CleanSpark, a Bitcoin miner in Las Vegas, is at the moment constructing an AI information middle alongside its mining operations.
The corporate continues to function its Bitcoin enterprise whereas transitioning to synthetic intelligence infrastructure.
The CEO defined the plan on CNBC’s “Crypto World” and stated the mannequin is prone to turn into in style amongst miners. CleanSpark lately beat Microsoft in a deal, successful a 100-megawatt website in Cheyenne, Wyoming.
The CEO stated the deciding issue was velocity. CleanSpark constructed a 100-megawatt mining website in about six months, however constructing a full AI information middle will take three to 6 years.
“We have been capable of scale up and set up a 100 megawatt Bitcoin mining facility in about six months,” stated CEO Matt Schultz. “Certainly, Cheyenne selected CleanSpark as a result of our stability sheet was stronger than Microsoft’s.”
The corporate used to function as an power firm, however transitioned into Bitcoin mining 5 years in the past. Schultz stated the shift takes the corporate again to its roots, as competitors now revolves round entry to electrical energy.
CleanSpark at the moment operates 1.03 GW of energetic services and plans to function 1.7 GW. Schultz describes this mannequin as “megawatt monetization,” utilizing Bitcoin mining to quickly increase energy infrastructure and remodel chosen areas into high-performance computing for rational AI.
He stated Bitcoin miners can rapidly construct and energy information facilities, however entry to energy is the primary barrier for everybody within the house.
CleanSpark expands to AI campus
CleanSpark introduced a partnership with information middle engineering agency Submer to develop AI-focused campuses throughout North America. The plan combines CleanSpark’s power and land belongings with Submer’s water-cooled high-density techniques.
“We’re ready to ship gigawatts of AI energy sooner, cleaner and extra effectively than conventional approaches,” Schultz stated. He stated the purpose is to show CleanSpark’s infrastructure platform into the spine of the subsequent section of computing.
One space Schultz pointed to as a rising space for AI clusters is Atlanta, which he stated is second solely to Northern Virginia on the East Coast in information middle improvement.
Operating AI fashions consumes a number of energy. Corporations like Amazon, Google and Microsoft are spending hundreds of thousands on new information facilities and signing contracts with energy corporations to construct new nuclear reactors or restart previous ones.
Even with that a lot spending, many new initiatives face lengthy delays in connecting to the grid. “Hyperscalers are spending 60% of their free money circulate on capital expenditures and attempting to meet up with AI,” Schultz stated.
He added that miners already management what’s most tough to safe, reminiscent of land, substations and direct entry to electrical energy.
Cryptocurrency margins shrink as dual-track mannequin grows
CleanSpark inventory is up greater than 100% this 12 months. The shift to AI helps offset the tightening of Bitcoin mining earnings after April’s halving lower block rewards in half.
CleanSpark reported third-quarter fiscal 2025 income of $198.6 million, a rise of practically 91% year-over-year, and held 12,703 Bitcoins in its treasury.
Schultz stated the AI motion won’t exchange crypto revenues. “It (Bitcoin mining) is a good a part of our enterprise,” he stated.
CleanSpark’s energy mannequin permits mining operations to be stopped and energy returned to the utility firm when the grid is harassed, one thing that can not be simply performed with an AI middle.
Schultz stated the mixture of mining and AI offers utilities flexibility. Throughout Hurricane Helen in Georgia, CleanSpark shut off energy and redirected power. “Inside an hour, the hospital lights have been again on,” he stated.
