Why does Bernstein think Bitcoin miners are becoming important for AI infrastructure?

Bernstein said Bitcoin miners already control large amounts of power capacity and data centre infrastructure, which are becoming scarce resources in the AI boom. As AI companies race to build new computing clusters, access to electricity and grid connections has become more valuable than simply securing chips.

How much power capacity do Bitcoin miners control?

Bernstein estimates publicly traded Bitcoin miners control more than 27 gigawatts of planned power capacity. The firm also said miners have announced over $90 billion in AI-related agreements covering 3.7 gigawatts with hyperscalers, neocloud firms and chipmakers.

Why is electricity becoming the biggest bottleneck for AI data centres?

AI data centres require massive amounts of electricity to run high-performance computing systems and cooling infrastructure. Bernstein said utility approvals for new grid connections can take more than four years, slowing the expansion of AI computing capacity.

Why do Bitcoin miners have an advantage over traditional AI infrastructure developers?

Bitcoin miners already operate grid-connected facilities built for energy-intensive computing workloads. That gives them a head start because many AI companies still need to secure land, permits, power access and cooling systems before building data centres.

How did the 2024 Bitcoin halving affect miners?

The 2024 Bitcoin halving reduced mining rewards, putting pressure on profitability across the sector. Bernstein said many miners are now diversifying into AI hosting and high-performance computing to create more stable revenue streams.

What companies are benefiting from the shift toward AI infrastructure?

Soluna Holdings reported a 58% increase in first-quarter revenue, mainly driven by its data centre hosting business rather than crypto mining. Bernstein also highlighted IREN as a major beneficiary due to its AI-related agreements with Microsoft.

Why are hyperscalers interested in Bitcoin mining sites?

Hyperscalers such as major cloud providers need fast access to large-scale computing power and electricity for AI expansion. Bitcoin mining facilities already provide high-density power infrastructure that can be adapted for AI workloads more quickly than building entirely new sites.

What does this trend mean for Bitcoin mining stocks?

Investors may increasingly value miners based on their power assets and AI hosting potential rather than only Bitcoin production. That could change how the market prices mining companies, especially those with strong energy access and large-scale infrastructure.

Image for illustrative purposes only. Not a real photo.

Bitcoin miners pivot into AI power suppliers

Written by Mahathir BayenaPublished May 20, 2026, 12:31 AM

Bitcoin miners are becoming increasingly important suppliers in the artificial intelligence infrastructure market because they already control scarce power capacity and grid-connected data centre sites, according to research from Bernstein.

Bernstein analysts estimated publicly traded Bitcoin miners control more than 27 gigawatts of planned power capacity and have announced more than $90 billion in AI-related agreements covering 3.7 gigawatts with hyperscalers, neocloud providers and semiconductor companies.

“The median waiting time to secure a GW of power is nothing less than ~50 months across states,”

Bernstein analysts Gautam Chhugani, Mahika Sapra, Sanskar Chindalia and Harsh Misra wrote in the research note.

The report argued electricity access has overtaken chip supply as the primary bottleneck for scaling AI data centres because utility providers can take more than four years to approve new grid connections, including in data centre-heavy states such as Texas.

Bernstein said growing regulatory scrutiny and local opposition to large-scale data centres are increasing the value of existing mining facilities because Bitcoin miners already operate energy-intensive, high-density computing infrastructure connected to the grid.

The firm added that many miners are diversifying into AI infrastructure following the 2024 Bitcoin halving, which reduced mining rewards and pressured profit margins, prompting operators to seek new revenue streams from AI hosting and high-performance computing.

Soluna Holdings recently reported a 58% increase in first-quarter revenue driven mainly by data centre hosting, while Bernstein identified IREN as a leading example of the transition following multibillion-dollar AI-related agreements with Microsoft.

At the time of reporting, Bitcoin price was $76,497.29.