---
title: "From Mining to AI: How TeraWulf and IREN Are Swapping Bitcoin for Billion-Dollar Tech Giant Contracts"
description: "Miner stocks soar: TeraWulf, IREN, and Hut 8 swap Bitcoin for billion-dollar contracts with NVIDIA and Anthropic. 📈 Energy deficit turns former miners into key players in the AI infrastructure market. 🤖⚡"
date: 2026-07-09T14:57:15.000Z
lang: en
url: https://xab.info/en/posts/from-mining-to-ai-how-terawulf-and-iren-are-swapping-bitcoin-for-billion-dollar-tech-giant-contracts
tags: []
publisher: "XAB.info"
---

# From Mining to AI: How TeraWulf and IREN Are Swapping Bitcoin for Billion-Dollar Tech Giant Contracts

![Businessman with megaphone against Bitcoin symbols and server racks, symbolizing the shift from mining to AI contracts](https://xab.info/media/2026/07/10/aktsii-majnerov-vzleteli-iz-za-ii-kontraktov-terawulf-i-iren/aktsii-majnerov-vzleteli-iz-za-ii-kontraktov-terawulf-i-iren-1.webp)

On July 8, 2026, a landmark shift occurred on US stock markets: shares of major infrastructure companies, traditionally associated with cryptocurrency mining, demonstrated steady growth. Leading the pack were TeraWulf (WULF), IREN (formerly Iris Energy), and Hut 8 (HUT). However, the driver of this movement was not Bitcoin price volatility, but a fundamental transformation of business models: miners are evolving into providers of capacity for artificial intelligence.

### Major Deals: How Miners Are Selling Kilowatts to AI Hyperscalers

Investment interest has shifted toward companies capable of offering ready-made energy infrastructure for high-performance computing (HPC). By mid-2026, a portfolio of large-scale agreements reshaping the industry had taken shape:

    - **TeraWulf (WULF):** The company signed a strategic 20-year agreement with AI model developer Anthropic. The project is based at the Justified Data campus in Kentucky. Contract revenue is estimated at $19 billion with a load of 401 MW. Already in the first quarter of 2026, TeraWulf's revenue from HPC infrastructure leasing ($21 million) exceeded mining receipts ($13 million) for the first time, accounting for about 60% of total turnover.

    - **IREN:** The company is executing a five-year contract worth $3.4 billion with NVIDIA. The deal involves deploying Blackwell architecture GPUs at the Childress data center in Texas (60 MW). IREN's revenue from AI cloud services grew by 94.2% in the quarter, reaching $33.6 million. Against this backdrop, Freedom Capital Markets upgraded the stock rating to "Buy" with a target price of $58.

    - **Hut 8 (HUT):** The company's portfolio has been diversified by a 15-year triple-net lease agreement for the Beacon Point facility in Texas. The base transaction value is estimated at $9.8 billion, with potential to grow to $25 billion thanks to rate indexation mechanisms.

### Energy Deficit as the Main Driver

The reason for the rapid transition of miners to serving the AI sector lies in the critical shortage of available electrical capacity in North America. Unlike building data centers from scratch (greenfield), which requires years to obtain permits, former miners possess ready-made infrastructure: operating substations, grid connections, and long-term tariffs. This allows for the reduction of AI cluster deployment timelines.

### Risks for Investors and the New Reality

Despite market optimism, Wall Street analysts point to associated risks. The transition to AI requires colossal capital expenditures. To finance the conversion of sites, companies are forced to conduct large-scale secondary stock offerings, leading to the dilution of current shareholders' stakes. For example, TeraWulf conducted an issuance of $800 million in late spring.

Furthermore, a significant portion of contracted capacity will come online during the 2026–2028 period. This means that short-term net profit may face pressure. Nevertheless, trading statistics already record a decrease in correlation between the capitalization of these companies and the Bitcoin price. Assets are being reoriented into the category of IT infrastructure real estate, resembling REITs. In the new reality, the key competitive advantage is no longer the efficiency of computing chips, but the volume of contracted grid capacity.