3 “AI Miners” Set to Skyrocket in the Next 12 Months

“The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it.” – Thomas Sowell

You can’t talk about artificial intelligence (AI) without power generation making its way into the conversation.

AI requires a ton of electricity.

Some of the most demanding AI computing jobs on record have pulled upward of 100 megawatts (MW) – the output of a small power plant. That is a single job, in a single building.

A full data center campus, packed with tens of thousands of chips, draws as much electricity as a small city.

Just a few years ago, this barely registered. In 2022, America’s data centers pulled about 14 gigawatts (GW) off the grid – and a small fraction of that was dedicated to AI. But AI capacity has grown roughly 200-fold since.

S&P Global’s F451 Research projects total data center demand will hit 134 GW by 2030 – nearly 10 times what it was in 2022.

Of course, the obvious solution is to build more power. But that’s not feasible.

A data center can be built in two to three years. The grid infrastructure to feed it can take five to 10 years, according to the International Energy Agency. And that’s if you’re at the front of the line…

Lawrence Berkeley National Laboratory reported that the median wait from an interconnection request to an actual commercial operation runs beyond five years. In Northern Virginia, the largest data center market in the world, the wait is an average of seven years. At the end of 2024, roughly 2,300 GW of projects were sitting in U.S. interconnection queues – more electricity than the entire installed capacity of the American power grid.

Not to mention the prices for large transformers and high-voltage switchgear have nearly doubled over five years.

Luckily there is an easy solution: power sources that are already built, permitted, and connected to the grid.

Only they were built for something else entirely.

For the past decade, Bitcoin miners have run warehouses full of machines competing to solve math problems for digital coins. It is a brutal business – capital-intensive, always-on, and profitable only at the very low end of the cost curve.

The thing is, mining lives and dies on the price of a kilowatt-hour. So miners spent the last several years locking up some of the cheapest, most abundant power available and building the substations, transformers, and grid interconnections to use it.

They built all of it to mine Bitcoin. But it happens to be precisely what AI needs.

Now these companies are being repriced accordingly…

Five Companies, One Result

Here are just a few examples…

• Previously a Bitcoin miner, Hut 8 signed its first AI power deal with Coatue in June 2024. The stock has soared as much as 961% higher since.
• Core Scientific rented its power to CoreWeave in mid-2024 and rallied more than 650%.
• Cipher Mining struck deals with Google and Amazon in late 2025 and gained 618% within a year.
• TeraWulf brought in Google as a partner and an investor and climbed 446%.
• And Iren, a name almost nobody had heard of at the start of 2024, signed a $9.7 billion deal with Microsoft and jumped from $3.65 a share to nearly $77 – a 2,006% move – in under two years.

Across the wider industry, Bernstein estimates that publicly traded Bitcoin miners control more than 27 GW of power in their combined pipeline. And only about 14% of it has been converted into signed AI leases so far.

If that remaining power is leased out over contracts running a decade or more, it could be worth something in the neighborhood of $1.2 trillion over the life of those leases. And that’s a conservative estimate.

But I don’t recommend buying any of the stocks above.

Their moment is over. The stocks have been repriced to reflect their potential.

So I went looking for the companies most likely to be picked next.

To make my list, I first examined every miner that’s already made the switch from Bitcoin to AI power generation – looking for what they all had in common before the deals hit.

Four things kept showing up:

1. Big power – at least hundreds of megawatts on a single site, because that’s the scale an AI tenant actually needs.
2. Power that’s ready now – already built and connected to the grid, not five years deep in an interconnection queue.
3. Room to grow – land to add building after building, not just one campus.
4. Real commitment – a company that has already spent money rebuilding itself around AI, not just talking about it.

Then I reviewed every remaining public miner to find companies that checked all four of those boxes.

Three companies made my list…

The Heavyweight: CleanSpark

CleanSpark Inc. (Nasdaq: CLSK) is the biggest of the three companies in this report, and it checks all four boxes above.

CleanSpark controls 1.8 GW of power, land, and data center capacity across the country. Most of it was locked in years ago at some of the cheapest electricity rates in the industry. Only around 800 MW is currently pointed at Bitcoin mining – meaning close to a full gigawatt is sitting there, built and available, waiting to be used.

In CleanSpark’s fiscal third quarter, it posted $138 million in revenue and a gross margin of roughly 38%. The quarter’s headline number was a GAAP net loss, but that was driven almost entirely by noncash swings in the value of the company’s Bitcoin holdings. Management said adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) would have been positive by about $20 million with those swings stripped out.

The company holds total liquidity of $917 million between cash and Bitcoin, so it isn’t hurting for capital while it builds.

And it has plenty of room to grow. CleanSpark owns 718 acres across two Texas sites, with up to 885 MW of secured and planned capacity between them. Both sites are currently under an exclusivity arrangement with the same high-grade tech tenant behind its newest lease.

That lease is a major catalyst. CleanSpark also recently signed a 20-year triple-net lease at its Sandersville, Georgia, campus worth $6.6 billion in contracted revenue over the initial term. And it could be worth as much as $11.6 billion if two five-year extensions are exercised. The deal has an expected 100% net operating income margin, pulling in roughly $330 million a year.

