TeraWulf Signs 20-Year, Up to $33 Billion AI Hosting Deal With Anthropic
TeraWulf will lease 401 megawatts of power to Anthropic for AI computing, deepening bitcoin miners' pivot away from hashing and toward hosting AI workloads.
BY AISHA BENNETT5 MIN READ
TeraWulf's long-term hosting agreement expanded its infrastructure beyond Bitcoin mining into AI computing.
Why miners are chasing AI power deals
High-performance computing hosting yields $1,500 to $3,500 per megawatt-hour, compared with roughly $80 to $120 per megawatt-hour for Bitcoin mining at current network difficulty. That gap is pushing miners with existing power infrastructure and grid connections to redirect capacity toward AI hosting rather than hashing, even as they keep some mining operations running.
The scale of the TeraWulf deal
TeraWulf reported $44.8 million in Q2 2026 revenue, with 71% of that already coming from HPC leasing rather than mining. The new 20-year, 401-megawatt lease with Anthropic is projected to generate up to $33 billion in contracted revenue over its life — a figure that dwarfs what the same power capacity could earn mining bitcoin at current hashprice.
WHY IT MATTERS
It's one of the clearest signs yet that publicly traded bitcoin miners are becoming power-infrastructure companies first, with mining as one use of that capacity rather than the primary business. That shift changes how investors should value miner stocks — less on hashrate, more on power contracts.
What to watch next
1.Whether other large miners (Core Scientific, Cipher Mining, Riot) announce comparable AI hosting deals.
2.Network hashrate growth slowing if more capacity shifts away from mining.
3.Data center power demand from AI further raising electricity costs in mining-heavy regions like Texas.
Frequently asked questions
Why are bitcoin miners switching to AI hosting?
AI computing hosting pays roughly 15 to 40 times more per megawatt-hour than Bitcoin mining does at current network difficulty, making it far more profitable for miners who already have power and grid infrastructure.
Does this mean TeraWulf is exiting Bitcoin mining?
Not entirely — TeraWulf still mines bitcoin, but HPC leasing already accounts for 71% of its revenue and is growing much faster than its mining business.
How big is the Anthropic deal?
A 20-year lease for 401 megawatts of power, projected to generate up to $33 billion in contracted revenue over the life of the agreement.
SOURCES & DATA
Education, not financial advice. See our editorial process and corrections policy.
Aisha Bennett
Bitcoin Almanack's editorial byline for mining hardware, home mining, hashrate, efficiency, power economics, heat, and noise.
The same mining-to-compute shift later reached another public miner; see our report on the Riot Platforms and Anthropic compute agreement.
Sources, standards & corrections
Sources are linked inline. Read our editorial information, AI disclosure and corrections policy, or report an error.
Sources are linked inline. Read our editorial information, AI disclosure and corrections policy, or report an error.