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Bitcoin Miners Become Unexpected Powerhouses in the AI Boom

From crypto to AI: How Bitcoin miners are quietly solving the tech industry's power crisis. Their undervalued assets could redefine high-performance computing.

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2 min read
The image shows a large room filled with lots of servers, with a floor at the bottom, a ceiling...
The image shows a large room filled with lots of servers, with a floor at the bottom, a ceiling with lights at the top, and a wall in the background. It appears to be a data center.

Bitcoin Miners Become Unexpected Powerhouses in the AI Boom

Bitcoin miners are gaining attention as key players in the AI boom. According to Bernstein Research, their vast power capacity could make them vital to the industry’s growth. Yet, despite this potential, their market valuations remain far below those of traditional AI data-centre operators.

The shift comes as miners reposition themselves as providers of ‘warm powered shells’—ready-made sites with land, power, and data-centre infrastructure for AI and high-performance computing. Bernstein’s analysis highlights a stark valuation gap. Bitcoin miners currently trade at around a 90% discount compared to established AI data-centre operators. This undervaluation persists even as demand for AI infrastructure outpaces the ability of utilities and regulators to expand power supplies.

The firm argues that miners holding cheap, flexible power are now ‘power players’ in the AI race. Their existing capacity—over 27 GW planned—dwarfs the 3.7 GW tied to announced AI projects. With new AI campuses delayed by environmental reviews, grid bottlenecks, and permitting battles, miners offer a faster solution.

Several companies are already capitalising on this trend. IREN plans to deploy up to 5 GW of AI infrastructure using NVIDIA’s DSX AI Factory design. Riot has secured a 10-year, $311 million lease with AMD, scaling to 200 MW at its 700 MW Rockdale, Texas, facility. Bernstein has given ‘outperform’ ratings to IREN, Riot, CleanSpark, and Core Scientific, with some stocks projected to see triple-digit gains.

The firm’s message is clear: ‘Follow the Gigawatts.’ As miners pivot their power capacity toward AI data centres, their role in the tech sector is evolving rapidly. The market has yet to fully recognise the strategic advantage of Bitcoin miners in the AI expansion. Their existing infrastructure and power access position them as critical enablers for high-performance computing. Bernstein’s projections suggest significant upside for those leading the shift—if the sector’s potential is priced in.

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