Bitcoin miners are emerging as essential suppliers in the AI infrastructure supply chain, thanks to their vast power capacity and data center real estate, according to a new Bernstein research note. The analysts estimate publicly traded miners control over 27 gigawatts of planned power and have announced more than $90 billion in AI-related agreements.
Access to electricity, not chips, has become the main bottleneck for scaling AI data centers. Utility approvals can take over four years, even in states like Texas. Miners, already operating grid-connected sites, have a critical advantage.
Bernstein notes miners are diversifying into AI after the 2024 halving squeezed profits. Soluna Holdings reported a 58% revenue increase driven by data center hosting, and IREN is transitioning toward AI after a multi-billion-dollar deal with Microsoft.
