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Digi Power X Inc. provides sites, computing infrastructure and power for cryptocurrency businesses to run mining equipment. These customers pay under colocation agreements based on consumption. Hosting is its largest revenue source; most of its active mining equipment operates under these arrangements rather than mining for the company’s own account.
Selling power to the grid is another major business. Its natural-gas plant in North Tonawanda supplies electricity during peak demand, earning from available generating capacity and power actually sold. This income depends on plant availability and electricity demand, while natural gas is the plant’s largest operating cost.
The company also earns a smaller share of revenue from bitcoin mining. It contributes computing power to Foundry Pool and receives bitcoin under a contractual payout formula. This activity relies on that single pool operator, its payment terms, bitcoin prices and competition for mining rewards.
Digi Power X is developing AI and high-performance-computing data centers, including converting its Alabama facility and using its ARMS modular data-center platform. The AI data-center business had not begun commercial operations or earned revenue at the end of 2025. The expansion depends on funding, power and attracting customers; reliable, affordable electricity also underpins its existing hosting and mining businesses.
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.
Vulcan Infrastructure and Power Inc. shares Digi Power X’s exposure to New York gas costs and electricity prices: both use gas-fired power for mining and customer hosting, and sell power to the grid. Watch Vulcan’s hosting profit share from NYDIG affiliates alongside its grid sales to see how those two uses of power pay off.
Big Digital Energy, Inc.’s described Mawson operations face the same miner-hosting demand as Digi Power X: customers pay to house their equipment and keep the coins they mine, while both businesses also pursue energy management and AI colocation. Mawson’s customer service fees are the revenue line to watch for this shared hosting market.
Core Scientific overlaps Digi Power X in mining infrastructure and facilities that house customers’ power-intensive AI equipment, though Core Scientific’s mining is mainly for its own account. Watch its conversion of mining sites into high-density customer colocation; Digi Power X’s AI segment had no revenue in 2025.
Hut 8 and Digi Power X both turn power assets into computing infrastructure, earning money from generation and infrastructure services rather than computing alone. Hut 8’s managed-services and power-generation revenue shows how it monetizes that layer supporting its data centers.
HIVE Digital Technologies Ltd. shares Digi Power X’s move from mining infrastructure toward high-density AI facilities; HIVE sells computing power to mining pools and AI and other data-center customers. Watch its upgrades of mining facilities into enterprise AI data centers, the same transition Digi Power X is pursuing with ARMS.
Cipher Digital shares Digi Power X’s mining exposure while developing powered facilities for high-performance computing customers; through December 31, 2025, Cipher’s revenue came from bitcoin rewards and transaction fees earned through mining pools. Watch delivery of its 600 MW of facilities under development for hyperscaler tenants as a measure of progress beyond mining.
Applied Digital competes with Digi Power X in hosting blockchain equipment and developing high-density AI data centers, leasing capacity to hyperscalers and other computing customers. Its HPC hosting revenue is worth watching as it shifts investment away from a smaller, single-customer blockchain business.
Keel Infrastructure Corp. and Digi Power X both combine legacy bitcoin operations and generation assets with HPC development that earned no revenue in 2025. Watch Keel’s planned long-term capacity leases to cloud, AI and enterprise customers: it expects its first data-center revenue in 2027.
Bitdeer overlaps Digi Power X in bitcoin mining and customer hosting while also pursuing AI infrastructure and cloud services. Its self-mining revenue reflects the bitcoin side of that mix, whereas Digi Power X reported about 9,700 hosted miners and approximately no active self-miners for 2025.
TeraWulf already leases power-intensive AI and HPC facilities to the enterprise and hyperscale customers Digi Power X’s developing AI centers seek to serve. Watch delivery of TeraWulf’s contracted computing capacity, with some deliveries begun in 2025 and others extending into 2026, against Digi Power X’s AI segment that earned no revenue in 2025.
Ionic Digital Inc. offers a concrete comparison for Digi Power X’s conversion of mining sites into AI infrastructure: it leases powered assets to cloud and enterprise customers after removing mining equipment. Watch the Nscale lease’s monthly fixed payments, scheduled to begin in August 2026, while Digi Power X’s conversion of a hosting site reduced its Q4 2025 colocation revenue.
