Canaan’s Nordic district-heating project is now fully operational, using recovered heat from approximately 8 MW of Bitcoin mining computing infrastructure to supply heating for about 2,800 homes, the company said in its September 2026 production update.
Rather than venting thermal output as waste, the system redirects miner heat into a local heating network. Canaan added that a separate Canadian heat-recovery project for greenhouse use is moving toward implementation after remaining site inspections. The company mined 44 BTC in September, unchanged from August, and ended the month holding 1,875 BTC. Non-joint-venture installed hashrate was 10 EH/s, joint-venture installed capacity contributed another 4.87 EH/s, and operating hashrate at joint-venture sites was 4.18 EH/s. Average all-in power cost was about $0.043 per kWh.
Separately, CoinShares’ Q2 Bitcoin mining report details how quickly listed miners are pivoting from pure Bitcoin production to AI and high-performance computing colocation. The firm estimates the sector’s disclosed AI backlog above $100 billion, but only about $1.1 billion of annualized AI/HPC revenue was being generated at the end of June. Around 550 MW of roughly 4 GW of contracted capacity was actually billing tenants; the rest was still under construction, being handed over or awaiting acceptance.
Core Scientific was the most advanced among major miners, billing about 485 MW by October 13 from roughly 1.1 GW leased, with $136.7 million in June-quarter colocation revenue. Hut 8 had 949 MW contracted across new campuses but none billing yet, with first data halls targeted for 2027. TeraWulf’s Lake Mariner site had 102 MW of critical IT capacity earning rent by July and reported $31.9 million in HPC lease revenue, while its 401 MW Anthropic lease is scheduled for delivery in late 2027. Cipher Digital said first Black Pearl capacity began paying in August, and IREN delivered its first 50 MW Horizon deployment to Microsoft in August.
CoinShares also highlighted valuation and cost pressures. It estimates AI hosting can generate about $1.5 million in annual profit per megawatt, compared with about $0.5 million for Bitcoin mining. However, converting a mining site into AI-grade space may cost $8 million to $15 million per megawatt, versus under $1 million for mining. Miners with AI/HPC contracts traded at an average of 12.9 times forward sales as of the report, versus 3.7 times for those without. The report also noted bitcoin closed the June quarter at $58,400, below the listed group’s average cash cost of about $75,500 per coin, though hashprice recovered as bitcoin later climbed toward $77,000. IREN separately booked a $450.4 million impairment on mining hardware during the quarter.
The broader takeaway is that Bitcoin miners are increasingly treating power access and infrastructure as core assets, with mining becoming one possible use of electricity rather than the only one. Heat recovery, grid sales and AI colocation are expanding how mining companies monetize energy, even as financing costs, construction schedules and tenant acceptance remain key risks.
