Miners signed $100B in AI contracts; only 550 MW bills today

The $100 billion in artificial intelligence contracts signed by public Bitcoin miners is currently backed by roughly $1.1 billion in annualized revenue. CoinShares data shows more than 4 gigawatts of capacity under contract, yet only about 550 megawatts are actually billing.

That gap defines the sector’s current valuation. Miners with contracted AI or high-performance computing capacity trade at 12.9 times enterprise value to next-12-month sales, while those without such agreements trade at 3.7 times. The premium is tied to grid-connected power, an asset that has become scarce as 151 data-center moratoriums remain in force across 30 states.

New York has introduced a statewide pause on environmental permits for facilities of 50 megawatts or more. With the US grid interconnection queue at roughly 2,600 gigawatts, projects completed in 2025 waited a median of more than five years to become operational. Miners with energized land now hold a structural advantage over developers starting from scratch. A recent transaction valued three fully leased Northern Virginia data centers at roughly $27 million per megawatt, while some unleased miner capacity is valued below $3 million per megawatt.

The economics of the pivot require absorbing significant short-term losses. Core Scientific paid $41.9 million to terminate a mining equipment agreement, while its remaining self-mining business posted a -56% gross margin. IREN’s AI cloud revenue reached $70.5 million in its latest quarter, surpassing its Bitcoin mining revenue for the first time. The company is targeting $4 billion in annual operating recurring revenue by December.

Conversion costs remain high, with CoinShares estimating retrofits at $8 million to $15 million per megawatt. Annualized profit per megawatt from AI infrastructure is estimated at $1.5 million, approximately triple the $500,000 derived from Bitcoin mining. At least 35 EH/s is scheduled to leave publicly listed miners, equivalent to 4.7% of the network’s recent hashrate.

The sector’s valuation now depends on turning signed contracts into functioning data centers. Billions in buildout remain, and the $100 billion backlog faces a test of construction speed, financing, and power infrastructure deployment.