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Bitcoin mining deals seen as key to powering AI data centers
Bernstein points to more than 7.5 gigawatts of combined AI-related multi year contracts logged in July, equivalent to about $150 billion.
Bernstein analysts said Bitcoin mining deals with third party providers are increasingly necessary to address power and computing constraints facing artificial intelligence data centers, and the investment manager remains overweight on the Bitcoin mining sector, according to a research note shared with Cointelegraph. Bernstein’s Bitcoin mining industry deal tracker recorded a new AI related deal every week in July, with combined deals totaling more than 7.5 gigawatts, described as the contracted equivalent of $150 billion in multi year contracts.
The analysts argued that miners’ third party computing capacity should stay valuable because access to power remains the AI industry’s real bottleneck, alongside political pushback over building new US data centers. Cointelegraph also cited recent market moves tied to AI infrastructure deals, including double digit gains for Bitcoin mining stocks after Hut 8 and IREN announced major AI related announcements, including Hut 8’s 15 year $9.8 billion lease for an AI data center campus and IREN’s $2.8 billion in cloud services contracts with AI developers.
The article adds that other publicly traded miners are expanding into AI, including MARA’s plans to acquire a Texas site with up to 2 gigawatts of capacity, TeraWulf’s 20 year data center lease with Anthropic that it said could generate roughly $19 billion in contract revenue, and Bitdeer’s expansion into AI cloud services and high performance computing.
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