Bitcoin Miners’ $100B AI Bet: Who Is Getting Paid?

CoinShares’ second-quarter Bitcoin mining report, published September 15 and covering 12 listed miners, estimated that the sector’s disclosed AI and high-performance computing backlog exceeds $100 billion but was generating about $1.1 billion in annualized revenue at the end of June, when only roughly 550 megawatts of 4 gigawatts contracted were billing tenants. Core Scientific had the most billing capacity among five miners tracked: 395 megawatts at June’s end, rising to about 485 megawatts by October 13 after 48 megawatts came online in Dalton, Georgia. Its June-quarter colocation revenue was $136.7 million. The report distinguishes billing from contracted capacity, which includes buildings still under construction.