The Gigawatt Rush: What 1 GW Power Deals Tell Smaller Site Buyers

The headlines this autumn are full of gigawatts. One gigawatt is enough for a large city, and several companies are now signing power deals of that size for data-centre campuses. For a buyer looking at a 10 MW mining site, these deals can seem like a different world. They are not. They tell you a lot about what powered land is worth, and why.

Three deals in two weeks

TeraWulf in Kentucky. TeraWulf doubled the contracted power at its Muskie campus in Kentucky from 500 MW to 1 GW with Kentucky Power, part of AEP, as reported by The Energy Mag. Phase 1 ramps in 2028. Phase 2 was moved forward from 2030 to 2029, pending approval from the Kentucky Public Service Commission. The site could reach 2 GW, and a 765/345 kV substation is planned.

Applied Digital in Finland. Applied Digital has secured up to 1 GW in Finland for its first site outside the US, with power from 2028, according to The Energy Mag. The company chose Finland for its cold climate and energy infrastructure, and plans to phase the build around commitments from hyperscalers.

MARA in Texas. MARA's Matagorda project in Texas, planned at up to 2 GW, is now tied to a state audit, The Energy Mag reports. The earlier plan was 1 GW by October 2027 and 2 GW by April 2028.

The lesson: big power takes years

Look at the dates rather than the megawatts. TeraWulf's first phase ramps in 2028, and its second phase still needs regulatory approval. Applied Digital's power starts in 2028. MARA's timeline now depends on an audit.

These are well-funded public companies with strong utility relationships, and they still wait years. Building a new high-voltage substation, upgrading transmission and getting approvals simply takes time. A smaller developer or miner starting from scratch today would likely wait longer.

That is the key point for smaller buyers. A site that is already energised skips the queue. A 5 to 50 MW site with a working substation and a signed supply contract can host machines in weeks or months, not years. For miners, AI developers and hosting companies who need capacity before 2028, that time advantage is worth real money.

We looked at why in more detail in Powered Land Is the Scarcest Asset in Compute.

What large developers look for

The gigawatt deals also show what the biggest buyers value. The same checklist applies to smaller sites.

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Applied Digital named cold climate and energy infrastructure as its reasons for choosing Finland. TeraWulf's plan depends on a new substation and a utility that is willing to grow with it. Neither of these is unique to gigawatt projects. A smaller site in a cool region, with a cooperative utility and room to add capacity, shares the same strengths at a smaller scale.

How smaller sites can use this

For owners, the gigawatt rush is a reason to document what you already have. Buyers will ask about:

1. Energised capacity today, in MW, and how much is actually in use.
2. Substation details, including ownership, rating and condition.
3. The supply contract, with term, price, and any curtailment rules.
4. Expansion options, such as extra land and pending grid requests.
5. Climate and cooling, including average temperatures and current cooling design.
6. Fibre and access, which matter more if an AI buyer is interested.

A site with clear answers to all six is easier to sell and easier to value.

For buyers, the lesson is to count time as part of the price. A site that costs more but is ready now may be cheaper than a cheaper site that needs two years of grid work. Our guide on how to evaluate a bitcoin mining site covers the due diligence step by step.

Where this leaves the market

Gigawatt projects will reshape parts of the US and the Nordics from 2028 onward. Until then, demand for compute keeps growing, and the supply of ready power stays tight. That gap supports prices for energised mid-sized sites, whether they end up running ASICs, GPUs or both.

It also means competition. Miners who want an energised 20 MW site may find themselves bidding against an AI developer who wants the same thing as a stepping stone to something larger.

The bottom line

The big deals are a signal, not a threat. They show that serious capital will wait years for strong power in good locations. If you own an energised site, that wait is your advantage. If you are buying, a ready site is the fastest way into a market where new power is years away.

Compare sites on the map at cryptosites.io, and click any country for its electricity price, power mix, mining legal status and CryptoSites score. If you have an energised site and want to reach buyers, our site specialists can help through the listings desk.

CryptoSites.io is a marketplace for powered land, mining sites and hosting capacity worldwide. Project details are taken from reports published by The Energy Mag in September and October 2026 and may change as approvals and plans develop. This is not financial advice.