Bitcoin / HPC miners
Bitcoin/HPC miners own power access, land, cooling, and operating know-how for dense compute. The thesis is that some mining infrastructure can migrate toward AI hosting, though execution, contract quality, and capex needs vary widely.
This segment sits inside the physical and semiconductor supply chain that supports AI training and inference. The important question is not only whether AI demand grows, but where scarcity shows up: chips, memory, networking, power, sites, or specialized services.
For 13F analysis, the tag is meant to separate the specific bottleneck a company is exposed to from the broad AI label. That helps distinguish a direct accelerator supplier from a power-equipment company, a data center landlord, or a miner with a power portfolio that could be repurposed for HPC.
- Bitcoin self-mining
- Power and site portfolios
- HPC/AI hosting conversions
- Fleet financing and energy management
- Bitcoin price and hashprice
- AI hosting contract terms
- Power curtailment and grid programs
- Dilution or debt needed to fund conversion capex
Situational Awareness LP
Leopold Aschenbrenner · Q4 2025 filed 2026-02-11
Bitcoin miners whose power and site portfolios can also support HPC or AI hosting.
| Ticker | Name | Value | Instrument |
|---|---|---|---|
| CIFR | CIPHER MINING INC | $155M | SH |
| RIOT | RIOT PLATFORMS INC | $78M | SH |
| HUT | HUT 8 CORP | $40M | SH |
| BTDR | BITDEER TECHNOLOGIES GROUP | $20M | SH |
| CLSK | CLEANSPARK INC | $17M | SH |
| BITF | BITFARMS LTD | $16M | SH |
| Ticker | Action | Value |
|---|---|---|
| CIFR | Bought / sold | +$82M |
| RIOT | Added | +$33M |
| CLSK | New | +$17M |
| BITF | New | +$16M |
| HUT | Added | +$12M |
| BTDR | Added | +$10M |