Public bitcoin miners are increasingly transforming their energy capacities and data centers into infrastructure for artificial intelligence (AI) and high-performance computing (HPC). This trend is gaining momentum amid rising capital expenditures in the AI sector and demand for facilities with access to electricity.
According to Reuters, on June 15, Nvidia issued bonds worth $25 billion with demand reaching approximately $85 billion. While this deal is not directly tied to financing data centers, it highlights the significant investor interest in AI infrastructure, where the company's graphics processors remain essential equipment.
Nvidia Returns to the Debt Market
This issuance marks Nvidia's first corporate debt deal since 2021. Initially, the company aimed to raise around $20 billion but increased the amount due to high demand.
The issuance was divided into seven tranches with maturities in 2028, 2029, 2031, 2033, 2036, 2046, and 2056. Coupon rates range from 4.25% for the two-year notes to 5.625% for the bonds maturing in 2056.
Nvidia plans to use the proceeds for general corporate purposes, including the repayment and refinancing of existing bonds. The underwriters for the deal were Goldman Sachs, J.P. Morgan, and Morgan Stanley.
According to a Reuters source, the deal is more about enhancing liquidity and establishing a credit benchmark than financing capital expenditures. Unlike Meta and Alphabet, Nvidia does not build large data centers but supplies critical 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, as reported in its quarterly statement.
Miners Selling Access to Energy
The demand for AI infrastructure is changing the economics of mining companies. For computation clients, not only graphics processors have become scarce, but also land, network connections, cooling, and ready-made data centers. These assets are already available to major miners.
In May, Hut 8 signed a 15-year lease for 352 MW of IT capacity at the Beacon Point campus in Texas. The base contract value was $9.8 billion, potentially reaching $25.1 billion if all extension options are utilized. The campus is designed for 1 GW of connected capacity. According to the company, the first phase will utilize Nvidia DSX architecture for gigawatt-scale AI infrastructure.
TeraWulf signed two 10-year agreements with AI cloud platform Fluidstack in August 2025 for over 200 MW of IT load. The contracts are expected to generate around $3.7 billion in revenue over the base term and up to $8.7 billion with extension options. In May 2026, the miner acquired a site in Eastern Kentucky for developing HPC infrastructure with a potential of over 1 GW of capacity.
CleanSpark announced in February that it is developing a multi-gigawatt AI infrastructure platform and has secured access to up to 890 MW of capacity in the Houston area. The company is also expanding its portfolio of sites in Texas and Georgia suitable for AI data centers.
“We are advancing negotiations with data center tenants alongside efforts to secure sites and power that support sustained demand from AI and high-performance computing,” said CleanSpark CEO Matt Schultz.
Why Miners Are Moving to HPC
The shift of miners towards AI is not solely driven by rising demand for computations. Following the halving and increased mining difficulty, the profitability of bitcoin mining has decreased, prompting companies to seek more stable sources of cash flow.
For AI clients, mining companies are attractive as owners of energy and data center infrastructure. However, transitioning to HPC requires additional investments: data centers for graphics processors differ from mining sites in terms of reliability, cooling, networking, and customer service requirements.
This means that not every mining site can be quickly repurposed for AI workloads. However, companies with substantial energy capacities and access to capital have the opportunity to diversify their business beyond bitcoin mining.
It is worth noting that in November 2025, seven of the ten largest public miners by hash rate reported generating revenue from AI or HPC activities.
In May 2026, Nvidia's report drove up the stocks of mining companies, with the main catalyst being the confirmation of sustained demand for AI infrastructure.