Bitcoin miners have amassed $100 billion of AI deals, but almost none of the revenue exists yet

Bitcoin miners have signed more than $100 billion in AI contracts while generating barely $1.1 billion in annualized revenue.

More than 4 gigawatts of artificial intelligence and high-performance computing capacity are under contract across publicly traded miners tracked by CoinShares, but only about 550 megawatts are currently billing.

Still, investors are assigning a steep premium to companies making the AI transition. Miners with contracted AI or HPC capacity trade at an average of 12.9 times enterprise value to next-12-month sales, compared with 3.7 times for miners without such agreements.

However, this premium is increasingly tied to an asset miners accumulated for Bitcoin but AI developers now badly need: grid-connected power.

Scarce power turns mining sites into premium AI assets

The value of existing mining campuses is rising as new data-center projects run into longer permitting processes and increasingly congested power grids across the US.

CoinShares recorded at least 225 moratoriums or restrictions on data-center development across 30 states, with 151 still in force, in its latest industry report. New York has introduced a statewide pause on environmental permits for facilities of 50 megawatts or more, while restrictions have spread at state and county levels elsewhere.