Bernstein: Neoclouds earn ~6x more revenue per megawatt than Bitcoin miners
Beth_Kindig · x · 2026-11-14
Bernstein analysis shows a wide gap in annualized revenue per active MW between AI neoclouds and Bitcoin miners: CoreWeave and Nebius earn $8.2M–$11.1M per MW, while miners generate under $2M.
The accompanying chart lists CoreWeave at $8.2M, Nebius at $11.1M, IREN at $10.4M, versus CIFR/WULF at $1.8M each, CORZ at $1.4M and RIOT at $1.3M; emerging AI infra averages $1.6M vs $9.9M for neoclouds, underscoring how much better the same power and facility assets monetize when repurposed for AI compute rental.
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