One of the big data center stories of 2025 is the big shift of capacity from crypto to AI computing. In recent months, companies that got their start in crypto infrastructure have signed deals with the largest players in hyperscale AI, winning contracts worth billions of dollars.

One of those is Applied Digital, which has been one of the busiest players in 2025, singing deals for 600 megawatts of capacity on its data center campus in North Dakota.

Our guest today is Wes Cummins, the founder and CEO of Applied Digital, who provides an insider's view on the journey from bitcoin to AI, and how Applied Digital made North Dakota a hyperscale data center market.

Here's an overview of the discussion between Data Center Richness host Rich Miller and Applied Digital CEO Wes Cummins:

00:00 - From Bitcoin to Hyperscale: Wes Cummins' Data Center Journey

02:00 - 2025: A Big Year for Applied Digital

08:15 - 5 Pillars of Data Center Success (Why Capital Matters)

15:25 - Why North Dakota?

20:00 - The Crypto to HPC to AI Transition

23:00 - The Design Differences Between Crypto and AI

31:20 - Flexibility for the Inference-Powered Future

36:45 - The Road Ahead: More Hyperscalers in More Places

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At Data Center Richness we demystify technology and explain why data centers matter, and what comes next for the Internet, cloud computing and AI. Host Rich Miller is a journalist and analyst who has been covering the data center sector for 25 years.

Subscribe to our YouTube channel for more insights:
https://www.youtube.com/@DataCenterRichness?sub_confirmation=1

Check out the Data Center Richness Substack:
https://datacenterrichness.substack.com/

On the Web:
Data Center Richness
https://datacenterrichness.com/

LINKS FROM THIS SHOW

Applied Digital
https://www.applieddigital.com/

200 MW Hyperscale Lease Announcement
https://ir.applieddigital.com/news-events/press-releases/detail/132/applied-digital-announces-5-billion-ai-factory-lease-with

Wes Cummins on LinkedIn
https://www.linkedin.com/in/wes-cummins-63114481/

Rich Miller on LinkedIn
https://www.linkedin.com/in/datacenterfrontier/

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Why Data Centers Are Moving to Power-Rich Locations
https://youtu.be/AlIwlsiLa5M

Why Every Data Center Pro is Talking About Power
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A Closer Look at Two-Phase Liquid Cooling
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All video by Data Center Richness.

Supplemental music via Epidemic Sound https://share.epidemicsound.com/60o8qx

There's been Gigawatts of on-site power procured for data centers this year. And there's likely much more to come as the rise of AI boosts demand for data center capacity.

Today on Data Center Richness our topic is on-site power and the new energy landscape. Our guest is KC Mares of Megawatt Consulting, who has worked with many of the most consequential companies and projects in the history of the data center industry.

At a time when site selection and power availability are evolving rapidly, KC is helping data center operators adapt to this new world, especially in deploying on-site generation. Mares believes on-site power is not just a bridge solution, but a key strategy for the future as data centers diversify their power resources.

Today on Data Center Richness, KC shares his insights on the energy landscape, the growth of on-site power, and the road ahead for digital infrastructure. Here's an overview of our conversation:

00:00 - The Rise of On-Site Power at Data Centers

01:02 - About KC Mares and his Data Center Journey

04:00 - The State of Data Center Site Selection

08:50 - How AI Has Changed The Equation

18:12 - Turbine Availability & Scaling On-Site Power

27:20 - Energy Storage as an Enabler for Solar and Wind

38:50 - Community Relations and Data Centers in the Headlines

45:15 - The Road Ahead: How AI Can Be A Force for A Better Grid

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At Data Center Richness we demystify technology and explain why data centers matter, and what comes next for the Internet, cloud computing and AI. Host Rich Miller is a journalist and analyst who has been covering the data center sector for 25 years. Subscribe to our channel for more insights: https://www.youtube.com/@DataCenterRichness?sub_confirmation=1

NOW ON SUBSTACK!

