Bitcoin miners have announced more than $100 billion in AI contracts, but only about 550 MW of more than 4 GW under contract was generating revenue in September. Converting a mine into an AI data center costs an estimated $8 million to $15 million per MW, compared with $700,000 to $1 million per MW for conventional mining infrastructure. Core Scientific recorded $136.7 million in colocation revenue in the second quarter, including $98.8 million in license fees and $35.1 million in reimbursements for electricity costs, while its $3.3 billion financing at 7.75% carries approximately $255.8 million in annual interest costs before repayments. CoreWeave can halve the initial rent of $100 per kilowatt per month through construction credits, gradually recovering its contribution to the development work. SWI, which controls Genesis Digital Assets, claims between 1.2 GW and 1.3 GW of grid connections, without a precise breakdown of capacity that is already usable, approved or still pending.
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