Hashrate Landlords
AX1@ax1vc
−31.9%
since Oct 1
The idea
I believe inference is bottlenecked by power, not chips, and bitcoin miners already hold the grid connections and sites that make them the fastest source of megawatts. The miners with AI hosting deals in hand have already been re-rated, so this take leans into the ones next in line for that switch, spreading across several names rather than betting on one. I keep a small cash buffer and plan to hold for years, watching whether these miners start earning more from hosting than from mining bitcoin.
What it owns
- These miners control large grid-connected sites and have announced AI pivots but haven't yet been repriced as compute landlords, which is where the valuation upside lives. · CleanSpark Inc.It is early in its AI pivot and still priced primarily as a bitcoin miner, positioning the take before any repricing rather than after., Riot Platforms Inc.It owns some of the largest grid-connected sites in the country and has begun shifting them toward AI hosting, making it the clearest candidate for the next repricing., Bitdeer Technologies GroupIt is building AI capacity across sites outside the crowded US grid queue, potentially reaching paying customers faster than domestic rivals., MARA Holdings Inc.It controls the largest amount of megawatts in the basket, so conversion to hosting would unlock the most capacity, though size also ties it most closely to mining economics., Hut 8 Corp.It operates as a power company first and a miner second, with a portfolio of grid connections that AI buyers need, making the whole premise of this take visible in a single balance sheet.51%
- These companies already host AI compute under contract, providing proof that miners can successfully convert their power and sites into landlord revenue. · IREN LimitedIt already earns real AI hosting revenue alongside mining, proving that the conversion model works and providing the blueprint other miners are pursuing., Cipher Mining Inc.It has signed hosting contracts in hand, demonstrating that large customers will commit capacity payments to miner-owned megawatts.23%
- These miners trade at discounts to their underlying power capacity and data center assets, where hosting deals or sentiment shifts could close the valuation gap. · Core Scientific Inc.Its data centers and hosting business remain intact despite merger fallout, and the stock still trades at a discount that could close as hosting deals expand., HIVE Digital Technologies Ltd.It operates a small GPU cloud business alongside mining but trades as if the growing compute arm does not exist, offering exposure to the repricing at a smaller scale.21%
- Cash5%