When CoinDesk looked at the shift in March, public miners had announced more than $70 billion in AI and high-performance computing contracts. They had also cut their combined bitcoin holdings by more than 15,000 BTC from their peaks, partly by selling coins to pay for the buildout.
Mining was already getting squeezed then. The report put the average listed miner’s cash cost to produce one bitcoin near $80,000 in the fourth quarter of 2025, and bitcoin was trading around $70,000 by March.
AI contracts pay steadily for years, but the sites cost far more to build. Estimates suggest an AI-ready facility runs $8 million to $15 million per megawatt, compared with roughly $700,000 to $1 million for bitcoin mining, and AI customers expect the servers to stay up around the clock.
The money also takes time to show up. In its latest mining report, fund manager CoinShares counted more than 4 gigawatts of AI capacity under contract across the miners it tracks, with only about 550 megawatts actually billing customers. Their contract backlogs topped $100 billion, while annualized AI revenue stood at just over $1 billion.
As such, unless Nscale finds its own power or gets the grid to move a lot faster, the site it just cleared could sit idle for years.
