This week another former Bitcoin miner raised money to become an AI data-centre company. It is part of a wave: listed miners have now signed over 100 billion dollars of AI contracts. Here are the 12 biggest deals, ranked, and what the shift means for everyone still mining Bitcoin.
By Michal Beno, CEO, OneMiners15 October 2026
Bitcoin miners own something AI companies badly need: large, already-connected power sites. Since 2025 the big listed miners have signed AI and HPC (high-performance computing) leases worth more than 100 billion dollars in total. The largest single deals, with CoreWeave, Microsoft, Google-backed Fluidstack, Anthropic and Amazon, run for 5 to 25 years. On 12 October 2026 SWI Group raised 800 million euros to turn the former Bitcoin miner Genesis Digital into an AI data-centre business. For Bitcoin, the result is that some big miners are switching machines off, while others and smaller miners take their share.
100bn+
dollars of AI and HPC backlog at listed miners
4 GW+
of miner power capacity contracted to AI
-21%
realised hashrate of AI-pivoting public miners, 6 months
1,003 EH/s
Bitcoin hashrate, 7-day estimate
CoinShares Bitcoin Mining Report Q2 2026; BlocksBridge Miner Weekly via Cointelegraph, 13 August 2026; mempool.space, 14 October 2026.
KEY TAKEAWAYS
Why AI companies want Bitcoin mining sites
An AI data centre needs three things that take years to get: a big grid connection, land with permits, and cooling. Bitcoin miners spent the last decade collecting exactly that. A mining site that already has 100 or 200 megawatts of approved power can be turned into an AI campus years faster than a site built from nothing. That is why AI cloud companies such as CoreWeave and Fluidstack, and the biggest tech groups behind them, have signed long leases with miners. The miner becomes a landlord for AI chips and earns rent that does not depend on the price of Bitcoin.
This week's deal: SWI Group and Genesis Digital
Genesis Digital was one of the largest private Bitcoin miners, with sites in the US, Sweden and Kazakhstan. In June 2026 SWI Group bought a stake of about 38 to 40%. On 12 October 2026 SWI raised 800 million euros at a 6.1 billion euro valuation. The plan, reported by Blockhead, is to offer Genesis' sites in Texas, North Carolina, South Carolina and Sweden to hyperscalers as AI data centres and to sell the remaining three Kazakhstan sites. Genesis brings more than 1.3 GW of energised or approved grid connections across 15 facilities.
The 12 biggest AI deals signed by Bitcoin miners, ranked
Ranked by the headline value of the base contract, as announced by the companies. Extensions and options can make several of them much larger, and the values are paid over many years, so treat them as the size of the commitment, not as yearly income.
Biggest AI and HPC deals signed by Bitcoin miners
Headline base-term contract value, billions of US dollars
Sources: company releases and filings (Applied Digital, Core Scientific, IREN, TeraWulf, Cipher, Hyperscale Data), The Block, Cointelegraph and DCD; dates in the table below.
The deals in detail
Values are base-term headline figures in US dollars as announced. Hut 8 and Cipher's Fluidstack deals are backstopped by Google. Galaxy's 15-year Helios lease with CoreWeave is left out because no total value was published (Galaxy estimates over 1bn dollars a year).
Some miners with big plans have not signed yet. MARA is buying a Texas site with rights to up to 2 GW and analysts expect it to sign AI leases, and Riot has a smaller deal with AMD: about 311 million dollars over 10 years for 25 MW, later doubled to 50 MW. Galaxy leased its whole Helios campus in Texas to CoreWeave for 15 years.
Contracts are big, revenue is still small
The numbers above are commitments over 10 to 25 years. CoinShares, in its Q2 2026 mining report, counted more than 100 billion dollars of AI and HPC backlog at listed miners, but only about 1.1 billion dollars a year actually being billed, from about 550 MW of the more than 4 GW contracted. Building an AI hall costs far more than a mining hall, so many of these miners are borrowing heavily or selling shares to finish the work. Until the halls are built and leased, they still depend on Bitcoin mining income, or on nothing.
Miner AI contracts versus AI revenue today
Billions of US dollars
Source: CoinShares, Bitcoin Mining Report Q2 2026.
What the AI pivot means for Bitcoin mining
When a big miner turns a site into an AI hall, its Bitcoin miners are switched off or sold. BlocksBridge's Miner Weekly found that public miners moving to AI cut their realised hashrate by 21.2% between Q4 2025 and Q2 2026, from 324.6 to 255.9 EH/s, while the whole network fell only 10.6%. Bitdeer, MARA, Riot and American Bitcoin absorbed much of the share. Today the network is near 1,003 EH/s again (mempool.space, 7-day estimate), and the next difficulty change, due around 16 October, is estimated at +5.6%.
