Bitcoin Miners Are Turning into a Giant Artificial Intelligence Data Center.

New Era: Bitcoin Miners as Data Center Players

Recently, the financial dynamics on Wall Street have entered a significant transformation process. The demand for artificial intelligence technologies, particularly the need for computational power, has led investors in a surprising direction: publicly traded Bitcoin miners are now being evaluated as data center operators.

Traditional Bitcoin mining was directly related only to the amount of coins produced, while today these companies are being revalued as "Artificial Intelligence Infrastructure Owners." The enormous processing power demand of AI systems is turning energy and data center capacity into a strategic asset.

Applied Digital: A Representative of the Transformation

One of the most striking examples of this transformation model is Applied Digital (APLD). Data for the first quarter of the 2026 fiscal year clearly shows the increase in revenue from the artificial intelligence sector. The company raised its revenues by 84% compared to last year, reaching $64.2 million, with a significant portion of this increase coming from leasing services.

The leasing of Applied Digital's 400 MW capacity Polaris Forge 1 campus to CoreWeave underscores the importance of long-term agreements. This deal is expected to create a revenue potential of $11 billion over approximately 15 years.

Data Center Real Estate Model

Today, the income of Bitcoin miners is no longer limited to electricity and mining devices. Companies have now entered a phase similar to data center real estate investment. The revenue model is secured by long-term contracts based on dollars calculated per megawatt.

Major players like Core Scientific (CORZ) are consolidating massive data center capacities under one roof through agreements signed with CoreWeave. Other companies such as Cipher Mining (CIFR) and TeraWulf (WULF) are also continuing their growth with significant AI contracts.

New Rules for Investors

Now, the metrics investors should focus on have changed. Asking "How many megawatts have they signed?" is no longer sufficient on its own. Connection dates to the grid and the timing of revenue recognition for contracts have become important indicators of this transformation.

As a result, while Bitcoin mining begins to fade into the past, investments in artificial intelligence and data centers continue to offer new opportunities for investors. As the electric barons of artificial intelligence, Bitcoin miners are witnessing the emergence of a new investment trend.