CoinShares: AI/HPC infrastructure profit is 3x higher than Bitcoin mining
- —AI/HPC brings in ~$1.5 million per MW per year versus ~$500K for BTC mining
- —Of 4+ GW of contracts, only ~550 MW is actually paid for
- —EV/NTM for miners with AI contracts is 12.9x versus 3.7x without them
- —IREN: AI cloud at $70.5 million surpassed mining at $66.7 million for the first time
Why it matters: Miners' shift to AI/HPC changes how their business is valued: what matters is not capacity but the actual conversion of contracts into revenue.
Source: TokenPost