AI Data Center Infrastructure
Modular Capital argues the U.S. power deficit of 50 GW through 2028 makes Bitcoin miners' converted data centers the lowest-cost path to AI infrastructure, with energized capacity priced at $30–50/MWh versus $80–150/MWh for alternatives like nuclear and fuel cells. Bitcoin miners holding 10+ GW of approved grid interconnection now command structural economics worth $5–10M per gross megawatt in HPC colocation deals, with recent transactions clearing at $1.24–$2.17 per critical IT watt annually and 80–97% EBITDA margins, while the sector at $4M equity value per approved MW implies only 50% conversion pricing, leaving asymmetric upside for operators with large approved portfolios and credible execution track records.