Las Vegas bitcoin miner CleanSpark is now constructing AI information facilities alongside its mining operations.
The corporate is shifting to an AI infrastructure whereas persevering with to run its bitcoin enterprise.
The CEO defined the plan on CNBC’s “Crypto World” and mentioned this mannequin will doubtless change into widespread amongst miners. CleanSpark lately received a 100-megawatt website in Cheyenne, Wyoming, beating out Microsoft for the contract.
The CEO mentioned the deciding issue was pace. CleanSpark constructed a 100-megawatt mining website in about six months, whereas constructing a full AI information heart can take three to 6 years.
“We had been in a position to scale up and deploy a 100-megawatt bitcoin mining facility in about six months,” mentioned CEO Matt Schultz. “Definitely, Cheyenne didn’t choose CleanSpark as a result of we had a stronger stability sheet than Microsoft.”
The corporate as soon as operated as an power firm earlier than pivoting to bitcoin mining 5 years in the past. Schultz mentioned this pivot returns the corporate to its roots as a result of competitors now revolves round power entry.
CleanSpark at the moment operates 1.03 gigawatts of energetic installations and has 1.7 gigawatts deliberate. Schultz described the mannequin as “megawatt monetization,” utilizing bitcoin mining to quickly scale power infrastructure after which changing choose places to high-performance computing for AI when it is sensible.
He mentioned bitcoin miners can construct and energy information facilities shortly, however entry to energy is the primary barrier for everybody within the house.
CleanSpark expands to AI campus
CleanSpark introduced a partnership with Submer, a knowledge heart engineering firm, to develop AI-focused campuses throughout North America. The plan combines CleanSpark’s land and energy property with Submer’s high-density liquid-cooled programs.
Schultz mentioned: “We’re positioned to ship AI functionality at gigawatt scale, sooner, cleaner and extra effectively than conventional approaches.” He mentioned the aim is to make CleanSpark’s infrastructure platform the spine of the following section of computing.
One area Schultz pointed to as a rising AI cluster is Atlanta, which he described because the second-largest area on the East Coast, after Northern Virginia, for information heart growth.
Operating AI fashions consumes giant quantities of power. Corporations like Amazon, Google and Microsoft are spending huge on new information facilities and signing offers with utilities to construct new nuclear reactors or restart outdated ones.
Even with that expense, most of the new tasks face lengthy delays in connecting to the grid. Schultz mentioned: “Hyperscalers are spending 60% of their free money circulate on capital expenditures attempting to maintain up with AI.”
He added that miners already management what’s most tough to safe: land, substations and direct entry to electrical energy.
Crypto Margins Shrink as Two-Observe Mannequin Grows
CleanSpark inventory is up greater than 100% this yr. The shift to AI helps offset decrease bitcoin mining earnings after the April halving lower block rewards in half.
CleanSpark reported $198.6 million in income in Q3 FY2025, up practically 91% yr over yr, and has 12,703 bitcoins in its treasury.
Schultz mentioned the AI measure is just not an alternative to crypto earnings. “It (bitcoin mining) is an enormous a part of our enterprise,” he mentioned.
CleanSpark’s energy mannequin permits it to close down mining operations throughout grid stress and return energy to utilities, one thing AI facilities cannot simply do.
Schultz mentioned combining mining with AI offers flexibility to utilities. Throughout Hurricane Helene in Georgia, CleanSpark shut down and redirected energy. “The hospital lights got here again on after an hour,” he mentioned.
