Bitcoin Miners Emerge as Unexpected Winners in the AI Infrastructure Boom

Bitcoin miners are increasingly being viewed as critical infrastructure providers in the artificial intelligence sector as demand for electricity and data centre capacity accelerates across the United States. Bernstein analysts said mining companies with access to large-scale power resources may hold a significant advantage in the AI buildout.

The comments followed reports that Google and Blackstone are preparing a joint AI cloud initiative built around Google’s chip technology. Blackstone is expected to invest US$5 billion (AU$7.05 billion) in the venture while maintaining majority ownership.

Bernstein said Bitcoin miners now control more than 27 gigawatts of planned US power capacity, making them attractive partners for AI companies facing growing energy shortages. Analysts noted that connecting new large-scale power supplies to the grid can take more than four years in many regions, creating delays for hyperscalers and cloud providers attempting to expand operations.

The brokerage also pointed to more than US$90 billion (AU$126.9 billion) in AI-related contracts announced by mining firms, representing roughly 3.7 gigawatts of infrastructure capacity. These agreements span hyperscalers, AI cloud operators and chipmakers.
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Power Access Gives Miners New Role 

Several mining companies have already started repositioning themselves beyond cryptocurrency operations. IREN has promoted both Bitcoin mining and AI cloud services within its strategy, while Riot Platforms has discussed opportunities linked to AI and high-performance computing. Core Scientific has also expanded hosting agreements with cloud computing firm CoreWeave.

Bernstein assigned Outperform ratings to IREN, Riot Platforms, CleanSpark and Core Scientific, arguing that miners continue to benefit from existing grid-connected facilities and operational infrastructure already under development. However, the firm also warned the industry faces execution risks, policy uncertainty and environmental scrutiny related to energy consumption.

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