Bitcoin Miners Emerge as 'Power Landlords' of AI Boom—And Revenue Will Surge: Bernstein
Wall Street analysts at Bernstein say Bitcoin miners are becoming key suppliers of AI infrastructure by acting as “power landlords,” because they already control large amounts of ready-to-use electricity. Bernstein initiated coverage on TeraWulf and Cipher Digital with Outperform ratings, arguing miners are well positioned to solve AI’s biggest bottleneck: fast access to power. Over the past two years, miners have signed 17 deals worth more than $110 billion and contracted about 6 gigawatts of power with firms including Google, Amazon, Microsoft, Nvidia, and CoreWeave, covering roughly 10% of U.S. AI data centers under construction. Bernstein expects the covered companies’ AI revenue to rise from $1.2 billion this year to $10.7 billion by 2030. The favored model is long-term colocation contracts for powered facilities, which investors like for their stability and financing support.
