Public Bitcoin miners are increasingly converting power capacity and data centers into infrastructure for artificial intelligence and high-performance computing (HPC). The trend is intensifying amid rising capital expenditures in the AI sector and demand for sites with access to electricity.
According to Reuters, on June 15 Nvidia placed bonds worth $25 billion with demand of about $85 billion. The deal is not directly related to financing data centers, but it shows the scale of investor interest in infrastructure around AI, where the company's graphics processors remain key equipment.
Nvidia returned to the debt market
The placement was Nvidia's first corporate debt deal since 2021. Initially, the company planned to raise about $20 billion, but increased the volume amid high demand.
The issue was split into seven tranches with maturities in 2028, 2029, 2031, 2033, 2036, 2046 and 2056. Coupon rates range from 4.25% on two-year notes to 5.625% on bonds maturing in 2056.
Nvidia will direct the proceeds toward general corporate purposes, including the repayment and refinancing of existing bonds. The underwriters were Goldman Sachs, J.P. Morgan and Morgan Stanley.
According to a Reuters source, the deal is needed more to boost liquidity and form a credit benchmark than to finance capital expenditures. Unlike Meta and Alphabet, Nvidia does not build large data centers, but supplies key equipment for them.
As of April 26, 2026, Nvidia had $13.237 billion in cash and cash equivalents. Including marketable debt securities, the company's liquid position was $50.3 billion, according to the quarterly report.
Miners sell access to energy
Demand for AI infrastructure is changing the economics of mining companies. For compute customers, not only graphics processors have become scarce, but also land, grid connection, cooling and ready data centers. Large miners already have these assets.
In May, Hut 8 entered into a 15-year lease for 352 MW of IT capacity at the Beacon Point campus in Texas. The base value of the contract was $9.8 billion, and with all extension options it could reach $25.1 billion. The campus is designed for 1 GW of connected capacity. According to the company, the first phase will use the Nvidia DSX architecture for gigawatt-scale AI infrastructure.
TeraWulf in August 2025 signed two 10-year agreements with the AI cloud platform Fluidstack for more than 200 MW of IT load. The contracts envisage about $3.7 billion in revenue over the base term and up to $8.7 billion including extension options. In May 2026, the miner bought a site in Eastern Kentucky to develop HPC infrastructure with the potential for more than 1 GW of capacity.
CleanSpark in February reported that it is developing a multi-gigawatt AI infrastructure platform and gained access to up to 890 MW of capacity in the Houston area. The company also expanded its portfolio of sites in Texas and Georgia suitable for AI data centers.
“We are advancing negotiations with data center tenants in parallel with efforts to secure sites and electricity that support sustained demand from AI and high-performance computing,” said CleanSpark CEO Matt Schultz.
Why miners are moving into HPC
The miners' pivot to AI is driven not only by growing demand for computing. After the halving and rising mining difficulty, the profitability of Bitcoin mining has declined, so companies are looking for more stable sources of cash flow.
For AI customers, mining companies are of interest as owners of energy and data center infrastructure. But the transition to HPC requires additional investment: data centers for graphics processors differ from mining sites in their requirements for reliability, cooling, networks and customer service.
This means that not every mining site can be quickly converted for AI workloads. However, companies with large power capacities and access to capital gain the opportunity to diversify their business beyond Bitcoin mining.
Recall that in November 2025, seven of the 10 largest public miners by hashrate reported earning revenue from AI or HPC activities.
In May 2026, Nvidia's report pushed mining company shares higher. The main driver for them turned out to be confirmation of sustained demand for AI infrastructure.
Source: ForkLog
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