CoinShares research shows AI compute generates ~3x higher profit per MW than Bitcoin mining, driving listed miners to pivot toward AI and HPC infrastructure.
AI & Agents ·
CoinShares estimates that AI compute generates approximately $1.5 million in annualized profit per megawatt, roughly three times the $0.5 million per megawatt produced by traditional Bitcoin mining. This economics gap is driving listed cryptocurrency miners to reallocate power and data center capacity toward artificial intelligence and high-performance computing workloads. Companies that have secured AI or HPC contracts trade at a significantly higher valuation multiple—12.9x EV/NTM sales on average—compared to 3.7x for miners continuing without such agreements.
Across the miners studied, over 4 GW of AI and HPC capacity has been contracted, yet only approximately 550 MW is currently generating revenue. This substantial gap between committed infrastructure and active billing underscores a transition period in which miners are building out the necessary systems and securing customers. The timing and pace at which contracted megawatts convert into billable capacity will largely determine whether the valuation premium for AI-focused operators can be sustained.