One megawatt of power, rented to AI yields twice the revenue of mining.

Bitcoin miners are repricing their power toward AI tenants as hashprice fell 17.5% in October to $33.18 per PH/s per day, versus a MARA-reported cost of $30.8 that left roughly 7% margins; a megawatt leased to AI fetches about 1.8–2.4x mining revenue, with Core Scientific's 485 MW of billable capacity generating over $700 million in annualized hosting revenue at a 57% adjusted EBITDA margin. Three of the nine listed miners reviewed now draw more than half their revenue from non-mining sources, and others are selling treasury BTC to fund the pivot—MARA sold 17,488 BTC versus 2,247 mined, Riot sold 10,599 BTC and Hut 8 about 3,100 BTC, roughly 31,000 BTC or $2.4 billion combined, equal to about 69 days of issuance. Contracted AI backlog exceeds $850 billion across Core Scientific, Cipher, TeraWulf and Hut 8 on varying disclosures, with terms of 15–20 years versus ASIC hardware that depreciates to near zero in 3–4 years. Network hashrate sits near 1,069 EH/s, about 8% below its record, while Core Scientific, TeraWulf and IREN mining revenue fell about 84% year over year to roughly $540 million from $334 million, and Core expects to exit mining entirely in Q4 and become a pure hosting provider in 2027. Watch CoreWeave's credit default swaps, which widened to about 1,278 basis points Thursday from 1,152, and Texas data center policy after NRG shares fell 13.5% on November 4 following the governor-elect's pledge to pause new approvals.