Bitcoin miner’s shift to data centers proves successful with Anthropic’s signing of 20-year lease
July 7, 2026
The transformation of bitcoin miners into AI infrastructure has been a prominent trend in the industry recently. TeraWulf, a datacenter infrastructure provider, made a significant AI pivot that is reaping massive rewards through a deal with Anthropic. This deal entails a 20-year lease for a new infrastructure campus in Hawesville, Kentucky, which will be operational by 2028 and has the potential to generate $19 billion in revenue. The agreement covers around 401 megawatts of critical IT load at TeraWulf’s Justified Data campus, specifically designed for AI operations, expected to commence operations in the latter half of 2027 and achieve full capacity by early 2028. The projected revenue of $19 billion is slated to be earned over the initial 20-year term, deferring the upfront payment to TeraWulf. Additionally, TeraWulf has agreed to sell its 50.1% stake in the 168-megawatt Abernathy data center joint venture in Texas to an investor group led by Fluidstack at a premium to its initial investment of approximately $450 million.
Following the Anthropic deal, TeraWulf’s portfolio now boasts 839 megawatts of leased critical IT capacity. This shift in focus has been well-received by investors, with TeraWulf shares seeing an increase of over 10% in early trading on Monday, building on an already robust 85% surge since the beginning of 2026. The convergence of the worlds of cryptocurrency and artificial intelligence is exemplified in this deal as bitcoin miners leverage existing infrastructure and expertise to cater to AI clients. While transitioning a bitcoin mining facility into an AI data center is not a straightforward process, miners possess key assets like access to ample electricity supplies and grid-connected sites, streamlining the establishment of new projects.
The cryptocurrency mining business is highly susceptible to the fluctuations in the price of bitcoin, network competition, electricity expenses, and the periodic reductions in block rewards. As bitcoin prices have decreased significantly from their peak in October 2025, miners are facing squeezed profit margins. As a response to these challenges, TeraWulf, along with other mining companies, has diversified its business focus towards AI operations and high-performance computing. While TeraWulf has not completely abandoned its mining operations, high-performance computing has emerged as its primary growth driver, with a strategic plan to manage legacy mining assets opportunistically.
In the evolving landscape of the industry, many companies are exploring AI as a complementary business avenue, while others have made it the central pillar of their growth strategy. There are instances where companies have entirely phased out their bitcoin mining activities in favor of AI and data center endeavors. For example, Bitdeer has redirected its liquidity from bitcoin mining to AI infrastructure and data center expansion, pivoting away from its former mining activities. The convergence of AI and cryptocurrency is not confined to the physical infrastructure layer but also extends to areas like blockchain security, where concerns have been raised about the vulnerability of decentralized finance contracts to advanced coding agents. The blending of AI and crypto technologies represents a compelling frontier in the continued evolution of these industries.
