Bitcoin miners reveal the real AI scarcity trade

WULF•2026-09-23

Bitcoin miners lease power to AI operators

Cipher Digital, TeraWulf and Hut 8 are leasing the electricity they once used to generate digital coins to chatbot operators. Rival IREN instead built a one-stop server-farm shop. Investors value the landlords more richly, suggesting megawatts will hold value better than chips.

Full view will be published shortly.

Bitcoin miners reveal the real AI scarcity trade

Bitcoin miners lease power to AI operators

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