Bitcoin Miners Poised to Cash In on $90B AI Boom: Power Beats Bitcoin

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<a href="https://bbg-news.com/btc-usd/">Bitcoin</a> miners tipped as key winners in $90b AI data center boom

The growing need for electricity to run artificial intelligence is boosting demand for data centers, and this is unexpectedly turning Bitcoin mining companies into important players in that infrastructure. Bernstein estimates that nearly $90 billion in new AI partnerships could significantly change how the industry operates.

Summary

  • Bernstein says “Follow the Gigawatts” as miners pivot power capacity into AI data centers.
  • Bitcoin miners control more than 27 GW of planned power capacity versus roughly 3.7 GW tied to announced AI deals.
  • IREN, Riot, CleanSpark, and Core Scientific earn “outperform” ratings with triple‑digit upside projected for some names.

New research from Bernstein suggests that the rapid growth of AI data centers is putting a strain on the U.S. power grid. This is unexpectedly turning Bitcoin miners – previously seen as risky ventures – into essential players in providing the necessary computing power. The report, reviewed by The Block, highlights that miners are benefiting from the AI boom because they already own large, powered facilities in areas with abundant energy. Bernstein estimates over $90 billion in AI infrastructure deals have been announced, requiring about 3.7 gigawatts of power, and believes that access to this power will be the key factor driving the expansion of AI.

A new report identifies IREN, Riot Platforms, CleanSpark, and Core Scientific as leading companies in the Bitcoin mining sector, giving each a strong “buy” recommendation. Analysts predict IREN could reach $100 per share (a potential 98% increase), and CleanSpark could hit $24 (about 78% above its current price). The report emphasizes that a miner’s power capacity and deals to host artificial intelligence are becoming more important to investors than the amount of Bitcoin they produce. Specifically, miners with AI contracts are currently valued at around $6 million per megawatt of power capacity, twice the $3 million valuation of miners focused solely on Bitcoin.

Miners’ 27 GW edge in a power‑starved AI race

Bernstein Research estimates that Bitcoin mining operations currently account for over 27 gigawatts of planned power capacity worldwide. This gives them a significant advantage over new AI data centers, which often face long delays – sometimes years – just to connect to the power grid. For example, getting a 1 gigawatt connection approved and activated in some parts of the U.S. can take up to 50 months. Many Bitcoin mining facilities, however, are already built near large-scale power infrastructure. Because of this, miners are increasingly seen as potential providers of ready-made facilities – including land, power, and buildings – for AI and high-performance computing, allowing companies to quickly deploy GPUs without lengthy construction processes.

IREN is a key player in this story, having shifted from solely mining Bitcoin to providing computing power for artificial intelligence. They’ve formed a major partnership with NVIDIA to build up to 5 gigawatts of AI infrastructure using NVIDIA’s technology. This deal involves IREN deploying NVIDIA-powered computing across its data centers, starting with a 2-gigawatt campus in Texas. NVIDIA has the option to purchase up to 30 million IREN shares over five years and plans to spend approximately $3.4 billion on GPU cloud services during that time. Meanwhile, Riot Platforms has entered a 10-year lease agreement with AMD worth $311 million. This begins with 25 megawatts of data center capacity at Riot’s Texas facility, with the potential to expand to 200 megawatts, further solidifying Riot’s focus on AI and high-performance computing.

Upside, risks, and the Bitcoin cycle trade‑off

According to Bernstein’s analysis, the market isn’t fully recognizing the potential value of Bitcoin mining companies. They currently trade at a significant discount – around 90% – compared to traditional AI data center companies, despite playing a crucial role in the AI industry. For instance, Riot Platforms’ future data center in Corsicana, Texas, is already valued at $3 billion, even before it starts generating substantial income, highlighting investor excitement about its potential for AI hosting. Core Scientific’s value is also shifting rapidly, with Bernstein estimating that 86% of its total value now comes from its AI business, while only 14% is tied to traditional Bitcoin mining.

The report acknowledges potential challenges. Bernstein points out that building new AI facilities can be slowed down by environmental reviews, limited electricity grid capacity, and local approval processes. It also warns that if mining companies focus too much on providing space for AI and less on Bitcoin mining itself, they could miss out on profits when Bitcoin demand increases, especially after events that typically boost its value. However, with demand for AI data centers growing faster than the ability to supply power, Bernstein emphasizes that miners with access to affordable, flexible power sources are in a strong position in the growing competition for AI resources – and the market is just starting to recognize this.

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2026-05-19 16:48