Ex-miner
A former bitcoin mining company that has repurposed its power, land and sites for AI and high-performance computing, often leasing capacity to neoclouds or hyperscalers.
How it works
An ex-miner is a company that used to mine bitcoin and has turned its power connections, land and buildings toward AI and high-performance computing. Large grid connections and experience running power-dense sites are scarce, which makes these companies attractive partners for hyperscalers and neoclouds.
In GPU and data centre deals
Ex-miners finance the move into AI with convertible notes, high yield bonds, project loans and leases to hyperscalers or neoclouds. Lenders focus on the quality of the new AI contracts, the cost of converting sites from mining to data centre use, and how the remaining mining business and its volatility sit within the group.
What gets negotiated
- Whether the AI contract is a lease of the site or a GPU capacity contract
- Ring-fencing between the AI business and the mining business
- Conversion capex and construction risk
- Convertible notes and other group debt that rank alongside
In the filed deals
Applied Digital, Core Scientific, Cipher, TeraWulf, Hut 8 and IREN have all financed AI campuses with secured debt since 2025.
For in-house counsel
Take it to the documents
The filed wording behind GPU and data centre financings, for either side of the table. Previews are open; the full text is free with InfraCompute Weekly.
- Financing clause libraryCash traps, coverage ratios, cures and step-in, from the filed deals.
- Contract libraryGPU contracts, leases, power, equity and JVs, quoted from filed contracts.
- Issues list builderBuild an issues list from the lender’s or the borrower’s side.
- The legal desk for in-house counselContract library, issues lists, checklists and English law notes.
Related terms
Explanatory definition, not a statement that a particular transaction contains this term or a substitute for its contractual definition.
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