AI wants Bitcoin miners’ power, but the contracts reveal who really gets paid
Summary
Bitcoin miners’ grid connections and sites are attracting AI data-center developers, but converting mines requires costly construction, cooling, networking, GPUs, and reliable power. The potential value of a large power portfolio does not guarantee returns for shareholders: financing terms, customer credits, delivery penalties, debt, and equipment costs determine who captures the revenue. Core Scientific’s operating colocation sites show both the opportunity and the burdens, while SWI’s Genesis investment and AI-computing plans remain less proven, with limited disclosure on usable capacity, conversion costs, and revenue timing.
