Another Bitcoin Miner Shifts Its Energy Towards Anthropic's AI

• The low-income conditions for miners are pushing them towards new businesses.
• WULF's shares rose nearly 18% during the day following the announcement.

In a context of low income for Bitcoin miners and in search of new revenue sources, TeraWulf (WULF), a public company in the sector, signed a 20-year lease agreement with Anthropic on July 6 for the artificial intelligence (AI) company to use computing infrastructure on the Hawesville campus in Kentucky, an agreement that the miner projects will generate about USD 19 billion in revenue.

The center will add approximately 401 megawatts (MW) of critical information technology (IT) load, the portion of the electricity from a data center that directly powers servers and computing equipment, excluding what is consumed by cooling or backup systems. The first capacity will be operational in the second half of 2027, and the campus will reach its full capacity in early 2028, according to the schedule released by TeraWulf.

Following the announcement, TeraWulf's (WULF) shares saw a significant rise this Monday. The stocks opened around USD 21.20, reached an intraday high of nearly USD 25 (almost 18% since the opening), and at the time of this writing, are trading around USD 22.60.

The increase in WULF's stock price illustrates another incentive behind Bitcoin miners' expansion into AI infrastructure. As the stock price rises, companies in the sector not only gain market value but also improve their access to financing (issuing shares or debt under better conditions). In this case, the market is positively valuing the long-term contract with Anthropic, providing BTC miners with an additional avenue to finance their transition to high-performance data centers.

Pressure on Mining Profitability and Expansion into AI

The hashrate and difficulty of the Bitcoin network remain near their historical highs, while the hashprice, the metric that measures expected daily income per unit of computing power contributed to the network, hovers at historical lows, as reported by CriptoNoticias.

This combination reduces miners' margins, because when the hashprice falls and fixed costs, such as energy, maintenance, and infrastructure, do not decrease proportionally, ASICs begin to operate with zero or negative profits.

Bitcoin mining revenues depend on price volatility and network conditions, while computing contracts for AI offer more predictable cash flows, which explains why companies with large-scale energy infrastructure, like TeraWulf, are converting part of that capacity towards artificial intelligence without abandoning mining.

Bitcoin miners already have much of the infrastructure and energy ready that AI training companies need, giving them a concrete advantage to offer that capacity as a service and respond to the notable increase in demand for AI computing.

Given this context, the main public Bitcoin miners sold more than 32,000 BTC during the first quarter of 2026, surpassing the total net sales of the four quarters of 2025 and marking a historical record for quarterly liquidations.

Several of these companies have already moved towards artificial intelligence similarly to TeraWulf. MARA Holdings (MARA), for example, confirmed in March the sale of 15,000 BTC to finance its expansion into high-performance data centers and formalized in February a partnership with Starwood Capital to convert facilities with up to 2.5 gigawatts (GW) of capacity.

Cango (CANG) sold 4,451 BTC, more than half of its reserves, for about USD 305 million, to finance its transition towards GPU (graphics processing unit) rental and language model training. Riot Platforms, for its part, announced a partnership to expand the AI capacity of its data center in Rockdale, Texas.

As also reported by CriptoNoticias, a report from investment bank Bernstein on May 19 indicated that Bitcoin miners control more than 27 GW of planned energy capacity in the United States and signed over USD 90 billion in contracts related to artificial intelligence, of which about 3.7 GW are already committed to concrete agreements.

While Bitcoin remains, in most cases, the core of these companies' business, diversification into artificial intelligence is a structural response to mining profitability that continues to be under pressure.

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