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Vulcan Infrastructure and Power Inc. supplies electricity, space and technical support for bitcoin mining equipment owned by NYDIG affiliates at its Torrey, New York facility. NYDIG pays power and direct operating-cost reimbursements, hosting fees and a share of mining gross profit. This sole hosting customer supplies a large share of company revenue.
Hosting and wholesale power sales are its largest revenue sources. Its natural-gas plant supplies the datacenter and sells electricity through the wholesale market managed by the New York Independent System Operator (NYISO). It also receives payments for committing generating capacity to the grid. Vulcan can temporarily reduce mining to sell more power when grid demand warrants it. Separately, company-owned miners earn bitcoin rewards through mining pools.
Most of the business depends on the continued operation of the New York plant. Earnings depend on bitcoin mining economics and the relationship between electricity prices and natural-gas costs. The plant also needs its air permit: Vulcan has agreed with New York’s environmental regulator on an application adding greenhouse-gas limits, but final renewal remains uncertain and open to legal challenge.
Vulcan is evaluating datacenters for artificial intelligence and high-performance computing. These are development initiatives, while bitcoin hosting, self-mining and power sales remain its operating 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’s results hinge on bitcoin mining profitability and New York power-market economics, with NYDIG affiliates providing the hosting business that accounted for 37% of 2025 revenue.
Digi Power X and Vulcan share exposure to bitcoin-hosting profitability and New York electricity demand: both house customers’ miners, operate gas-fired generation and develop AI infrastructure. Digi Power X’s colocation revenue and peak-demand power sales offer comparisons for Vulcan’s hosting and power businesses.
Soluna Holdings and Vulcan both earn bitcoin from their own miners and fees from hosting customers’ miners, while adjusting computing activity to energy-market conditions. Soluna draws power directly from colocated renewable plants rather than owning Vulcan’s gas-fired model; its hosting revenue and payments for adjusting electricity use provide a comparison for flexible power use.
Big Digital Energy’s disclosed Mawson operations share Vulcan’s mix of customer mining facilities, self-mining and energy management, linking both to hosting demand and mining profitability. Mawson’s customers keep the coins they mine and pay service fees, but its sites operate in the PJM power market rather than Vulcan’s New York market.
Keel Infrastructure and Vulcan both combine bitcoin mining with generation assets and seek rental income from facilities for high-performance computing. Watch Keel’s progress toward long-term leases to cloud, AI and enterprise customers: its HPC business had no revenue at December 31, 2025, and it expected initial data-center revenue in 2027.
Core Scientific and Vulcan share bitcoin-mining exposure and the challenge of turning mining-facility expertise into AI infrastructure; both mine for themselves and host third-party equipment. Core Scientific’s work repurposing facilities for customers’ power-intensive computing offers a comparison for Vulcan’s AI plans.
Hut 8 and Vulcan both depend on matching powered sites and generation assets to computing demand, rather than treating electricity as just a purchased input. Hut 8’s revenue from managing energy infrastructure and operating generation assets provides a comparison for how Vulcan can monetize its power infrastructure alongside computing.
Cipher Digital and Vulcan share bitcoin-mining economics while developing power-connected sites for high-performance computing customers. Cipher’s development of facilities for hyperscaler tenants offers a concrete comparison for Vulcan’s shift toward AI, although Cipher still derived its revenue from mining through December 31, 2025.
HIVE Digital Technologies and Vulcan share exposure to bitcoin prices, mining difficulty and power costs, while seeking to adapt power-advantaged mining facilities for AI. HIVE sells computing power to mining pools and serves AI and rendering customers; its upgrades to enterprise AI facilities offer a comparison for Vulcan’s planned reuse of infrastructure.
CleanSpark and Vulcan earn bitcoin with company-owned miners, so fleet efficiency and their share of the network’s computing power shape mining revenue. CleanSpark’s miner energy use and computing-power growth are useful comparisons for Vulcan’s ability to earn rewards as network difficulty rises.
