From hashrate
to AI capacity.
If the site qualifies.
We consult, joint-venture and invest with Bitcoin mining and powered-land owners moving their sites to AI and HPC. Not every BTC or powerland site can make that move. We find out fast which ones can, and build the path for those that do.
Reply within 48 hours · NDA on request · Go / no-go before capex
The transition math
The interconnect and the land carry over. Almost everything inside the fence gets rebuilt. That is why the screen comes first.
Public miner disclosures & industry reports, 2025–26
Why now
Hashprice is squeezed.
Megawatts are scarce.
Core Scientific, Cipher, TeraWulf, IREN, Hut 8 and Riot have all signed long-term AI leases on sites that started as Bitcoin mines. The market now prices contracted megawatts, not hashrate. The catch: signing a lease is easy compared with delivering the building behind it.
$70B+
AI & HPC contracts
Signed by public Bitcoin miners since the 2024 halving.
Up to 20%
Of miners under water
Unprofitable at 2026 hashprice levels, mostly older fleets and higher-cost power.
12.3× vs 5.9×
Valuation gap
Forward sales multiple of miners with HPC contracts vs pure-play miners.
~25%
Actually delivered
Of AI/HPC capacity leased by miners is built and live. Execution is the bottleneck.
Sources: CoinShares, VanEck, CoinDesk, company disclosures (2025–2026)
The reality check
Not every BTC or powerland site
can make the jump.
Power is the starting point, not the finished product. Mining sites were built to be cheap, fast and interruptible. AI tenants pay for the opposite: firm power, redundancy, liquid cooling and fiber, backed by uptime commitments.
| Requirement | Typical BTC site | What AI tenants expect |
|---|---|---|
| Power | Curtailable, earns demand-response income | Firm capacity behind 99.98%+ uptime commitments |
| Redundancy | One feed, little or no backup generation | Second feed, backup generation at 1.2–2.0× IT load, UPS and batteries |
| Rack density | ~10 kW per rack, air-cooled | 40–140 kW+ per rack, liquid cooling past ~40 kW |
| Electrical | 208–240 V distribution | 480 V+, new transformers and switchgear |
| Network | Basic connectivity, often remote | Diverse high-bandwidth fiber routes |
| Build cost | $0.3–0.5M per MW | $8–11M per MW |
| Lead times | Weeks to deploy | Large substation transformers: 2–3 years |
What carries over
The interconnect, the land and the permits. The hardest things to get, and the reason AI buyers are calling miners.
What gets rebuilt
Most of what sits inside the fence: electrical, cooling, structure and network. Some sites make that pay. Many don't.
How we screen
Six gates.
One verdict.
Every site comes out with a clear call: convert, reposition, or keep mining. Each one gets a Tier 0–4 infrastructure classification and a bankability score through GRN Bi, so owners, partners and lenders read the same facts.
GATE 01
Firm power
How many of your megawatts are firm versus curtailable, and what the interconnect and substation can really carry.
GATE 02
Redundancy path
A second feed, backup generation and storage, and the transformer lead times that decide your schedule.
GATE 03
Land & entitlements
Owned or leased, zoning, permits in hand, and room to expand without starting over.
GATE 04
Connectivity
Fiber routes and distance to metro. Inference tolerates remote sites; training clusters do not.
GATE 05
Cooling & structure
Water, liquid-cooling readiness, building shells and floor loading for dense GPU racks.
GATE 06
Capital stack
Debts, liens and existing obligations on the property, and what a lender will see when they look.
How we engage
We consult. We JV.
We invest.
Three ways in, depending on how much of the build you want to carry. Start with one, stack them as the site proves out.
01 / CONSULT
Know before
you spend.
An independent conversion study before a dollar of AI capex: what the site can carry, what it will cost, and who will lease it.
- Conversion feasibility & Tier classification
- Firm-power, redundancy & utility plan
- Capex, timeline & lease-rate model
- Tenant fit: hyperscaler, neocloud or inference
02 / JOINT VENTURE
Your site.
Our build path.
For owners who would rather share the upside than carry the whole build. We partner on development and bring what a mining team usually lacks.
- Co-development structure & governance
- Modular AI pods, transformers & BESS via OEM partners
- Tenant & offtake introductions
- Shared upside, milestone-aligned
03 / INVEST
Capital for sites
that qualify.
When a site clears the screen, we invest alongside the owner and structure the rest of the stack through our capital network.
- Equity co-investment
- Project debt & power-backed finance
- Site acquisition & recapitalisation
- Lender-ready model & data room
How it works
From site profile to AI capacity.
STEP 01
Send the site profile
A two-minute site check: megawatts, land, permits, encumbrances and what you are looking for.
STEP 02
Desk screen
Within 48 hours, a first read: likely convertible, needs work, or not an AI site.
STEP 03
Conversion study
Two to four weeks. Six gates, Tier classification, capex model and tenant fit.
STEP 04
Consult, JV or invest
We agree the engagement path and execute toward energized AI capacity.
Site check
Is your site an
AI site?
Share the basics. We reply within 48 hours with a first read on convertibility and the right path: consult, JV or capital.
- Every submission read by a partner, not a bot
- NDA available before you share anything sensitive
- Your data is used only to assess your site
Site check · ~2 minutes
Send us your site profile.
Megawatts approved, potential and running; land, permits, zoning and encumbrances; and what you are looking for: consulting, a JV partner or financing.