CleanSpark, a Bitcoin miner in Las Vegas, is presently constructing an AI knowledge 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 out to be fashionable amongst miners. CleanSpark just lately beat Microsoft to win 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 knowledge middle will take three to 6 years.
“We have been in a position to 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 vitality 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 presently 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 broaden energy infrastructure and rework chosen places into high-performance computing for rational AI.
He stated Bitcoin miners can rapidly construct and energy knowledge facilities, however entry to energy is the principle barrier for everybody within the area.
CleanSpark expands to AI campus
CleanSpark introduced a partnership with knowledge middle engineering agency Submer to develop AI-focused campuses throughout North America. The plan combines CleanSpark’s vitality and land property with Submer’s water-cooled high-density methods.
“We’re able 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 following 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 knowledge middle improvement.
Working AI fashions consumes a number of energy. Corporations like Amazon, Google and Microsoft are spending thousands and thousands on new knowledge facilities and signing contracts with energy corporations to construct new nuclear reactors or restart outdated 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 move on capital expenditures and making an attempt to meet up with AI,” Schultz stated.
He added that miners already management what’s most tough to safe, equivalent to land, substations and direct entry to electrical energy.
Cryptocurrency margins shrink as dual-track mannequin grows
CleanSpark inventory is up greater than 100% this yr. The shift to AI helps offset the tightening of Bitcoin mining earnings after April’s halving minimize block rewards in half.
CleanSpark reported third-quarter fiscal 2025 income of $198.6 million, a rise of almost 91% year-over-year, and held 12,703 Bitcoins in its treasury.
Schultz stated the AI motion won’t change 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 careworn, one thing that can’t be simply finished with an AI middle.
Schultz stated the mix of mining and AI will give utilities flexibility. Throughout Hurricane Helen in Georgia, CleanSpark shut off energy and redirected vitality. “Inside an hour, the hospital lights have been again on,” he stated.
