With immediate power access in relatively short supply, Hyperscalers and AI firms are exploring alternatives, including leasing power or datacenter capacity from, or outright acquiring, bitcoin miners. JPMorgan estimates that U.S.-listed miners alone draw up to 5GW of power and have access to another 2.5GW through power purchase agreements, making them attractive targets. Some operators are feeling the financial pinch from the recent block reward halving, which cut industry revenues in half, and are actively exploring exit strategies. High performance computing (HPC) has been a hot topic among miners recently. To date, a handful of U.S. operators have announced pilot HPC programs, including IREN, Core Scientific (CORZ), and Terawulf (WULF). "This Core Scientific news is most relevant and potentially impactful to IREN, which was early to embrace HPC, trades at just $1.5M per MW of capacity, and has a track record of delivering data centers on time and operating them with high uptime," JPMorgan stated.