Cryptocurrency miners want to diversify. Now, its powerful computers already connected to energy infrastructure are beginning to serve generative artificial intelligence workloads in secondary markets.
A report published by Moody’s Rating with prospects for the global Data Center market in 2026 says to expect more financing for miners with positive credit characteristics and in large-scale project models, with debt amortization and no risk of contract renewal.
Terawulf, a company specializing in energy and bitcoin mining, is an example. In addition to founding a joint venture with AI company Fluidstack, in May 2025 the company acquired Bewulf Electricity, a related party, for US$52 million in an effort to simplify operations and strengthen its AI capabilities.
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Companies specializing in mining bitcoins, with experience in implementing infrastructure for large-scale processing, could increase the speed at which hyperscalers — large, large-scale cloud providers — enter the market.
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“However, its data center projects are often located in less important markets where low energy costs may ultimately prove to be insufficient attractions for tenants in the long term,” Moody’s assesses.
For the rating company, these ventures would still face the problem of being valuable in the artificial intelligence training process, but not in inference, when the model begins to effectively apply its training in responses.
In total, global investments in AI are expected to reach US$3 trillion over the next five years, according to estimates from the analysis company. And while the capital cost of AI ventures from major market players is questioned by investors, these companies must sustain venture financing due to their credit history.
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Investments made by the six main US hyperscalers alone (Microsoft, Amazon, Alphabet, Oracle, Meta and CoreWeave) totaled US$400 billion in 2025 and are expected to reach US$500 billion in 2026 and US$600 billion in 2027.
Moody’s assesses, however, that the capital market has adapted to support the rapid growth of data centers, requiring a greater quantity and diversity of capital. “Most development capital to date has come from project finance, corporate bank loans and private equity, as well as development capital, tenant capital or both,” he says.
Although banks continue to play a prominent role in financing, institutional investors are expected to increasingly lend to data center projects. “As projects increase in scale and the pace of construction accelerates, lease terms and terms are adjusting to balance risk allocation and help ensure that unknown and larger threats are supported by a well-capitalized or highly experienced party,” the report notes.
