Public bitcoin miners are increasingly converting 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 the deal is not directly linked to data center financing, it highlights investor interest in AI-related infrastructure, where the company’s graphics processors remain key equipment.
Nvidia Returns to Debt Market
This issuance marked Nvidia’s first corporate debt deal since 2021. Initially, the company planned to raise about $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 two-year bonds to 5.625% for those maturing in 2056.
Nvidia will use the proceeds for general corporate purposes, including repaying and refinancing existing bonds. Goldman Sachs, J.P. Morgan, and Morgan Stanley acted as underwriters.
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 key equipment for them.
As of April 26, 2026, Nvidia had $13.237 billion in cash and equivalents. Including marketable debt securities, the company’s liquid position was $50.3 billion, as indicated in its quarterly report here.
Miners Sell Energy Access
The demand for AI infrastructure is changing the economics of mining companies. For computing clients, not only are graphics processors scarce, but so are land, network connections, cooling, and ready 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 cost was $9.8 billion, potentially reaching $25.1 billion with all extension options. The campus is designed for 1 GW of connected capacity. According to the company, the first phase will use Nvidia DSX architecture for gigawatt-scale AI infrastructure.
In August 2025, TeraWulf signed two 10-year agreements with AI cloud platform Fluidstack for over 200 MW of IT load. The contracts are expected to generate about $3.7 billion in revenue over the base term, potentially reaching $8.7 billion with extension options. In May 2026, the miner acquired a site in Eastern Kentucky for developing HPC infrastructure with a potential capacity of over 1 GW.
In February, CleanSpark announced 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 also expanded 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 electricity 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 to AI is not only due to the growing demand for computing. Following the halving and increased mining difficulty, bitcoin mining margins have decreased, prompting companies to seek more stable revenue sources.
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 not every mining site can be quickly converted for AI workloads. However, companies with large energy capacities and access to capital have the opportunity to diversify their business beyond bitcoin mining.
In November 2025, seven out of the 10 largest public miners by hash rate reported earning revenue from AI or HPC activities.
In May 2026, Nvidia’s report boosted mining company stocks. The main driver was the confirmation of sustained demand for AI infrastructure.
