Another mining company prepares to transform into an AI computing power factory! BTC Digital (BTCT.US) surges about 60% pre-market as the 10 MW computing power project approaches countdown to realization.

According to Zhitong Finance APP, as more cryptocurrency mining companies shift their capabilities in power access, data center construction, and high-density computing operations to AI data center businesses, BTC Digital (BTCT.US) is emerging as the most typical example of a transformation from a pure cryptocurrency mining firm to a “cryptocurrency computing power resource + AI computing infrastructure resource provider.”

The core logic behind the company's share price soaring by nearly 60% in pre-market trading on Monday is undoubtedly that the 10-megawatt project in Georgia, USA, is moving from the construction phase into actual deployment and potential realization of AI inference-side computing revenue. Mining operations could begin in about two months, with a theoretical computing power ceiling of around 900,000 TH/s. However, whether its valuation can continue to expand ultimately depends on factors like actual deployment scale, grid connection progress, mining machine efficiency, and digital asset prices, rather than theoretical computing power alone.

On Monday, in a pre-market announcement, digital computing infrastructure company BTC Digital stated that its cryptocurrency computing infrastructure project in Georgia, USA, has been completed and is now close to being “deployment-ready.” This fueled a nearly 60% spike in the company's shares during pre-market trading.

Based on the current progress in power access and pre-deployment preparations, this cryptocurrency mining company expects to deploy high-performance crypto mining machines and launch digital asset mining operations within approximately two months.

This 10-megawatt facility is designed with a theoretical top computing power of about 900,000 TH/s, contingent on the full deployment of the highly energy-efficient miners planned by BTC Digital. The actual number of crypto mining machines deployed, final realized computing capacity, and the schedule for putting them into operation will be adjusted according to factors like grid connection progress, mining machine models and energy efficiency, network difficulty, digital asset prices, and overall market conditions.

At the same time, the company will continue to develop its comprehensive AI computing operations service capabilities at the AI computing infrastructure level. BTC Digital’s management stated, “We will continue to advance the development of our cryptocurrency computing power business to fully leverage the company’s existing advantages in power resources, the highly sought-after AI GPU computing equipment leasing, and integrated computing operations, and to build a more diversified and resilient business foundation for long-term growth.”

In Monday’s pre-market US trading, Bitcoin (BTC-USD) traded about 1.0% higher, near $78,500.

From bitcoin miners to AI data centers, another wave of mining company transformations into AI data center enterprises is on the way

BTC Digital is still predominantly a digital computing infrastructure company whose main cash flow comes from bitcoin mining. Its primary businesses include crypto mining, mining site computing power construction and operations, and related GPU computing infrastructure services. Its 10-megawatt project in Georgia, USA, is designed for a theoretical maximum of approximately 900,000 TH/s. The company also plans to leverage the same campus’s land, power, and structural resources to build an initial 8-megawatt AI computing center, intended for wholesale hosting—BTCT provides power, data center, network, and operation & maintenance, while customers bring their own GPUs and bear hardware depreciation.

However, the company has clearly disclosed to the US SEC that its AI business is still in the early stages and has not signed binding customer contracts nor generated any AI revenue; thus, Monday’s pre-market jump of 54% mainly reflects the “option value of converting power assets into AI revenue,” rather than realized profit.

The underlying logic for bitcoin miners shifting toward AI data centers is that both types of businesses share the scarcest production factors: grid-connected power, land, substations, server shells, cooling infrastructure, and round-the-clock operational capabilities. Compared to mining revenues—which are subject to coin prices, overall network difficulty, and halving cycles—AI hosting or GPU cloud services can create more stable recurring revenues through multi-year contracts. Particularly in environments where grid access can take years, miners’ existing “time-to-power” advantage is itself a high-value asset.

But transitioning is not as simple as swapping ASIC miners for GPUs: AI data centers must also upgrade to highly reliable power supply, fiber optic networks, direct-to-chip liquid cooling, network operation orchestration, security systems, and service-level agreements (SLAs). Cryptocurrency mining company IREN has become a successful case precisely because of its vertically integrated capabilities—from site selection and engineering to GPU cloud operations. Its first 50-megawatt Horizon facility has been certified by Microsoft and received Nvidia’s Exemplar Cloud certification. The company aims to achieve 480 megawatts of AI cloud capacity by 2026 and reach 1.2 gigawatts by 2027.

For those miners transitioning or already transitioned to data center businesses, their valuation anchor is shifting from coin prices and per-hash rates to megawatts powered on, contract backlog, GPU utilization rate, annualized recurring revenue (ARR), and capital returns. IREN expects AI cloud ARR to exceed $4 billion by the end of 2026, with about 85% already under contract, indicating that the market is willing to give a premium to cloud infrastructure for “long-term locked token production capacity.”

However, BTCT is currently closer to a miner with AI transformation options than an IREN-style, validated AI cloud platform. Whether it can continue to be revalued depends critically on securing customers, completing financing cycles, implementing liquid cooling upgrades, on-time delivery, and achieving real AI revenue. If these steps fail to materialize, the current premium may still revert to an event-driven pattern typical of small-cap stocks.