Bitcoin Miners Pivot to AI With Site Conversions and Up to $1 Billion in Financing

Overview

• Marathon Digital agreed in February to convert mining sites into hyperscale data‑center campuses to host AI compute.
• Core Scientific secured up to $1 billion in financing from Morgan Stanley to fund its move into AI infrastructure.
• Mining firms are selling curtailment and grid‑balancing services by leveraging the ability to quickly reduce power use.
• Despite the shift, miners trade at a steep discount to data‑center peers on market‑cap‑per‑megawatt metrics, according to VanEck’s Matthew Sigel.
• Global hash rate is about 6% below its November 2025 peak as some rigs are redeployed to AI, and investors are watching Q1 results and capacity disclosures, with public miners targeting growth from roughly 7 GW today to 20 GW by 2027.