Bitcoin Miners Position as AI Infrastructure Partners Amid Power Demand Surge

Bitcoin miners are increasingly being positioned as critical infrastructure providers in the artificial intelligence sector as demand for electricity and data centre capacity accelerates across the United States. Bernstein analysts identified mining companies with access to large-scale power resources as holding a significant advantage in the AI buildout, noting that Bitcoin miners now control more than 27 gigawatts of planned US power capacity. This development follows reports that Google and Blackstone are preparing a joint AI cloud initiative, with Blackstone expected to invest US$5 billion (AU$7.05 billion) while maintaining majority ownership. The venture has intensified industry focus on electricity shortages and data centre bottlenecks. Analysts highlighted that connecting new large-scale power supplies to the grid can take more than four years in many regions, creating operational delays for hyperscalers and cloud providers attempting to expand operations.

Power Access Gives Miners New Role

Several mining companies have already begun 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 expanded hosting agreements with cloud computing firm CoreWeave.

Bernstein 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.

Analyst Assessment

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