According to Foresight News, Schultz noted that the cost per megawatt has surged from approximately $500,000 to between $10 million and $12 million

Bitcoin mining company CleanSpark's CEO, Matt Schultz, highlighted significant cost increases associated with upgrading mining facilities to AI data centers at the 'Bitcoin 2026' conference. According to Foresight News, Schultz noted that the cost per megawatt has surged from approximately $500,000 to between $10 million and $12 million. Additionally, staffing requirements have increased from about one person per 10 megawatts to around eight people.
Schultz warned the industry against focusing solely on short-term stock price boosts from contract announcements, as leading cloud providers impose stringent lease terms. Delays in delivery could result in losing an entire year's contract revenue.
CleanSpark initially utilizes Bitcoin mining to consume local surplus electricity, aiding power companies in monetizing idle capacity. After establishing partnerships, the company transitions to building AI data centers. This strategy enabled CleanSpark to outbid a trillion-dollar tech giant for a 100MW project in Cheyenne, Wyoming.
Schultz emphasized that Bitcoin mining's interruptible nature allows it to fill power gaps during AI data centers' low-demand periods, assisting power grids in managing renewable energy fluctuations. This makes Bitcoin mining an ideal partner for power companies.