CleanSpark CEO: Converting mining farms to AI data centers requires caution

At the Bitcoin 2026 Conference, CleanSpark CEO Matt Schultz highlighted the significant cost increases involved in converting mining facilities into AI data centers. He noted that the cost per megawatt jumps from around $500,000 to between $10 million and $12 million, while staffing needs grow from roughly one to eight employees per 10 MW. Schultz cautioned the mining industry against focusing solely on the short-term stock gains that can follow such announcements, pointing out that the extremely strict lease terms from major cloud providers mean that a single day of delay can wipe out an entire year's contract revenue.