deadrisk

Stock category · Siting — land, permits and the neighbours

The rigs that became data centres

Bitcoin miners repurposing power contracts and shells for AI compute. They already hold the one thing that is scarce: interconnection.

11 names equal, daily rebalanced
Not an investment product and not a track record — methodology. Members were chosen on 2026-07-19; names that had already failed are absent by construction, so the pre-2026-07-19 stretch overstates the category.
Independent bets
1.5
of 11 names
Average pairwise correlation
0.63
55 pairs, daily returns
Since defined
-0.0%
equal weight, from 2026-07-19

The names

WULF TeraWulf TeraWulf turned a retired coal plant's grid into a $19B Anthropic lease — the Google-backstopped template now repeating across the bitcoin-miner cohort. 17.82 -27.9% dossier CORZ Core Scientific Data-only instrument — no dossier yet. 21.81 -14.8% data IREN IREN A bitcoin miner that fell to about a dollar rebuilt itself on the one input capital cannot buy forward — energized power — and in May Nvidia paid to prove it. 38.26 -16.3% dossier APLD Applied Digital Applied Digital turned a bitcoin miner's power contracts into $16B of data-center leases — proof grid access, not silicon, is the scarce asset now. 27.97 -25.0% dossier MARA MARA Holdings Data-only instrument — no dossier yet. 11.82 -14.9% data RIOT Riot Platforms Data-only instrument — no dossier yet. 22.12 -19.2% data CLSK CleanSpark Data-only instrument — no dossier yet. 14.54 -0.1% data CIFR Cipher Mining Data-only instrument — no dossier yet. 22.66 -7.5% data HIVE HIVE Digital Data-only instrument — no dossier yet. 3.00 -17.6% data BTDR Bitdeer Data-only instrument — no dossier yet. 11.10 -30.1% data BTBT Bit Digital Data-only instrument — no dossier yet. 1.42 -21.1% data

Change shown is the 30-day move, not the day's.

What the category earns

Growth leads here, and it is the median across members rather than a total — a per-company growth rate does not care what currency the company reports in, so Samsung and Micron count equally. Revenue levels can only be added within one currency, so the totals below cover the members reporting in USD and say how many that is.

Years are labelled by the calendar year each company's fiscal year ends in. Those calendars do not line up — Nvidia's 2026 ended in January — and this does not pretend otherwise.

FY ending Median revenue growth Revenue (USD) Net income (USD)
2022 — $1.6B 10 mem -$4.1B
2023 +33.6% 10 of 11 $2.2B 11 mem -$796M
2024 +69.4% 11 of 11 $3.1B 11 mem -$1.8B
2025 +38.2% 11 of 11 $4.5B 11 mem -$3.5B
2026 +158.3% 1 of 11 $298M 1 mem -$148M

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