Bernstein Labels Bitcoin Miners as Vital AI Infrastructure
Research and brokerage firm Bernstein reports that Bitcoin miners are prime beneficiaries of the massive global surge in AI infrastructure demand. Analysts revealed over $90 billion in active AI data center deals, spanning 3.7 gigawatts of capacity across hyperscalers and chip providers. Consequently, Bernstein issued “Outperform” ratings for several leading crypto miners.
Top Crypto Mining Picks Positioned for Massive Upside
Bernstein set highly optimistic price targets for several industry players due to their immense power access. The firm assigned a $100 target to IREN, a $25 target to Riot Platforms, and a $24 target to both CleanSpark and Core Scientific. Meanwhile, MARA Holdings was maintained at “Market Perform” with a $23 price target.
Energy Control Gives Miners a Major Competitive Edge
Securing a single gigawatt of power can take nearly 50 months in constrained U.S. markets like Texas. However, Bitcoin miners collectively control over 27 gigawatts of planned power capacity, giving them a massive advantage. Key partnerships include IREN’s 5-gigawatt AI compute project with Nvidia and Riot’s 50-megawatt colocation deal with AMD.
Regulatory Obstacles and Operational Risks Remain
Despite the clear financial upside, Bernstein warns that data centers face steep regulatory, environmental, and permitting hurdles. Core Scientific risks missing out on Bitcoin bull cycles by pivoting too much power toward AI workloads. Additionally, Riot face regional policy shifts in Texas, while MARA deals with vulnerabilities from external power providers.