Check out the Data Center Richness Substack:
https://datacenterrichness.substack.com/

On the Web:
Data Center Richness
https://datacenterpodcast.com/

LINKS FROM THIS SHOW

Megawatt Consulting
https://megawattconsulting.com/

KC Mares on LinkedIn
https://www.linkedin.com/in/kcmares/

Rich Miller on LinkedIn
https://www.linkedin.com/in/datacenterfrontier/

RELATED VIDEOS:

Why Every Data Center Pro is Talking About Power (Dan Crosby)
https://youtu.be/GJiBqvUl5rU?si=PyyLwfBINXWtI8oo

Unlocking Power for AI Growth (Tyler Norris)
https://youtu.be/D6-1QxRRxoA?si=VHUbBdImjKbqAs4g

Why Data Centers Are Turning to Bloom Energy
https://youtu.be/Z-udNWq2bAg?si=vHOizsz7AqT5M7eQ

Supplemental music via Epidemic Sound https://share.epidemicsound.com/60o8qx

Data centers are economic engines of the new economy. Every data center starts as an idea, with a location attached. It takes a lot of funding, planning and execution to create these complex facilities.

Today on Data Center Richness, we share a behind-the-scenes look at how investors and developers work together to bring a data center project from concept to reality. Our guests are Sabey Data Centers President Tim Mirick and Jeff Kanne, the President and CEO of National Real Estate Advisors. The two companies have been working together since 2010, with National Real Estate providing the capital to enable Sabey its footprint across the US.

It's a fascinating conversation that provides a glimpse into how these relationships work, and how investment strategy and company culture translate into new to support data center customers. And how those models adapt to the super-sized development environment of 2025 and beyond.

Here's an overview of the discussion, hosted by Rich Miller of Data Center Richness.

00:00 - Intro: Why Capital Matters in Data Center Development

01:30 - Tim Mirick's Data Center Journey, and the Sabey Data Centers story.

05:00 - Meet Jeff Kanne, and National Real Estate Advisors

08:15 - The Investor Perspective: How NREA Evaluates Development Opportunities

11:20 - The Operator Perspective: How Sabey Approaches Project Development

14:45 - Sabey's Growth Story - Expanding Beyond the Pacific Northwest

22:50 - The Next Phase: Why Austin?

26:25 - The Current AI Boom: Assessing Risk and Opportunity

31:50 - Developing Strategy in a Complex Market

36:00 - Customer Models - Enterprise vs. Hyperscale vs Neoclouds

39:45 - The Road Ahead: How Sabey and NREA See the Future

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At Data Center Richness we demystify technology and explain why data centers matter, and what comes next for the Internet, cloud computing and AI. Host Rich Miller is a journalist and analyst who has been covering the data center sector for 25 years. Subscribe to our channel for more insights:
https://www.youtube.com/@DataCenterRichness?sub_confirmation=1

NOW ON SUBSTACK!
Check out the Data Center Richness Substack:
https://datacenterrichness.substack.com/

On the Web:
Data Center Richness
https://datacenterpodcast.com/

LINKS FROM THIS SHOW

Sabey Data Centers
https://sabeydatacenters.com/

National Real Estate Advisors
https://natadvisors.com/

Sabey Expands Power Availability Across Key Campuses
https://sabeydatacenters.com/news/sabey-expands-power-availability-across-key-campuses

Rich Miller on LinkedIn
https://www.linkedin.com/in/datacenterfrontier/

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What's Next in Data Center Investing?
https://youtu.be/XITavRKbXF4?si=eDV53Vj3a0bj9AmM

What's Next for Data Center Real Estate?
https://youtu.be/H2FFJfm5wug?si=ITkZ2ILcyrqyXjn6

All video by Data Center Richness.

Supplemental music via Epidemic Sound
https://share.epidemicsound.com/60o8qx