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Customers pay Big Digital Energy, Inc. to house and run their mining computers at its U.S. facilities. They generally keep the digital assets they mine and pay service fees; some agreements instead share mined assets and costs. This hosting business, called colocation, supplies most revenue. Revenue depends heavily on a small number of customers, and the company recently lost a major customer after a competitor acquired it.
Energy management supplies another substantial source of revenue. At sites served by the PJM electricity market, the company adjusts power use to grid conditions and can receive payments for reducing consumption, helping offset income lost while equipment is curtailed. It also mines Bitcoin itself and routinely sells the proceeds through Crypto.com, but this is now a smaller business as it shifts toward customer hosting. It plans to earn hosting revenue from AI and high-performance computing customers as well.
The business needs reliable, reasonably priced electricity and the permits required to operate its facilities. Its own mining also depends on Bitcoin prices and competition for mining rewards. Big Digital Energy needs substantial additional capital to continue operating and meet debt obligations, and several borrowings are in default.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Digi Power X competes with Big Digital Energy for customers paying to house mining equipment and is also developing AI capacity; both earn money from peak grid demand, Digi through generation and Big Digital Energy through adjusting consumption. Watch Digi’s mining-hosting customer base and ARMS 200 AI deployment for signs of demand for these two uses of powered sites.
Core Scientific competes with Big Digital Energy to house customers’ mining and AI/high-performance computing equipment in power-intensive data centers. Its progress converting mining facilities for AI is worth watching as Big Digital Energy seeks fees from customers using its power and computing infrastructure.
Applied Digital competes with Big Digital Energy in hosting mining equipment while shifting investment toward facilities that AI and high-performance computing customers pay to use. Watch its HPC hosting revenue rather than its shrinking, single-customer blockchain business to gauge that transition.
Bitdeer competes with Big Digital Energy in paid mining hosting and AI infrastructure, while both also mine Bitcoin for themselves. Bitdeer’s self-mining revenue is a useful comparison for Big Digital Energy’s remaining mining business, but not for the customer fees that increasingly drive its revenue mix.
Keel Infrastructure and Big Digital Energy both seek paying AI/high-performance computing tenants for powered sites in PJM territory rather than relying solely on Bitcoin mining. Watch Keel’s planned first data-center revenue in 2027: its HPC business had earned no revenue as of December 31, 2025.
Cipher Digital competes with Big Digital Energy to develop powered facilities for paying high-performance computing customers while both retain Bitcoin mining operations. Watch delivery of Cipher’s HPC facilities for hyperscaler tenants, keeping in mind that through December 31, 2025, its revenue still came from Bitcoin mining.
TeraWulf competes with Big Digital Energy for enterprise customers paying to use powered data centers for AI and high-performance computing. Its long-term hosting leases and delivery of contracted capacity offer a comparison for Big Digital Energy’s efforts to turn infrastructure into customer revenue.
Ionic Digital and Big Digital Energy are both shifting from Bitcoin mining toward earning fees from enterprise customers using powered computing sites. Ionic’s fixed lease payments from Nscale, scheduled to begin in August 2026, provide a concrete comparison for turning a former mining site into AI infrastructure revenue.
HIVE Digital Technologies competes with Big Digital Energy in supplying data-center capacity to AI and high-performance computing customers, alongside digital-asset computing operations. Watch HIVE’s upgrades of mining facilities into enterprise AI infrastructure and revenue from customer computing workloads, rather than treating its mining-pool payments as the same business.
Hut 8 and Big Digital Energy both depend on demand for powered computing sites and access to economical electricity: Hut 8 develops and manages power infrastructure, while Big Digital Energy charges hosting customers and earns energy-management revenue. Hut 8’s Power segment, including managed services and generation, is the line to watch for how it monetizes that infrastructure.
Bit Digital’s WhiteFiber business competes with Big Digital Energy to house AI customers’ high-performance computing equipment for a fee. Watch WhiteFiber’s hosting and colocation revenue separately from its cloud GPU services, since the former is the closer comparison to Big Digital Energy’s infrastructure fees.
Bit Digital, Inc. earningsBTBT
Bit Digital's report will show whether AI customers are paying to house their equipment, testing demand for the same infrastructure business Big Digital Energy is pursuing.
Look at WhiteFiber's hosting and colocation revenue separately from its cloud GPU services. Growth in the former would show customers are paying to put equipment in data centers, while also showing Bit Digital is winning that business and Big Digital Energy still has to secure customers. Weak revenue would leave it unclear whether this demand is converting into sales, giving Big Digital Energy less evidence for its own shift.
Big Digital Energy, Inc. earningsThis company
Big Digital Energy charges customers to use its powered computing facilities, and this report will show whether those fees are making up for fewer colocation customers and shrinking self-mining revenue.
Read digital colocation revenue and gross profit together, alongside self-mining revenue and direct power costs. Rising colocation revenue with gross profit holding up as mining revenue falls would show customer fees are taking over; weak colocation revenue or gross profit would mean the shift has not replaced the lost customer business, leaving cash pressure in place.
