$BTCT joins the CORZ/IREN/APLD miner-to-AI pivot, but ASIC-tuned facilities rarely retrofit cleanly to H100 clusters — liquid cooling, 30-40kW rack density, and sub-1.4 PUE targets are closer to greenfield than refit. No hyperscaler tenant or offtake named in the announcement, which is the tell. Core Scientific had CoreWeave locked before pivoting; the microcaps that announced first and chased customers later mostly haven't delivered.

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