Publicly traded Bitcoin miners are attempting to reposition as AI data center companies, but a VanEck analysis reveals a serious delivery problem. AI contracts generate more than three times the revenue per megawatt compared to traditional mining, with sector-wide commitments ranging from $65B to $90B, yet only about 25% of promised AI capacity has actually been brought online. The near-term funding gap is estimated at roughly $50B, and multiple insider share sales, including TeraWulf’s CEO selling approximately 1.59 million shares just before a major lease announcement, have amplified skepticism. VanEck projects AI could account for over 70% of some operators’ revenues by end-2026. The market now evaluates miners based on delivered AI capacity rather than hashrate or Bitcoin treasury size.
Source: Read the original article