Riot Platforms and Vulcan both earn bitcoin from owned miners and rely on favorable power costs to protect mining margins. Riot’s bitcoin production alongside deployed computing power provides a mining comparison, but its low-cost Texas power resources differ from Vulcan’s own New York gas plant.
American Bitcoin and Vulcan both contribute their owned miners’ computing power to pools that distribute bitcoin rewards, exposing both to mining difficulty and fleet efficiency. American Bitcoin relies on Hut 8 to manage its facilities rather than owning the underlying infrastructure, so its fleet upgrades offer a cleaner comparison for Vulcan’s mining operation than for its power business.
Ionic Digital and Vulcan retain bitcoin mining while seeking income from powered infrastructure for AI and high-performance computing customers. Ionic’s Ward County lease to Nscale provides a concrete example of that transition: it removed the site’s mining assets by December 19, 2025, with fixed monthly lease payments scheduled to begin in August 2026.
TeraWulf offers a comparison for Vulcan’s New York AI ambitions because it already operates contracted high-performance computing infrastructure there, while Vulcan seeks to use its generation and grid connections for similar workloads. Watch deliveries at TeraWulf’s Lake Mariner campus, where cloud-scale and enterprise customers pay under long-term hosting leases.
Vulcan relies on Emera Incorporated’s Emera Energy business to supply its plant’s natural gas and handle bids and electricity sales in New York’s wholesale market. That ties Emera Energy directly to Vulcan’s fuel purchases and power sales, unlike Emera’s regulated utilities, whose customers pay regulator-approved rates.
PowerCompute’s disclosed LM Funding operations and Vulcan both mine bitcoin with owned equipment and monetize production to support their businesses, linking them to bitcoin prices, mining difficulty and electricity costs. LM Funding’s sales of mined bitcoin to fund operations and growth offer a comparison for the cash its mining business makes available.
Riot Platforms, Inc. earningsRIOT
Riot Platforms' report pairs bitcoin production with deployed computing power, showing how mining competition may be affecting the same owned-miner business at Vulcan.
Read Riot's bitcoin production alongside its deployed computing power. If production rises with computing power, Riot is turning added equipment into mining output despite network competition, a useful sign for the same part of Vulcan's business; if production lags as computing power grows, competition may be limiting output for miners like Vulcan too. Riot's Texas power resources differ, so this does not establish how Vulcan's power business is doing.
Emera Incorporated earningsEMA
Emera's report can show how its energy business is handling natural-gas supply and power-market activity, both of which connect directly to Vulcan's New York plant costs and electricity sales.
Look for what Emera says about natural-gas supply and costs, alongside activity in power markets. Steady supply and manageable fuel costs with ongoing sales would support Vulcan's ability to generate power and sell it into the market; supply disruption or higher fuel costs could raise Vulcan's generation costs or force it to run less. Emera offers a read on these business paths, not a result for Vulcan itself.
TeraWulf Inc. earningsWULF
TeraWulf's report will show whether its Lake Mariner campus in New York is delivering high-performance computing capacity to customers and turning it into hosting revenue, a local comparison for Vulcan's AI plans.
Watch deliveries of customer computing capacity at Lake Mariner and whether hosting revenue follows. Progress on both would show that customers are taking up power-intensive computing infrastructure in New York, giving Vulcan's planned shift toward AI and high-performance computing a real-world comparison; delays or little revenue would leave that conversion from capacity to customer income unproven. These are separate projects, so TeraWulf's progress does not establish that Vulcan has customers.
Industrial Production MoM (Oct)
Vulcan’s industrial production and capacity use matter because factory, mine and utility activity can change electricity demand and wholesale power prices, affecting what NYISO pays for power dispatched from its 106 MW New York plant and for committed capacity.
Stronger factory, mine and utility output points to firmer electricity demand and wholesale prices, which could support Vulcan’s dispatched power and capacity revenue; weaker output points to less support for those revenue streams.
