Bitcoin miners sign $100B in AI contracts, but revenue so far is just $1.1B

• —More than 4 GW of AI capacity contracted, but billing covers only ~550 MW
• —Miners with AI contracts trade at 12.9x EV/revenue versus 3.7x without them
• —AI retrofits cost $8–15M per MW versus $0.7–1M per MW for mining
• —AI generates ~$1.5M in profit per MW per year — three times more than bitcoin mining