‘Follow the gigawatts’: Bernstein sees upside in several bitcoin miners amid $90 billion in AI data center deals

Bernstein analysts have issued positive ratings for several bitcoin miners, including IREN, Riot Platforms, CleanSpark, and Core Scientific, noting their strategic advantage in the AI infrastructure boom. As AI data center deals reach $90 billion, miners are positioned to leverage their existing power capacity—collectively exceeding 27 gigawatts—to meet the high energy demands of hyperscalers and cloud providers. While the firm notes significant regulatory and grid-related challenges, it maintains that miners possess a competitive edge due to their established grid access. However, the report also warns of sector-specific risks, such as environmental scrutiny, capital-intensive expansion costs, and potential missed opportunities in the bitcoin market if power resources are diverted away from mining.

(Source：The Block)