Which Bitcoin Miners Are Actually Pivoting to AI?

 

Nearly every public bitcoin miner with spare megawatts now describes itself as an AI infrastructure company. Few of them are, yet.

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The NeoCloud Power Score grades 23 public operators across eight inputs: seven weighted components plus a flat NVIDIA Exemplar Certification bonus. The weighted components are Deal Quality (25%), Energized Scale (15%), Business Model (15%), GPU Delivery (10%), GPU Scale (10%), Operational Risk (10%), and Utilization (5%). NVIDIA Exemplar Certification adds a flat +5-point bonus.

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Each component is scored on a 0–100 basis. Energized Scale and GPU Scale are percentile ranks within the 23-company cohort. GPU Delivery measures GPUs operating relative to GPU goal, while Utilization measures the percentage of capacity occupied. Operational Risk maps LOW / MED / HIGH to 100 / 60 / 25, and Business Model maps Operator / Hybrid / Landlord to 100 / 60 / 30. Deal Quality — the heaviest single weight — is an analyst-assigned 0–10 score reflecting the quality and stage of contracted AI/HPC business, scaled to the 0–100 range.

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When data is unavailable for a component, that component is excluded and the remaining weights are renormalized. NPS is an absolute score, not a curved ranking or valuation signal. Because no operator leads on every component, the practical ceiling is approximately 80; a score around 70 represents a strong result.