Bit Digital’s WhiteFiber business already charges AI and machine-learning customers for hosted equipment space and cloud GPU services in markets Digi Power X is preparing to enter. WhiteFiber’s hosting and GPU-service revenue provides a comparison for Digi Power X’s planned AI/GPU offering, whose AI data-center segment earned no revenue in 2025.
IREN competes in the AI computing market Digi Power X plans to serve with modular data centers, supplying customers with computing and software for AI training and inference from its own facilities. Watch IREN’s operating AI cloud capacity—about 40 MW at June 30, 2026—as a comparison for turning Digi Power X’s modular ARMS plans into operating services.
Riot Platforms shares Digi Power X’s exposure to electricity costs and competition for bitcoin mining rewards, which Digi Power X earns by supplying computing power to a mining pool. Watch Riot’s deployed computing power alongside bitcoin production to gauge how mining expansion translates into rewards.
MARA Holdings is a mining rival named by Digi Power X, with both exposed to bitcoin prices, network competition and the cost of powering mining equipment. MARA’s bitcoin production and energized computing power are the figures to watch for competitive scale; its rigs earn newly issued bitcoin and transaction fees by validating blocks.
CleanSpark’s bitcoin production depends on the same mining profitability that supports Digi Power X’s mining and miner-hosting business: bitcoin rewards must cover electricity-intensive operations. Watch CleanSpark’s mining-fleet energy efficiency and uptime, which show how it manages the power burden before selling mined bitcoin to fund operations and investment.
Riot Platforms, Inc. earningsRIOT
Riot Platforms' report will show whether added mining capacity is producing more bitcoin, a direct read on the competition for mining rewards that Digi Power X faces.
Read Riot Platforms' deployed computing power alongside its bitcoin production. If both rise, added capacity is translating into output and Digi Power X faces stronger competition for mining rewards. If capacity rises but production does not keep pace, the expansion has not yet shown through in output; that is not evidence that Digi Power X's mining returns have improved.
Ionic Digital Inc. earningsIOND
Ionic Digital's report will show whether fixed lease payments are beginning after it converts powered mining sites for cloud and enterprise customers, a useful comparison for Digi Power X's AI infrastructure shift.
Check whether the Nscale lease's monthly fixed payments have begun. If payments are coming in as scheduled, converting powered sites after removing mining equipment can produce contracted infrastructure revenue. If payments have not started or are delayed, conversion alone has not yet generated customer cash flow, and Digi Power X still has to prove it can complete that step for its own AI facilities.
Digi Power X Inc. earningsThis company
Digi Power X's report will show whether colocation and AI data-center services can replace some bitcoin-mining income as it shifts power assets toward computing services.
Compare colocation-service revenue with bitcoin-mining revenue, then check whether the AI data-center segment has begun earning commercial revenue. If colocation holds up as mining becomes less important and AI revenue starts, Digi Power X is shifting toward paid infrastructure services. If colocation weakens and AI still earns nothing, the transition has not replaced mining income, leaving power sales—which depend on available capacity and electricity actually sold—more important.
Big Digital Energy, Inc. earningsBGDE
Big Digital Energy's report will show how customer fees for hosting and powering miners are changing, offering a read on demand in the market that supports Digi Power X's colocation business.
Watch Big Digital Energy's customer-service fee revenue, not the bitcoin its customers mine. Rising fees would show that customers are still paying to host and power their equipment, supporting demand for Digi Power X's colocation services. Falling fees would point to weaker hosting activity and more pressure on an important Digi Power X revenue stream.
Industrial Production MoM (Oct)
Digi Power X’s industrial production and capacity-use reading tracks output and demand for electricity, which can change what the company pays to mine bitcoin and generate power and what it earns selling plant electricity.
Read stronger output as possible upward pressure on electricity prices: that can raise mining and generation costs, while improving the price the plant may receive for electricity sold to the grid. Weaker output can ease costs but may also lower sale prices.
