Key highlights:

  • Bernstein says Bitcoin miners must expand into AI infrastructure as power becomes the industry's most valuable asset.
  • AI-related mining deals have surpassed 7.5 gigawatts, representing roughly $150 billion in long-term contracts.
  • Hut 8, IREN, MARA, TeraWulf and Bitdeer are rapidly repositioning their businesses beyond Bitcoin mining.

AI is transforming the future of Bitcoin mining

Bitcoin mining companies are no longer competing solely on hash rate. According to a new research note from Bernstein, the industry's next phase of growth will depend on its ability to supply power infrastructure to artificial intelligence companies.

The investment firm maintained its outperform rating on several leading Bitcoin mining stocks, arguing that miners with large power portfolios are uniquely positioned to benefit from surging AI demand.

Bernstein estimates that AI-related partnerships announced by publicly traded Bitcoin miners have already surpassed 7.5 gigawatts of computing capacity, translating into more than $150 billion in contracted multi-year revenue opportunities.

The report suggests that electricity—not graphics processors—is quickly becoming the most valuable resource in the AI race.

Power has become AI's biggest bottleneck

Demand for AI infrastructure continues to outpace available power capacity, forcing cloud providers and AI developers to search for alternative hosting locations.

Bernstein believes Bitcoin miners are emerging as natural partners because they already control large-scale energy infrastructure capable of supporting hyperscale AI data centers.

Given that technology companies can lease existing power capacity from mining operators, deployment timelines are slashed while avoiding the lengthy permitting process required for greenfield developments.

The firm also noted that growing political resistance toward new AI data center construction in the United States further increases the value of existing powered sites.

Billion-dollar AI deals reshape mining industry

July has already produced a wave of high-profile partnerships between Bitcoin miners and AI firms.

Hut 8 recently signed a 15-year lease valued at approximately $9.8 billion for its AI-focused data center campus.

Just three days ago, IREN followed with $2.8 billion in cloud infrastructure agreements designed to support AI developers, signaling that miners are beginning to generate more predictable long-term revenue outside traditional Bitcoin mining.

Elsewhere, TeraWulf secured a 20-year lease agreement with Anthropic back in Early July, a deal expected to generate roughly $19 billion over its lifetime.

Meanwhile, MARA Holdings announced plans to acquire a Texas site capable of supporting up to 2 gigawatts of AI and digital infrastructure, while Bitdeer continues expanding into AI cloud computing and high-performance computing services.

The rapid pace of announcements prompted Bernstein's analysts to describe July as one of the busiest months yet for AI-miner partnerships.

Mining stocks increasingly becoming AI infrastructure plays

Bernstein argues that the market is beginning to value Bitcoin miners less as cryptocurrency producers and more as owners of scarce energy infrastructure.

As AI demand accelerates, predictable leasing revenue from cloud computing and data center contracts could help reduce miners' dependence on Bitcoin price cycles.

While Bitcoin mining remains an important business, the firm's latest outlook suggests that access to power may become the industry's defining competitive advantage.

With AI infrastructure spending continuing to accelerate and new data center development facing mounting political resistance, miners capable of converting excess power capacity into long-term AI contracts could emerge as some of the biggest beneficiaries of the next wave of AI investment.