CleanSpark expands power capacity, secures Texas site for AI push

Bitcoin miner CleanSpark expanded its power capacity by 28% in October as part of a broader push beyond crypto mining into artificial intelligence and high-performance computing (HPC).

The US-based company said it had acquired 271 acres near Houston, Texas, securing 285 megawatts of long-term power for a dedicated AI data center. The move marks one of CleanSpark’s largest steps yet to diversify its operations as demand for energy-intensive computing continues to surge.

CleanSpark’s AI move also led to a new partnership with Submer, a company that offers cooling solutions for data centers.

“While Bitcoin remains an integral part of our business, we’re equally focused on developing large-scale data centers that will power the next generation of innovation across the digital world,” said Matt Schultz, CleanSpark’s CEO and chairman.

Top Bitcoin mining companies by market capitalization. Source: CompaniesMarketCapCleanSpark mined 612 Bitcoin (BTC) in October and sold 589.9 BTC for about $64.9 million, averaging $110,057 per coin. The company ended the month holding 13,033 BTC, underscoring its steady accumulation despite regular sales to fund operations.

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Bitcoin miners pivot to AI

CleanSpark is part of a growing wave of Bitcoin miners pivoting toward AI and data infrastructure, using their access to low-cost power and existing facilities to host GPU workloads and capture more stable, diversified revenue beyond Bitcoin.

HIVE Digital was among the early miners to diversify, starting its move into AI and high-performance computing in mid-2023 and now earning a growing share of revenue from those operations.

In August, Bitcoin miner MARA Holdings agreed to acquire a 64% stake in Exaion, a subsidiary of French energy giant Électricité de France (EDF), in a $168 million deal aimed at expanding into low-carbon AI infrastructure.

The same month, TeraWulf signed a 10-year, $3.7 billion hosting deal with Fluidstack, backed by Google. The partnership will add over 200 megawatts of new IT capacity to TeraWulf’s New York data centers.

On Monday, IREN signed a GPU cloud services contract with Microsoft valued at $9.7 billion. Under the five-year deal, Microsoft will gain access to Nvidia GB300 GPUs housed in IREN’s data centers.

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