Bitcoin miners are repurposing power-intensive facilities for artificial intelligence and high-performance computing, attracting higher valuations and potentially steadier revenue as weaker mining economics pressure the sector. CoinShares data show miners with AI/HPC contracts traded at an average enterprise value multiple of about 12.3 times in the first quarter of 2026, compared with 5.9 times for pure Bitcoin miners, while announced industry contracts exceeded $70 billion by July 2026. Core Scientific, IREN, TeraWulf and Hut 8 have disclosed multibillion-dollar hosting or leasing agreements, and TeraWulf's HPC leasing revenue surpassed its Bitcoin mining income in the first quarter of 2026. CoinShares has also broadened its Bitcoin Mining ETF, WGMI, so that at least 80% of its assets can be invested in Bitcoin mining and digital power companies, including AI data centers, semiconductor and component firms, power generation, energy storage, HPC and quantum-computing technology. The pivot reflects miners' access to electricity, grid connections, land, cooling systems and large-scale facilities, although they remain exposed to Bitcoin prices and to AI infrastructure risks such as customer concentration, construction delays and financing challenges.