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Bitcoin miners turn to AI, but profits uncertain despite $100 billion in deals

Bitcoin mining companies have secured about $100 billion worth of AI and high-performance computing contracts, but only a limited portion has translated into billed revenue so far. More than 4 gigawatts of capacity is contracted, while 550 megawatts is currently providing services. CoinShares estimates annual revenue at about $1.1 billion. IREN drew attention over a reported Anthropic deal, but it was not confirmed. The shift reflects worsening mining profitability and high costs for AI facilities.