In a significant development within the tech landscape, Bitcoin miners are increasingly becoming integral to the infrastructure supply chain for artificial intelligence (AI). A recent research note from Bernstein highlights the substantial role these miners play due to their control over large amounts of power capacity and valuable data center real estate, which are critical assets in the AI sector.
Analysts Gautam Chhugani, Mahika Sapra, Sanskar Chindalia, and Harsh Misra point out that publicly traded Bitcoin miners currently control over 27 gigawatts of planned power capacity. Moreover, they have secured more than $90 billion in AI-related agreements, encompassing around 3.7 gigawatts with hyperscalers, neocloud providers, and chip manufacturers. This aligns with projections from a RAND research brief indicating that the United States is expected to add approximately 82 gigawatts of additional net available capacity by 2030.
The report emphasizes a crucial bottleneck in scaling AI data centers: access to electricity. Securing new grid connections, a process that can take utilities more than four years, can hinder the growth of these facilities. In Texas, a state recognized for its data center-friendly policies, the median waiting period to secure one gigawatt of power is approximately 50 months. This cumbersome process is exacerbated by regulatory scrutiny and local opposition to large-scale data centers, further extending delays.
In contrast, Bitcoin miners, having established grid-connected operations and the expertise to manage high-density computing facilities, have a notable advantage in this environment. Their existing infrastructure allows them to circumvent some of the complications faced by new entrants in the AI space.
This shift towards AI infrastructure is partly driven by changing dynamics in the Bitcoin mining sector itself. Following the 2024 halving—which has reduced mining rewards and increased pressure on profit margins—Bitcoin miners are diversifying their operations to explore new revenue streams. According to Bernstein, many miners are transitioning from solely focusing on Bitcoin production to developing AI data centers and high-performance computing facilities as part of their growth strategy.
A notable case is Soluna Holdings, which reported a remarkable 58% increase in first-quarter revenue primarily due to its data center hosting business, indicating a shift in business priorities. Similarly, IREN has been identified as a key player in this transition, with multi-billion-dollar agreements with Microsoft positioning it well to adapt its business model toward AI infrastructure.
This trend may signal a fundamental shift in the operational landscape for both Bitcoin miners and AI providers, as the intertwining of these sectors could redefine future strategies and investments in technology.
