Archive · 14 Aug 2026
Bitcoin miners become AI data centres as Wall Street pays
Some companies used to make money by mining Bitcoin, which means running huge banks of computers that solve math problems.
To do that, they built enormous buildings with lots of electricity power and big cooling systems to stop the computers from overheating.
Now, companies that build smart computer programs called AI need exactly those same things.
One AI company, named Anthropic, made a deal to give a Bitcoin mining company called Riot Platforms billions of dollars to use its buildings, power and cooling.
The deal is worth $9.1 billion, and Riot's shares went up 25 per cent right after it was announced.
Anthropic is borrowing a huge amount of money, about $71 billion, to get computer chips.
It also pays another company, xAI, about $1.25 billion every month to use one of its giant computer centres in Memphis.
AI is using up so much power and space that it is taking over buildings built for Bitcoin mining.
Some people worry this is too much because AI projects are even competing with cities for electricity and water.
Riot Platforms, a Bitcoin mining company, signed a $9.1 billion compute agreement with Anthropic to pivot its facilities toward AI data centre operation.
Riot's shares rose 25 per cent in after-hours trading following the announcement.
Bitcoin miners already own the sites, long-term power contracts, cooling systems and permits that AI data centres need and that take years to assemble.
Anthropic has accumulated roughly $71 billion in chip-lease debt in about 60 days, structured through special purpose vehicles with Broadcom backstopping senior tranches.
Anthropic pays xAI approximately $1.25 billion a month through May 2029 for the Colossus 1 data centre in Memphis; the Riot deal is its third major compute procurement in three months.
- Who
- Riot Platforms, a Bitcoin mining company, and Anthropic, the AI company making the deal; xAI, Google, Broadcom and OpenAI are also involved.
- What
- A $9.1 billion compute agreement under which Riot pivots its Bitcoin mining facilities toward AI data centre operation and supplies compute capacity to Anthropic.
- When
- Date not specified in the article; the announcement caused Riot's shares to rise 25 per cent in after-hours trading.
- Where
- United States — including Riot's facilities, xAI's Colossus 1 data centre in Memphis, and OpenAI's Project Camellia in Georgia — and India, where Google faces litigation over a data centre.
- Why
- AI companies need ready-built data centre capacity with grid power, cooling and permits, which Bitcoin miners already own; miners gain long-term contracted revenue instead of volatile crypto income.
- Deal Value
- $9.1 billion compute agreement
- Companies
- Riot Platforms (Bitcoin miner) and Anthropic (AI company)
- Riot Share Reaction
- +25 per cent in after-hours trading
- Anthropic Chip-Lease Debt
- Roughly $71 billion in about 60 days
- Colossus 1 Payment
- Approximately $1.25 billion per month through May 2029
- Colossus 1 Location
- Memphis
- OpenAI Project Camellia Power
- 3.2 gigawatts of contracted power in Georgia
- Compute Procurements
- Third major procurement in three months