Bitcoin miners have now begun to take on an increasingly important role in the artificial intelligence infrastructure supply chain, with their large electricity capacity and data center lands. Publicly traded Bitcoin miners currently control more than 27 gigawatts of planned electricity capacity and have announced deals for the AI industry worth $90 billion, covering 3.7 gigawatts of capacity, according to a new report from the Bernstein analysis team. These agreements; It also includes giant data center operators, next-generation cloud service providers and chip manufacturers.
Electricity and data center capacity stand out
In RAND’s report dated April 29, it was stated that approximately 82 gigawatts of additional net electricity capacity is expected to be added in the USA by 2030. The real bottleneck in the sector is now experienced in electricity access beyond chips. Bernstein noted that it can sometimes take longer than four years for new data centers to connect to the grid; He stated that even in regions open to data center investments, such as Texas, public service providers impose serious waiting periods in connection processes.
According to analysts, “The average wait to obtain a gigawatt of electricity is approaching 50 months, and transaction queues have become a slowing factor even in politically aligned states like Texas.”
These long waits point to a point where Bitcoin miners have an advantage. Miners who are already operating integrated into the grid and accustomed to high-density computing infrastructure can speed up processes in large new data center investments.
Mini dictionary: Halving is an important protocol in which the block reward given to Bitcoin miners is halved approximately every four years. This process directly affects mining revenue and can lead to market fluctuations.
Miners are looking for new revenue models
The report stated that Bitcoin miners are turning to alternative income sources due to decreasing rewards and narrowing profit margins, especially after the halving in 2024. Many companies have moved beyond Bitcoin production and begun investing in AI-driven data center and high-performance computing.
A recent example that clearly demonstrates this was Soluna Holdings’ increase in revenue by 58 percent in the first quarter. The company owes this growth mostly to its expansion in data center services; crypto mining, on the other hand, significantly reduced its share in total sales.
IREN and Microsoft collaboration came to the fore
Bernstein cited IREN as one of the leading examples in the trend of transitioning to AI infrastructure. With the company’s multi-billion dollar deal with Microsoft, a radical transformation in its business model is expected. According to Bernstein, IREN’s move could shift the company’s main source of income from crypto mining to AI infrastructure operation.
With ever-tightening regulation and growing backlash from local communities against large data center investments, miners who already command electricity and land have gained a distinct advantage over their rivals.
Comparison chart of Bitcoin miners and AI
| Company | AI Agreement Amount | Planned Electricity Capacity (GW) | Collaborating Companies | Main Factor in Profit Increase |
|---|---|---|---|---|
| IREN | More than one billion dollars | several GW | Microsoft | AI data center deals |
| Soluna Holdings | Not disclosed | Not disclosed | Various | Increased revenue from data center services |
| Other major miners (bulk) | Total 90 billion dollars | 27 GW planned | Hyperscaler, neocloud, chip manufacturers | Comprehensive new infrastructure agreements |
As a result, Bitcoin miners are in an advantageous position with their infrastructure and electricity capacity in a period when the demand for artificial intelligence is rapidly increasing. This trend is expected to lead to greater diversification in the mining industry in the coming years.
