Miner to AI Pivot & Power Arbitrage Modeler

Scenarios:

Facility & Power Parameters

500 MW

Capacity & Allocation

Total Energized Capacity 500 MW

AI Data Center Allocation

All-in Power Cost $38.00 / MWh

Bitcoin Mining Unit Economics

Hashprice ($/TH/s/day) Fleet Efficiency (J/TH)

BTC Price ($ USD) Fleet Uptime (%)

AI Data Center HPC Lease Contract

Lease Rate ($/kW/month) Contract Term (Years)

HPC Retrofit Capex ($M/MW) PUE (Power Usage Eff.)

Debt & Capital Structure

BTC-Backed Loan Balance ($M) Loan Interest Rate (%)

Execute Early Loan Retirement with AI Upfront Advance

Annual Gross Revenue $452.8M 62% AI / 38% BTC

Combined Net EBITDA $294.1M 64.9% blended margin

Total Contract Backlog $3.48B 10-yr Hyperscaler Take-or-Pay

Capex Payback Horizon 3.2 Yrs IRR: 34.6%

Energized Power Flow & Infrastructure Stack

Bitcoin Mining (300 MW)

AI Data Center (200 MW)

BTC Mining: 300 MW (60%)

AI HPC: 200 MW (40%)

0 MW 250 MW 500 MW Energized

Bitcoin Hashrate Engine

16.7 EH/s

Effective Hashrate 16.67 EH/s

Daily BTC Produced 12.75 BTC

Annual Revenue $170.8M

Power & O&M OpEx ($102.3M)

Net Mining EBITDA $68.5M

EBITDA per MW $228K / MW

Hyperscaler HPC Lease

200 MW Critical

Annualized Lease Rev $348.0M

Contracted Cash Flow 10 Years Take-or-Pay

Conversion Capex $1.30B

Net AI EBITDA $225.6M

EBITDA per MW $1,128K / MW

Revenue Multiplier 4.9x vs BTC

Debt Clearance & Balance Sheet De-Risking

Retiring the $200M BTC-collateralized credit facility unencumbers pledged Bitcoin reserves and eliminates annual debt service charges.

Annual Interest Saved

$17.0M / yr

Pledged BTC Unlocked

5,882 BTC

Power Arbitrage Matrix: Annual Blended EBITDA ($ Millions) Columns: Hashprice ($/TH/s) • Rows: AI Lease ($/kW/mo)

How Bitcoin Miners Arbitrage Energized Megawatts into AI Compute

The Power Scarcity Advantage

Following the 4th Bitcoin Halving, mining margins per megawatt compressed drastically as network hashrate expanded. Simultaneously, leading AI frontier labs (Anthropic, OpenAI, xAI) faced massive interconnection queues (3 to 6 years) to energize new gigawatt-scale clusters. Miners holding verified substation interconnects, transmission access, and dual-feed power contracts possess prime real estate for immediate HPC conversion.

Take-or-Pay Leases vs. Spot Volatility

Bitcoin revenue fluctuates with hashprice, difficulty adjustments, and spot prices. In contrast, 10-to-15 year hyperscaler colocation leases offer predictable, triple-net returns of $120–$180/kW/month. This contracted cash flow allows operators like Riot to extinguish expensive debt facilities early, reallocate capital, and secure institutional investment grade ratings.