Bitcoin Miners Are Quietly Becoming AI's Landlords
A dead Kentucky aluminum smelter, idled in 2022 because electricity got too expensive, just became the site of a 20-year, $19 billion AI lease with Anthropic. Its new owner is a Bitcoin miner. Across the sector, miners have signed tens of billions of dollars in AI hosting deals, not because they learned to build AI, but because they already own the one thing money cannot buy fast: an energized grid connection. Here is how weakness got repriced as scarcity, and where the real risk hides.