For a smaller miner this has two effects. First, the competition for cheap power is getting tougher, because AI pays more per megawatt than mining. Second, Bitcoin mining is becoming more spread out as the giants leave, which is healthy for the network and leaves room for efficient machines on good power contracts. At today's numbers an efficient Bitcoin miner earns about $39.5 per PH/s per day before power, so the price of electricity decides who stays profitable.
Antminer S23 Hyd 580T$12,299Hashrate580 TH/sEfficiency9.50 J/THPower draw5,510 WBreak-even power$0.173/kWhNet/day at 4.80c$16.56View on OneMiners
Sealminer A4 Ultra Hyd 886T$9,999Hashrate886 TH/sEfficiency9.45 J/THPower draw8,372 WBreak-even power$0.174/kWhNet/day at 4.80c$25.36View on OneMiners
Antminer S21e XP Hyd 430T$3,499Hashrate430 TH/sEfficiency13.00 J/THPower draw5,590 WBreak-even power$0.127/kWhNet/day at 4.80c$10.55View on OneMiners
Efficient Bitcoin miners from the OneMiners catalogue, prices 14 October 2026. Net per day at $0.048 per kWh, at today's numbers, before pool fees.
The AI pivot is the clearest sign yet that power is the real asset in Bitcoin mining. Big listed miners are renting their megawatts to AI because it pays more and more steadily. That does not make Bitcoin mining weaker; it hands the network to miners who focus on it. For anyone who wants to own Bitcoin miners, the lesson is the same as the big players learned: lock in a low, contracted power price. OneMiners hosting starts from $0.048 per kWh, and from $0.0364 per kWh on a 7-year prepaid contract. Compare sites on the hosting centers page.
Frequently asked questions
Why are Bitcoin miners switching to AI?
Because they own large, connected power sites that AI data centres need, and long AI leases pay steady rent that does not depend on the Bitcoin price.
Which Bitcoin miner has the biggest AI deal?
By headline base value, Applied Digital's CoreWeave leases (about 11bn dollars), Core Scientific's CoreWeave contracts (10.2bn) and IREN's Microsoft deal (9.7bn) are the largest.
What is SWI Group doing with Genesis Digital?
SWI raised 800 million euros on 12 October 2026 to turn Genesis Digital's former Bitcoin mining sites in the US and Sweden into AI data centres and sell its Kazakhstan sites.
Does the AI pivot hurt Bitcoin's hashrate?
Only for the miners that switch. Their machines go offline, but other miners take over. Bitcoin's hashrate is back near 1,000 EH/s.
Is Bitcoin mining still worth it if big miners are leaving?
It depends on the power price and the efficiency of the Bitcoin miner. Efficient machines on low, contracted rates keep a margin at today's numbers; old machines on expensive power do not.
Power is the asset. Put an efficient Bitcoin miner on a low, contracted hosting rate.
See hosting locationsBrowse Bitcoin minersSOURCES AND DATA
- SWI Group and Genesis Digital: Blockhead, 12 October 2026
- Applied Digital: Form 8-K, 28 August 2025 (CoreWeave, Polaris Forge 1); Form 8-K, 22 October 2025 (Polaris Forge 2)
- Core Scientific and CoreWeave: Core Scientific press release, 26 February 2025
- IREN and Microsoft: IREN press release, 3 November 2025; IREN FY26 results, 27 August 2026
- TeraWulf and Fluidstack: TeraWulf press release, 28 October 2025 (Abernathy); DatacenterDynamics, August 2025 (Lake Mariner)
- Hut 8, Fluidstack and Anthropic: The Block, December 2025
- CleanSpark lease: The Block, 14 July 2026
- Cipher Mining: The Block, 3 November 2025 (AWS); Cipher press release, 25 September 2025 (Fluidstack)
- Bitdeer, Tydal lease: Cointelegraph, 4 August 2026
- Hyperscale Data: press release via Nasdaq, 24 June 2026; The Block, 2 September 2026
- Riot and AMD: The Energy Mag, 16 January 2026; Riot filing, April 2026
- Galaxy and CoreWeave Helios: Galaxy press release, 15 August 2025; Galaxy Q2 2026 results
- AI backlog and billed revenue: CoinShares, Bitcoin Mining Report Q2 2026
- Public miner hashrate: BlocksBridge Miner Weekly via Cointelegraph, 13 August 2026
- Bitcoin network data: mempool.space, 14 October 2026; miner prices: OneMiners catalogue, 14 October 2026
Michal Beno
CEO of OneMiners, the global Bitcoin mining hosting and hardware platform with 15 published hosting locations, 7-year fixed electricity contracts and a 7-year hardware warranty. He writes about the economics of industrial Bitcoin mining.
Informational only, not financial advice. Figures are a snapshot from public market data, news reports and the OneMiners catalogue as of 14 October 2026 and can change quickly. Net-per-day figures are at today's numbers, before pool fees, and are not a forecast. Crypto prices can fall as well as rise. No return is offered or implied. Do your own research.
