVL72.

Valuation upside is compelling: miners typically trade at 6 – 12x EV/EBITDA, compared with 20-25x for leading data center operators. Converting sites to AI/HPC can deliver significant re-rating opportunities.