Bitcoin miners secure $100 billion in AI contracts despite limited current revenue

Bitcoin miners have signed over $100 billion in AI-related contracts, yet they currently generate only $1.1 billion in annualized revenue. While 4 gigawatts of AI and high-performance computing capacity are under contract, only 550 megawatts are operational. Investors are valuing miners with AI capacity at a significant premium, trading at 12.9 times enterprise value to next-12-month sales compared to 3.7 times for those without. The primary value driver is the miners' existing grid-connected power, which has become a scarce asset due to permitting delays and power grid congestion across the United States.