Public bitcoin miners are actively reorienting their power and data centers to support artificial intelligence and high-performance computing (HPC). The trend is picking up amid rising capital spending in the AI sector: on June 15, Nvidia placed $25 billion of bonds against a demand of around $85 billion, confirming the scale of investors' interest in infrastructure around GPUs. The big miners are signing multi-billion dollar contracts: Hut 8 signed a 15-year contract for $9.8 billion (with a potential of up to $25.1 billion), TeraWulf provided revenue of up to $8.7 billion, and CleanSpark is developing a multi-gigawatt platform with access to 890 MW.

The transition to HPC is associated with a decrease in the margin of Bitcoin mining after halving and increased extraction complexity. For AI customers, mining companies are attractive as owners of ready-made energy and data-center infrastructure. However, upgrading the sites requires additional investment: AI data centers have higher requirements for reliability, cooling and networks than mining facilities. Nevertheless, companies with large energy capacities and access to capital are able to diversify their business and ensure stable cash flows.

The Nvidia debt deal was the company’s first corporate listing since 2021. The issue is divided into seven tranches with maturities until 2056, with coupon rates ranging from 4.25% to 5.625%. Although Nvidia does not build data centers directly, but supplies key equipment for them, the siting demonstrates market confidence in sustainable demand for AI infrastructure. As of April 2026, Nvidia’s liquid position was $50.3 billion, including $13.2 billion in cash.