Miner AI contracts top $100B, but only 550 MW is actually billing
- —AI/HPC contract backlog at listed miners exceeds $100 billion, with over 4 GW contracted
- —Only about 550 MW is billing; annualized AI/HPC revenue is roughly $1.1 billion
- —EV/forward sales: 12.9x for miners with AI contracts vs 3.7x without
- —Weighted average pre-tax cash cost per BTC in Q2 2026 was about $75,500
Why it matters: Valuations now hinge on power access and contract conversion rather than hash rate, making execution on contracted gigawatts the next test for miners.
Source: TokenPost