The first block of capacity is targeted to go live in the fourth quarter of 2027. That’s the same kind of single-lease re-rating event that took Hut 8 and Core Scientific higher.

Now, Bitcoin mining, on its own, is a tough business right now. Power costs keep climbing while Bitcoin’s price swings around. And that shows up as losses on the income statement even as the AI story builds underneath it.

But that’s exactly the point of the Sandersville lease. Once the first block of capacity goes live, CleanSpark collects a fixed check regardless of what Bitcoin does next.

Recommendation: Buy CleanSpark Inc. (Nasdaq: CLSK) at market. While this should be considered a long-term position, some Members may prefer to use a 25% trailing stop to protect their principal and profits.

The $1 Powder Keg: Soluna Holdings

Soluna Holdings (Nasdaq: SLNH) trades a bit above $1 a share, and it’s a fraction of CleanSpark’s size. But don’t let that fool you.

Earlier this year, it bought the 150 MW Briscoe wind farm outright for $53 million. Then it bought out both of its outside partners’ stakes in the surrounding data centers. It now owns both the power source and the computers sitting on top of it at its Texas campus.

And the business is growing. Second quarter revenue came in at $15.1 million, up 145% year over year. This marked the company’s fifth straight quarter of sequential growth. Its development pipeline has expanded to roughly 6.3 GW – bigger than companies many times its size.

The catalysts for future growth are stacking up quickly too. In June, Soluna signed a joint venture with Metrobloks to build Project Kati 2, an AI data center starting at 100 MW and expanding toward 350 MW. It also closed on 397 acres for a new AI campus at Project Dorothy 3.

Plus, it just signed a co-mining agreement with Bitdeer (the next stock in this report) to deploy 28 MW of new mining equipment at its Kati 1 site starting in September – a sign the wider industry already treats Soluna as a legitimate infrastructure partner rather than an also-ran.

Soluna was also added to the Russell 3000 and Russell 2000 value indexes this year, which brings in a new pool of index fund buyers who weren’t previously allowed to own it.

Now, this is the most speculative of the three stocks in this report. Soluna is still losing money. Its net loss widened to $22.6 million in the second quarter. And it has funded its buildout largely by issuing new shares – raising more than $130 million through its at-the-market program in the first half of this year alone. The stock is also volatile.

Even so, Soluna owns its power source outright. And with three more projects now moving through that same playbook, it has a lot of shots at landing the kind of lease that captures Wall Street’s attention.

Recommendation: Buy Soluna Holdings (Nasdaq: SLNH) at market. While this should be considered a long-term position, some Members may prefer to use a 25% trailing stop to protect their principal and profits.

The Sleeping Giant: Bitdeer Technologies Group

The last pick has something the other two don’t: scale spread across the whole globe.

Bitdeer Technologies Group (Nasdaq: BTDR) controls almost 3 GW of power worldwide, with sites running in the United States, Norway, Bhutan, and Malaysia, plus more in development in Canada and Ohio. That geographic spread means Bitdeer isn’t leaning on any single grid operator or any single country’s regulatory process.

It’s also built differently. Bitdeer designs and manufactures its own mining hardware, which it also sells and deploys for partners – including the co-mining deal it just signed with Soluna.

The numbers are moving in the right direction as well. Second quarter revenue came in at $228.8 million, up from $155.6 million a year earlier. The company is still posting GAAP losses, and gross margin actually turned negative this quarter. But adjusted EBITDA improved sharply, going from $4.6 million a year ago to $31.1 million in the most recent quarter. And cash on hand increased to $496.3 million.

The catalyst here is a data center lease at Bitdeer’s Tydal site in Norway. It’s a $4.7 billion, 16-year agreement with Volta, and the first phase is due online in the fourth quarter. Bitdeer is also expanding an AI cloud buildout in Malaysia, targeting 350 MW of capacity by early 2028.

And Wall Street has started to take notice on its own, with Barclays initiating bullish coverage on the stock recently.

It’s important to note that one marquee piece of Bitdeer’s pipeline – a planned 570 MW site in Clarington, Ohio – has hit a snag. It’s currently tied up in a legal dispute with a neighboring landowner. That’s worth watching, but it’s one project out of more than a dozen in the pipeline.

Recommendation: Buy Bitdeer Technologies Group (Nasdaq: BTDR) at market. While this should be considered a long-term position, some Members may prefer to use a 25% trailing stop to protect their principal and profits.

The Setup Is Still Open

Every one of these three companies shares the same four markers that showed up in Hut 8, Core Scientific, Cipher, TeraWulf, and Iren before their deals hit…

The difference is that they haven’t been repriced yet.

Only about 14% of the industry’s power has been converted into signed AI leases so far. The rest is still sitting there, while Microsoft, Google, Amazon, and Nvidia keep signing deals across this space.

I believe CleanSpark, Soluna, and Bitdeer are each positioned for a big move, once their next power deal lands.

I can’t promise these three will match what Hut 8, Cipher, or Iren did. Past performance never guarantees future results, and you should never invest more than you’re comfortable losing.

But the setup that built those earlier winners is still very much intact here. And for now, it’s still mostly overlooked.