Bitcoin Miners Emerge as 'Power Landlords' of AI Boom—And Revenue Will Surge: Bernstein

Wall Street analysts are betting that Bitcoin miners are softly becoming indispensable to the artificial quality manufacture arsenic “power landlords,” according to a probe enactment published Wednesday by Bernstein, the concern steadfast owned by Société Générale.

The report, which initiates sum connected 2 mining companies—TeraWulf and Cipher Digital, some assigned “Outperform” ratings—argues that erstwhile crypto-centric operators are uniquely positioned to lick 1 of AI's astir pressing bottlenecks: entree to large-scale, ready-to-use power.

The numbers underscore however rapidly the manufacture has transformed. Miners person struck 17 deals worthy much than $110 cardinal implicit the past 2 years, contracting retired astir 6 gigawatts of powerfulness to companies including Google, Amazon, Microsoft, Nvidia and CoreWeave—accounting for astir 10% of each AI information centers presently nether operation successful the United States.

"Bitcoin miners stay champion positioned to lick 'time to compute,'" the analysts wrote, pointing to the industry's planned 30-gigawatt powerfulness portfolio and its operational acquisition delivering what the study calls "warm powered shells"—facilities with energy already flowing, acceptable for computing hardware to determination in.

Bernstein projects that the aggregate AI gross of the companies it covers volition ascent from $1.2 cardinal this twelvemonth to $10.7 cardinal by 2030. TeraWulf, anchored by a concern with Fluidstack and Google, is expected to scope $1.7 cardinal successful AI gross by that point, with EBITDA margins approaching 84%. Cipher Digital, whose lawsuit basal is bulk hyperscaler, is projected to deed $1.2 cardinal successful AI gross with margins adjacent 93%.

The colocation exemplary the companies favor—leasing powered facilities nether long-term, take-or-pay contracts—has attracted peculiar capitalist attraction for its stability. Project financing markets are present covering 75-85% of operation costs for these facilities, Bernstein noted, astatine involvement rates good beneath the returns the underlying contracts generate.

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The study reflects a broader displacement successful however investors and exertion executives are reasoning astir powerfulness infrastructure. As request for AI computing accelerates, securing reliable energy astatine standard has go arsenic strategically important arsenic the chips themselves—and the miners who spent years chasing it present find themselves holding a invaluable asset.

Shares successful some TeraWulf (WULF) and Cipher Digital (CIFR) are down connected the time arsenic of this writing, but some person enactment up towering gains truthful acold successful 2026, with WULF up astir 122% and CIFR rising astir 69% during that aforesaid span.