Company
Core Scientific (NASDAQ: CORZ) is a US bitcoin miner converting former cryptomining sites into colocation data centers for AI and high-performance computing.
IREN shares rose 5% premarket on a reported Anthropic cloud contract that neither company has confirmed. CoinShares puts miners' AI and HPC backlog above $100 billion with only about 550 MW billing, so a signature is the first of several steps to revenue.
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UBS began coverage of Core Scientific and Applied Digital at Buy, citing 57 GW of data center capacity needed in 2027 against 38 GW with confirmed power. Its forecast of about 80% annual EBITDA growth through 2029 needs sites that already have grid connections, because new requests take years to clear.
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The EIA projects US electricity demand will set records in both 2026 and 2027, reaching 4,356 billion kWh. National growth is under 4% over the two years, so the power constraint on AI building shows up locally, in regional prices and in what a connected megawatt sells for.
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Hashrate Index puts the US, Russia and China at 65.4% of bitcoin hashrate, down from 66.2%, as Russia gained 8 EH/s and the US lost 10. Russia took back most of what the US lost, so mining is about as concentrated by country as it was in June.
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CME plans to list two Nvidia GPU compute futures on October 5, pending regulatory approval, with prices running 36 months forward. Bitcoin miners that moved into AI hosting can hedge with them only if what they are paid moves with a GPU rental index.
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Public miners have announced $70 billion to $100 billion of AI and HPC contracts. Spread across 12-to-15-year terms that is roughly $6 billion a year, and 550 of about 4,000 contracted megawatts are earning it today.
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The renamed GCPU tracks an index of high-performance computing firms, half of them GPU cloud operators and half converts from mining, on Grayscale's view that grid-connected capacity stays scarce for years.
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Global data center electricity use goes from about 415 TWh in 2024 to roughly 945 TWh in 2030 on the agency's April 2025 projection, and the transmission and generation to serve it take five to ten years against a data center's 18 to 24 months.
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CoinShares marks stabilised data centre capacity at $27m a megawatt and energised mining capacity at $3m, and the conversion cost in between explains why Core Scientific, Keel, Cipher and IREN are walking away from hashrate.
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Blockfusion turned a decommissioned power plant into a cryptomining campus, and its subsidiary has now signed CoreWeave to a definitive 15-year lease. The megawatt and revenue figures still date from June.
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Its second-quarter report puts the network hashrate about 50% below trend and blames the post-halving cycle and Texas power prices alongside the AI pivot, so the 50% measures the halving and the power bill as much as it measures who is outbidding whom.
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With CoinShares putting the second-quarter cash cost of a bitcoin at about $75,500 against a $58,400 price, public miners are switching off rigs they own and paying cash to cancel the ones they ordered.
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Revenue per petahash rose almost exactly in step with the coin in August, so the miners' equity gap says more about how they are funding AI build-outs than about the margin on a mined bitcoin. Luxor's forward curve offers no relief before February.
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Dowagiac's bitcoin miners went dark on September 1 so that 20 megawatts could be leased to an unnamed California neocloud at roughly $3 million per megawatt-year. The customer's cash in the door so far is $10.6 million.
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Leopold Aschenbrenner's fund went from $5.52bn at the end of 2025 to $13.67bn in ex-miners and power by March, against roughly $7.46bn of puts on semiconductors, which prices interconnect queues above silicon.
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Peter Schiff says AI bids against Bitcoin for capital, power and space. The contract arithmetic suggests that at the level of the individual site, the argument is already over.
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The Journal's reconstruction shows the fund shopping its Anthropic stake and its leveraged book at the same time, and telling only one set of buyers. That is a pricing problem for every AI secondary.
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The listed cohort's realized hashrate fell 13.4 percent in six months against a 10.6 percent network decline. Two of its members now earn most of their revenue from something other than mining.
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