Bitcoin Miners Land Big Tech Deals in AI Infrastructure Push

Core Insights - Bitcoin miners are transitioning from cryptocurrency mining to artificial intelligence infrastructure, securing contracts with major technology companies [1][5] Group 1: Major Contracts and Financials - Iris Energy signed a $9.7 billion, five-year agreement with Microsoft to provide 200 MW of GPU cloud capacity, requiring $5.8 billion in capital expenditures in partnership with NVIDIA and Dell [3] - Cipher Mining announced a $5.5 billion, 15-year co-location agreement with Amazon Web Services and a joint venture to develop a 1 GW data center in West Texas [4] - The two companies, Iris Energy and Cipher Mining, account for nearly 40% of the CoinShares Valkyrie Bitcoin Miners ETF (WGMI) portfolio, with respective holdings of 21.3% and 18.1% [2][4] Group 2: Portfolio Performance - The CoinShares Valkyrie Bitcoin Miners ETF (WGMI) has $261 million in assets and has returned 74.7% year-to-date [2] - Other holdings in WGMI, such as TeraWulf and CleanSpark, are also expanding into AI infrastructure, with TeraWulf announcing a $9.5 billion expansion and CleanSpark deploying liquid-cooled systems for AI-focused data centers [6] Group 3: Industry Shift - The shift from cryptocurrency mining to AI infrastructure indicates that miners are leveraging their existing power infrastructure to create high-performance compute centers for technology companies [5][7]