Bitcoin miner CleanSpark expanded its power capacity by 28% in October as part of a broader push beyond crypto mining into artificial intelligence and high-performance computing (HPC).
The US-based company announced it had acquired 271 acres near Houston, Texas, securing 285 megawatts of long-term power for a dedicated AI data center. This move marks one of CleanSpark’s largest steps yet to diversify its operations as demand for energy-intensive computing continues to surge.
CleanSpark’s AI initiative also led to a new partnership with Submer, a company specializing in cooling solutions for data centers.
“While Bitcoin remains an integral part of our business, we’re equally focused on developing large-scale data centers that will power the next generation of innovation across the digital world,” said Matt Schultz, CleanSpark’s CEO and chairman.
In October, CleanSpark mined 612 Bitcoin (BTC) and sold 589.9 BTC for approximately $64.9 million, averaging $110,057 per coin. The company concluded the month holding 13,033 BTC, demonstrating its consistent accumulation strategy despite regular sales to finance operations.
Bitcoin Miners Pivot to AI Infrastructure
CleanSpark is participating in a growing trend among Bitcoin miners to shift towards AI and data infrastructure. These companies leverage their access to low-cost power and existing facilities to host GPU workloads, aiming to generate more stable and diversified revenue streams beyond Bitcoin mining.
HIVE Digital was an early adopter of this diversification strategy, beginning its expansion into AI and high-performance computing in mid-2023. The company now derives a significant portion of its revenue from these operations.
In August, Bitcoin miner MARA Holdings entered into an agreement to acquire a 64% stake in Exaion, a subsidiary of the French energy firm Électricité de France (EDF). This $168 million deal is intended to broaden MARA's presence in low-carbon AI infrastructure.
During the same month, TeraWulf secured a 10-year, $3.7 billion hosting deal with Fluidstack, a company supported by Google. This partnership is expected to add over 200 megawatts of new IT capacity to TeraWulf’s data centers in New York.
On Monday, IREN finalized a GPU cloud services contract with Microsoft, valued at $9.7 billion. This five-year agreement will grant Microsoft access to Nvidia GB300 GPUs hosted within IREN’s data centers.