Very true regarding ASICs being Bitcoin-only machines; they literally can't run AI workloads (no GPUs, no general compute). The pivot isn't about flipping the mining rigs into AI servers.

It's all about the infrastructure they've already got locked down: massive power deals (often cheap/renewable grid connections), substations, transformers, advanced cooling systems, secure buildings, and land that's pre-permitted for high-energy ops.

They pull out the ASICs (sell 'em, retire, or keep a bit for hybrid), upgrade racks/power/cooling as needed (takes weeks to months, way faster/cheaper than building new data centers from scratch), and install GPUs (like NVIDIA H100s) or just lease the space/power to big players (Microsoft, AWS, etc.) who bring their own hardware.

That same megawatt that barely breaks even on mining can pull 3–10x+ revenue (sometimes way more) with stable, long-term AI contracts and fat margins. It's why so many are doing it – smart way to turn crypto-built infra into AI gold.

The infrastructure and energy contracts are what is in play.