Riot Platforms, a bitcoin miner, has signed a 20-year compute agreement with AI lab Anthropic, securing grid-connected electricity for AI processing and repositioning Riot as an AI infrastructure landlord. This follows an earlier agreement with Advanced Micro Devices, giving Riot what Compass Point analyst Michael Donovan described as "a two-tenant campus carrying $9.8 [billion] of contracted data center revenue." Investors now value most publicly traded mining companies less for the bitcoin they produce and more for their data centers, electricity capacity and energy contracts. The shift from mining to AI hosting emerged during the 2022 crypto downturn, mostly among smaller miners exposed when bitcoin's price dropped below production costs. Lower prices, competition, and the four-yearly Bitcoin halving squeeze profits. Facilities with contracted AI revenue can be worth more than mining operations tied to bitcoin's price. New data center capacity requires power delivery, local approvals, and grid capacity, steps that can take years, but bitcoin miners have cleared many hurdles. The Rockdale campus now hosts an AI lab, a chip maker, and Riot's mining operations. Riot's shares initially jumped more than 20% when the deal was announced, then gave back nearly all of that gain, reflecting enthusiasm and skepticism about how quickly AI revenue can supplement mining income.