OpenAI’s massive compute expansion is changing how investors view Bitcoin mining infrastructure.
The growing artificial intelligence industry is increasing demand for electricity, land, and connected power facilities.
Bitcoin miners with established energy assets are finding new opportunities beyond cryptocurrency production. The shift is turning mining sites into potential AI and high-performance computing infrastructure hubs.
OpenAI expects to use about $278 billion in cash between 2026 and 2030. The company also projects around $856 billion in computing infrastructure spending during the same period.
The expansion highlights a major change in AI development. Access to electricity and grid connections is becoming as important as access to advanced chips. Many Bitcoin miners already own facilities with power agreements, land access, and operational infrastructure.
According to OpenAI, AI infrastructure requires more than servers. Companies also need energy capacity, permits, transmission lines, construction partners, and suitable locations. These requirements have increased the value of existing power-connected sites.
AI demand shifts focus from chips to power infrastructure
OpenAI launched its Stargate project in January 2025 to build 10GW of AI infrastructure in the United States by 2029. The company later reported that it exceeded its initial target after adding 3GW within 90 days.
OpenAI and SoftBank also invested $500 million in SB Energy in January. The partnership supports a planned 1.2GW data center project in Milam County, Texas.
Gartner estimates global data center electricity usage will reach 565 TWh in 2026. The figure represents a 26% increase from 2025 levels. AI-focused servers are expected to account for about 31% of that consumption.
The International Energy Agency forecasts data center electricity demand could reach nearly 945 TWh by 2030. The agency warned grid limitations could delay around 20% of planned projects.
VanEck said electricity is becoming the main constraint for AI growth. CoinShares also identified land, power, and existing facilities as critical factors for future AI deployment.
These conditions are increasing the value of Bitcoin mining sites with active grid connections. Miners that spent years developing energy infrastructure now hold assets that AI companies require.
Bitcoin miners convert facilities into AI and HPC assets
CoinShares reported that its acquisition of three leased AI facilities in Northern Virginia valued stabilized infrastructure at about $27 million per megawatt. Some miners with energized but unused capacity trade near $3 million per megawatt.
The difference reflects the difficulty of securing new grid connections. CoinShares noted that the US interconnection queue stands near 2,600GW.
Regulatory limits are also affecting new data center construction. New York introduced restrictions on new hyperscale data centers in July.
As a result, existing mining facilities have gained strategic value. Companies including Core Scientific, Keel, Cipher, and IREN are shifting capacity toward AI and high-performance computing.
CoinShares found companies with contracted AI or HPC capacity trades at an average of 12.9 times enterprise value to next-12-month sales. Miners without AI contracts traded at about 3.7 times.
The transition requires significant investment. CoinShares estimates AI infrastructure upgrades cost $8 million to $15 million per megawatt. Mining infrastructure costs between $700,000 and $1 million per megawatt.
Core Scientific paid $41.9 million to cancel about 15 EH/s of future mining equipment. Keel, formerly Bitfarms, ended mining operations on June 29 and expects no mining revenue in the third quarter.
Cipher plans to exit mining by the end of 2027. IREN expects to complete its transition by December 31, 2026.
Crusoe has become an example of this shift. The company moved from Bitcoin mining powered by stranded natural gas toward AI infrastructure.
Crusoe now reports more than $140 billion in contracted value and 6GW of gross contracted capacity. Robinhood Ventures Fund I invested about $25 million in Crusoe’s $3.9 billion Series F round.
The changing market shows that Bitcoin mining infrastructure is being valued for its power access. As AI demand rises, connected megawatts are becoming a key asset for future computing expansion.
