Crypto Mining Companies Accelerate AIDC Deployment: From "Miners" to "Compute Power Landlords" in a Major Industry Shift

Since 2025, crypto mining companies have been undergoing a fundamental track switch. As of March 2026, mining firms have signed contracts worth over $65 billion with AI companies and tech giants. Leading players like CoreWeave, Microsoft, and NVIDIA have become clients, with a 12-year contract between CoreWeave and Core Scientific valued at up to $10.2 billion.

The primary driver of this transformation is the structural collapse of the profitability model for mining. In Q3 2025, the mining costs for publicly listed companies, including depreciation, rose to $112k, surpassing Bitcoin prices at the time, with losses per coin approaching $20k. CoinShares predicts that by the end of 2026, the proportion of mining revenue for transitioning companies will plummet from over 85% to less than 20%, gradually shifting toward "data center operators with mining capabilities."

The advantage of miners in this transition comes from their scarcity of electricity and infrastructure. Traditional AI data center construction takes 3 to 5 years, whereas converting mining farms only requires 18 to 24 months. Mining companies have already deployed low-cost electricity (generally 3 to 5 cents per kWh) near major metropolitan areas and possess mature cooling and grid access capabilities. These resources are extremely sought after in the current AI compute power race.

The commercial potential is significant, but execution risks cannot be ignored. The valuation multiples of transitioning companies are nearly twice those of pure mining firms, indicating market trust in the transition narrative. However, AI compute infrastructure has a very high capital density (up to $11 million per megawatt), and risks such as technological integration, customer concentration, and electricity price fluctuations remain. Whether mining companies can avoid the "money-burning trap" is still the biggest variable. This shift from "miners" to "compute power landlords" marks a revaluation of compute resources as a new core asset with strategic importance. #加密矿企加速布局AIDC