CleanSpark, a prominent Bitcoin miner from the United States, expanded its energy capacity by 28% in October. This is part of a broader strategy to focus not only on crypto mining, but also on artificial intelligence (AI) and high-performance computing (HPC). The company has acquired 271 acres near Houston, Texas, which will allow it to provide 285 megawatts of long-term energy for a dedicated AI data center. This is one of the largest steps CleanSpark has taken to date to diversify its operations amid growing demand for energy-intensive computing power.
The shift to AI has also led to a new partnership with Submer, a company that provides data center cooling solutions. Matt Schultz, CEO and chairman of CleanSpark, stated: “While Bitcoin While data centers remain an integral part of our business, we are also actively developing large-scale data centers that will power the next generation of innovations in the digital world.”
In October, CleanSpark raised 612 Bitcoin (BTC) mined and 589,9 BTC sold for approximately $64,9 million, with an average price of $110.057 per coin. The company closed the month with 13.033 BTC, demonstrating consistent accumulation despite regular sales to cover operating costs.
CleanSpark isn't the only Bitcoin miner shifting its focus to AI and data infrastructure. There's a growing movement of miners leveraging their access to cheap energy and existing facilities to host GPU workloads, aiming to create a more stable, diversified revenue stream that extends beyond the Bitcoin ecosystem.
HIVE Digital was one of the pioneers in this field. This miner began diversifying into AI and HPC in mid-2023 and now generates a growing portion of its revenue from these activities. In August, MARA Holdings agreed to acquire a 64% stake in Exaion, a subsidiary of the French energy company Électricité de France (EDF), in a deal worth $168 million, aimed at expanding its low-carbon AI infrastructure.
Additionally, in the same month, TeraWulf signed a ten-year hosting agreement with Fluidstack, funded by Google, which will add more than 200 megawatts of new IT capacity to TeraWulf's New York data centers. Another notable contract was signed last week by IREN with Microsoft, worth $9,7 billion. This five-year agreement gives Microsoft access to Nvidia GB300 GPUs in IREN's data centers.
What does CleanSpark's expansion into AI mean for the future of Bitcoin mining?
Expanding into AI offers CleanSpark the opportunity to diversify its revenue streams and become less dependent on Bitcoin price fluctuations. This can provide stability in cash flow and investment in innovation.
How does collaborating with companies like Submer contribute to CleanSpark's strategy?
The partnership with Submer enables CleanSpark to implement efficient cooling solutions, which are essential for optimizing the performance of their AI data centers. This reduces operational costs and increases the sustainability of their infrastructure.
What can investors expect from Bitcoin miners' shift to AI?
Investors can expect increasing stability and growth opportunities as miners like CleanSpark are able to enter new markets and diversify their business models. This could lead to improved valuations and more sustainable business models in the crypto industry.