Good afternoon,

As always I hope this finds you well. It's been an unusually interesting time in the high-density computing space these days, and I wanted to share some insights from our ongoing work that directly inform Greenlight's power-first approach to AI infrastructure.

Learning from the Field: Real-World Power Optimization

Through our work at Digital Power Optimization (DPO), we've been operating pilot mining operations that continue to demonstrate the critical importance of understanding power infrastructure dynamics. Our first batch of mining rigs, deployed in November 2020, has now recouped 194% of purchase costs on a gross profits basis. Our second batch was redeployed to a partner site as part of a pilot operation after recouping roughly 33% of their purchase costs. This ongoing pilot at our partner's power generation facility is now in its third month and has progressed as expected.

These aren't just numbers—they represent real-world validation of working directly with power producers to optimize infrastructure for high-density computing workloads.

Why This Experience Matters for AI Infrastructure

The recent cryptocurrency mining crackdown in China has created a natural experiment in power infrastructure dynamics. The global Bitcoin network hash rate declined from a high of 200 EH/s to a low of 57 EH/s before rebounding to approximately 94 EH/s. This resulted in massive numbers of computers (ASICs) searching for new power and hosting facilities in North America.

What we've witnessed firsthand is this: power producers are extremely well situated to capture meaningful upside from sudden shifts in computing demand—but only when they have partners who understand both the infrastructure requirements and the operational realities.

This is precisely the expertise Greenlight brings to AI data center development.

The Power-First Philosophy

Our core strategy has always been aligning ourselves with power producers rather than acting as counterparties. This allows us to meaningfully limit downside exposure and generally produce a rather consistent margin and return for our partners and clients. Whether it's cryptocurrency mining or AI computing, the fundamental challenge remains the same: efficiently matching computing workloads with available power infrastructure.

Computer prices have pulled back fairly dramatically from recent peaks, further offsetting market volatility. We're quite comfortable with these dynamics because we've built our approach on understanding power infrastructure first, computing workloads second.

Building on What Works

At Greenlight, we're applying these same principles to AI infrastructure development:

• Partner with utilities and power producers who have existing infrastructure capacity

• Optimize around grid reality rather than theoretical capacity

• Design for sustainable, long-term relationships that create value for all stakeholders

• Move quickly where infrastructure allows, rather than forcing megaprojects through contentious approval processes

We continue to work through multiple domestic and international projects of varying sizes and in various stages of planning and development. The lessons learned from optimizing power infrastructure across different computing workloads give us unique insight into what actually works in the field—not just what looks good on paper.

Looking Ahead

It should be an interesting and eventful period ahead. The AI infrastructure challenge is massive, and we genuinely believe part of the solution is leveraging the expertise gained from years of working directly with power producers on high-density computing deployments.

At Greenlight, we're not starting from scratch. We're building on a foundation of real-world power infrastructure optimization that few in the data center industry can match.

If you'd like to discuss how Greenlight can create value for your organization by utilizing your site, power, substation, fiber network, infrastructure, or capital, please don't hesitate to reach out. We're open for business and actively acquiring sites.

Andrew Webber is Chairman of Greenlight Data Centers and CEO of Digital Power Optimization. He has been working with power producers on high-density computing infrastructure since 2020.