Why Bitcoin Miners are Pivoting to High-Performance Computing

There is a good reason why many bitcoin mining companies are pivoting to high-performance computing: the revenue per kWh is significantly higher, while doing so also smooths out income performance because there is a shift to recurring service revenue and away from the commodities nature of bitcoin valuation.

AI workloads, particularly for training large language models, command a premium price. Leasing out a megawatt of infrastructure capacity to a creditworthy AI customer can generate revenue significantly higher than using that same MW to mine Bitcoin.

Metric	Bitcoin Mining (Post-Halving)	AI / HPC Hosting (H100/A100 Pods)
Revenue per kWh Equivalent	∼$0.07 to $0.09	∼$0.25 to $0.35
Annual Revenue per MW	∼$613,000 to $788,000	∼$2.2 million to $$3.1 \text{ million}
EBITDA Margin	∼55% to 65%	∼70% to 80%
Revenue Source	Volatile block rewards (Bitcoin price-dependent)	Predictable, multi-year contracts with creditworthy clients

There also are equity valuation implications. Bitcoin Miners typically trade at a valuation multiple of 6x to 12x EV/EBITDA. Leading data center operators (such as Equinix or Digital Realty) trade at multiples of 20x to 25x EV/EBITDA.