- Analysts from Bernstein have initiated coverage with “Outperform” ratings for mining firms TeraWulf (WULF) and Cipher Digital (CIFR).
- Bitcoin miners have signed 17 deals worth over $110 billion in two years, supplying 6 GW of power to AI hyperscalers.
- Bernstein projects AI revenue across its coverage will surge from $1.2 billion in 2026 to $10.7 billion by 2030.
Wall Street analysts at Bernstein revealed on Wednesday that Bitcoin miners are emerging as essential power providers for the Artificial Intelligence industry. Their new report argues these companies solve AI’s critical need for scalable, readily available electricity.
Consequently, miners have secured 17 major deals with firms like Google, Amazon, and NVIDIA. These contracts, worth over $110 billion, cover roughly 6 gigawatts of power and represent 10% of U.S. AI data centers under construction.
Bernstein analysts wrote “Bitcoin miners remain best positioned to solve ‘time to compute.'” The industry’s planned 30-gigawatt portfolio and experience delivering “warm powered shells” give them a unique advantage.
Meanwhile, the firm projects explosive revenue growth from these AI partnerships. It expects aggregate AI revenue to climb ninefold, from $1.2 billion this year to $10.7 billion by 2030.
TeraWulf, anchored by its partnership with Fluidstack and Google, is projected to reach $1.7 billion in AI revenue by 2030. Its rival, Cipher Digital, is forecast to hit $1.2 billion.
The stable, long-term “take-or-pay” colocation model is particularly attractive to investors. Project financing now covers most construction costs at favorable interest rates.
This shift underscores how critical power infrastructure has become for AI development. Bitcoin miners, once focused solely on crypto, now find themselves holding strategically valuable energy assets.
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