Bitcoin miners are cementing their position as key players in the artificial intelligence infrastructure supply chain, leveraging their control over vast amounts of electrical capacity and data center land. According to a new report from the Bernstein research team, publicly listed Bitcoin miners currently oversee more than 27 gigawatts of planned electricity capacity and have announced AI sector deals worth $90 billion, covering 3.7 gigawatts of capacity. These agreements also involve major data center operators, next-generation cloud service providers, and chip manufacturers.
Electricity and data center capacity become crucial
A RAND report dated April 29 indicates that the United States is expected to add roughly 82 gigawatts of net new electricity capacity by 2030. The real bottleneck in the sector is no longer chip manufacturing but securing access to electricity. Bernstein highlights that connecting new data centers to the grid can take over four years, with significant delays in even the most data center–friendly regions like Texas due to lengthy utility connection queues.
Analysts point out that the average wait time to secure one gigawatt of electricity now approaches 50 months, and even politically supportive states such as Texas are struggling with slow-moving connection queues.
These lengthy delays create a competitive edge for Bitcoin miners, who are already integrated with the power grid and familiar with high-density computing infrastructure, enabling them to accelerate large-scale data center investments.
Glossary: Halving is a critical Bitcoin protocol event that halves block rewards awarded to miners roughly every four years. This directly affects mining revenues and can drive market fluctuations.
Miners look for new revenue streams
The report notes that after the 2024 Bitcoin halving, which reduced block rewards and squeezed profit margins, miners have increasingly sought alternative income sources. Many companies are now expanding beyond mining into data centers and high-performance computing operations focused on AI.
A clear example is Soluna Holdings, which recorded a 58% increase in first-quarter revenue, largely thanks to the expansion of its data center services. The proportion of revenue from crypto mining dropped significantly as a result, highlighting the company’s strategic pivot.
IREN and Microsoft partnership takes center stage
Bernstein identifies IREN as a leading example in the shift toward AI infrastructure. The company is expected to undergo a major transformation following several billion-dollar deals with Microsoft, potentially making AI data center operations IREN’s primary revenue stream instead of crypto mining.
As regulations become stricter and local communities escalate their opposition to large data center investments, miners’ existing access to electricity and land gives them a notable competitive advantage over rivals.
Comparison table: Bitcoin miners and AI
| Company | AI Deal Value | Planned Electricity Capacity (GW) | Partner Companies | Main Driver of Profit Growth |
|---|---|---|---|---|
| IREN | Multiple billions of dollars | Several GW | Microsoft | AI data center agreements |
| Soluna Holdings | Not disclosed | Not disclosed | Various | Rising data center services revenue |
| Other major miners (combined) | Total $90 billion | 27 GW planned | Hyperscalers, neocloud, chip makers | Comprehensive new infrastructure deals |
In summary, Bitcoin miners have positioned themselves favorably at a time of rapidly growing AI demand, thanks to their robust infrastructure and control of electricity capacity. This trend is expected to drive further diversification in the mining sector in the coming years.
