Bitcoin Miners Secure $110B in Power Deals and AI Revenue to Hit $10.7B
CRWV•Bitcoin miners struck 17 deals worth over $110 billion and six gigawatts with Google, Amazon, Microsoft, Nvidia and CoreWeave, covering about 10% of US AI data-center power capacity. AI revenue projected to surge from $1.2 billion to $10.7 billion by 2030, with EBITDA margins at TeraWulf and Cipher Digital reaching 84% and 93%.
1. Power Landlord Thesis
Analysts view Bitcoin miners as critical power landlords for AI, leveraging decades of grid access expertise to supply electricity-ready facilities for computing hardware. This positions former crypto-centric operators as strategic partners for hyperscalers seeking to accelerate AI deployments.
2. Major Energy Deals
Over the past two years, miners struck 17 agreements totaling more than $110 billion and approximately six gigawatts with Google, Amazon, Microsoft, Nvidia and CoreWeave, accounting for roughly 10% of US AI data-center power capacity.
3. AI Revenue Projections
Combined AI revenue for TeraWulf and Cipher Digital is forecast to climb from $1.2 billion this year to $10.7 billion by 2030, with projected EBITDA margins nearing 84% at TeraWulf and 93% at Cipher Digital.
4. Colocation Model and Financing
The colocation model relies on long-term, take-or-pay contracts and project financing that covers up to 85% of construction costs at interest rates below contract yields, ensuring stable cash flow and rapid facility expansion.
