Crypto miners are becoming a popular trade, but it's driven by AI infrastructure instead of crypto. Companies like Keel Infrastructure (KEEL), Iren (IREN), and Cipher Mining (CIFR) are using their massive power capacity to build AI data centers. Keel is up 75% year to date with a $2.5 billion market cap. They have a 2.2 gigawatt power pipeline, though they currently trail Iren's 5 GW and Cipher's 4.2 GW. Keel and Cipher operate similarly by providing the facility and letting customers bring their own chips, whereas Iren actually buys and supplies the hardware. Cipher recently signed a 300 megawatt deal with Amazon worth $367 million in annual recurring revenue. Keel has a 350 megawatt facility and expects to sign three leases this year, which could result in a comparable deal. They funded this buildout by issuing $500 million in convertible notes, giving them enough liquidity to get these initial sites running.