Bitcoin miners tipped as main winners in $90b AI data center boom

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According to Bernstein‘s latest research, Bitcoin miners are emerging as pivotal players in the $90 billion AI data center boom. They now control 27 gigawatts of pre-approved power capacity and advanced cooling infrastructure—essential for hyperscale AI operations. The firm issued Outperform ratings to IREN, Riot Platforms, CleanSpark, and Core Scientific. IREN was called the top pick with a $75 per share price target and advanced AI readiness, setting it apart from competitors in hosting enterprise-scale workloads.

Miners’ 27 GW edge in a power-starved AI race

North American Bitcoin miners collectively hold 27 gigawatts of permitted and energized industrial power—nearly double the US data center load of just three years ago. Analysts say this capacity dwarfs the grid allocations available to most new entrants. In saturated digital infrastructure hubs like Texas and Virginia, new projects face multiyear waitlists for utility approval.

The 90-kilowatt per rack requirement for NVIDIA’s H100 chips matches what many mining facilities already support via proprietary immersion and liquid cooling retrofits.

$90 Billion: The AI Data Center Prize for Miners

Bernstein’s core thesis centers on a projected $90 billion wave of AI infrastructure spending. That wave of investment drives demand for power and cooling systems already owned by Bitcoin miners. Miners can now lease or retrofit sites for AI hyperscalers. Many are becoming landlords for the fastest-growing cloud customers on the planet. Because most North American miners already completed long, multi-year grid approval processes, their capacity can be rented at a premium.

AI has killed Bitcoin forever.

It became Bitcoin mining’s biggest competitor.

Not another crypto.

AI.

Because both industries compete for the same thing:
electricity.

And right now, AI is willing to pay much more for it.

Bitcoin mining revenue per MW:
$57 – $129

AI data… pic.twitter.com/gN23lvRSl2

— Ran Neuner (@cryptomanran) March 15, 2026

Core Scientific’s $3 billion AI hosting agreement with CoreWeave puts theory into action.

Upside, risks, and the Bitcoin cycle trade-off

Pivoting from pure-play mining to AI hosting brings two benefits right away. Revenue per megawatt jumps with premium AI colocation contracts. That income is less beholden to the boom-bust cycles of Bitcoin’s price. Data show AI hosting can command double or more the profit margins available from spot mining, as demonstrated by Core Scientific’s multi-billion-dollar CoreWeave contract.

Bitcoin miners are pivoting to AI. Fast.

By December, 70% of combined revenue at listed miners projected to come from AI – up from 30% today.

Bitcoin mining margins: 60%.
AI data centre margins: c. 85%.

MARA sold $1bn in Bitcoin to fund AI infrastructure. Cipher divested… pic.twitter.com/soWqqtkBeD

— Nic (@nicrypto) April 15, 2026

As more power shifts to AI contracts, miners become less reliant on Bitcoin block rewards.

To compete for enterprise AI tenants, mining facilities designed for single-purpose ASIC hardware need cooling upgrades, network redesigns, and reliability testing.

$3B+ — Core Scientific’s CoreWeave AI hosting deal

Contracted megawatts for AI hosting, partner quality, and utilization rate now matter more than hash rate or Bitcoin reserve.

The picks and the logic

Bernstein’s May 2026 report issued Outperform ratings for IREN, Riot Platforms, CleanSpark, and Core Scientific.

Core Scientific’s CoreWeave partnership brought in more than $3 billion in contracts, establishing the business case for colocation across the sector.

The prize is now stable revenue, not just margin per coin.

Why miners, specifically

Execution risk is real

Advanced facilities like IREN are already committing to retrofits—ultra-high-density networking and best-in-class cooling are now the standard. But many legacy Bitcoin sites can’t keep up, stuck with outdated air systems unable to handle dense GPU clusters. Upgrading to the bar expected by enterprise AI clients often adds $100 million or more for every 100-megawatt retrofit.

Tenant quality, utilization ramp-up, and ongoing capital needs all introduce new operational stress. Miners weigh upfront AI deal windfalls against keeping stable Bitcoin revenue.

All-American Bitcoin: Geographic Edge in the AI Land Grab

US miners are especially well-placed for the AI surge thanks to the scale and redundancy of the North American grid.

Who Will Mine Bitcoin Now?

As top public miners steer more capacity toward AI, smaller operators will move in to fill the pure-play Bitcoin mining gap left behind.

Conclusion

Bitcoin miners have a chance to unlock enormous new income streams by supplying critical infrastructure to the AI and cloud industries. But it will require deep technical, operational, and financial upgrades. The $90 billion AI data center boom has changed the rules.

With 27 GW of permitted capacity and proven cooling assets, leaders like IREN, CleanSpark, Riot Platforms, and Core Scientific are now central to the next phase of AI expansion.

For continued analysis of Bitcoin miner transitions and the digital infrastructure reshuffle, see additional reports at Bitcoin and AI infrastructure. To track the latest in mining, AI hosting, and sector pivots, revisit this hub as new reports and metrics emerge each quarter.