In October, power and site costs fell by about 35% on average at 14 locations... Riot contracted 910MW.

Fourteen power-and-land lessor stocks, including bitcoin miners and AI data-center firms, fell an average of roughly 35% in October, according to a VanEck analysis comparing Sept. 30 and Oct. 30 closing prices. Cipher Digital ($CIFR) posted the steepest decline at 54%, while Riot Platforms signed a 910MW contract. The group, which VanEck classifies as powered shell providers, leases grid-connected sites and data-center buildings to customers who install AI GPUs, so the selloff reflects shifting sentiment toward AI infrastructure demand rather than mining economics alone. Because the basket mixes miners with AI data-center names, the 35% figure is not a clean average for the mining sector. Investors should watch whether leasing momentum, exemplified by Riot's 910MW deal, translates into signed contracts and revenue that can offset the equity drawdown.