CleanSpark Unveils $6.6B AI Data Center Lease as Miners Pivot Beyond Bitcoin

CleanSpark signed a 20-year, $6.6 billion triple-net lease for its Sandersville, Georgia, site, expected to generate $330 million in annual revenue. The site includes a fully energized 250-megawatt substation, with the first data hall targeted for December 2027. Bitcoin miners are increasingly pivoting toward AI data centers, colocation and GPU-as-a-service because existing land, power infrastructure and substations can accelerate development. However, AI facilities require far more capital, with direct-liquid-cooled construction costs rising to as much as $12 million–$13 million per megawatt for projects expected to start operating in 2027. Executives said AI demand is real but cautioned that many proposed projects may lack confirmed power, transmission, equipment or financing. Bitcoin mining remains an important source of interim cash flow while companies develop AI capacity and secure customers. Bitcoin mining and digital infrastructure executives outlined how access to energized power, land and existing substations is positioning their companies to pursue artificial intelligence and high-performance computing deployments, while also warning that much of the widely cited data-center demand may not translate into viable projects. During an H.C. Wainwright panel moderated by Mike Colonnese, head of the firm’s Crypto and Digital Infrastructure Research franchise, executives from mining, hosting and AI infrastructure companies discussed the shift from bitcoin-focused operations toward AI colocation, cloud services and GPU-as-a-service offerings. Bitcoin miners historically focused on deploying computing equipment at the lowest possible power cost. That model generally required investment of roughly $1 million to $1.5 million per megawatt for infrastructure and compute. AI and high-performance computing deployments require substantially more capital, but can create higher revenue and asset values per megawatt. Miners hold a strategic advantage because many have land and operating power already in place, which can provide a faster route for hyperscalers, frontier-model providers and neocloud operators seeking capacity. The costs of direct-liquid-cooled data-center development have risen rapidly. Initial estimates were for roughly $4.5 million per megawatt for early projects, compared with approximately $10 million to $10.5 million per megawatt for facilities turned on this year and $12 million to $13 million per megawatt for projects expected to begin operating in 2027. Much of the increase is attributed to labor and long-lead equipment, including transformers and switchgear. Site power, local opposition, equipment availability and skilled labor are major development constraints. Companies pursue colocation and cloud models. Some operate both cloud and colocation businesses, beginning with a cloud contract before being spun out as a pure-play AI infrastructure business, a move intended to improve access to financing and attract more institutional shareholders that were not interested in crypto exposure. Acquisitions are made to add specialized teams experienced in retrofitting facilities.