3 weeks ago
A tightening U.S. powerfulness grid is driving bitcoin (BTC) miners and AI developers into person alignment, according to Wall Street broker Bernstein.
Soaring request from AI and integer workloads has made grid entree 1 of the biggest constraints connected caller information halfway growth, with interconnection timelines stretching to 7 years successful immoderate regions, the broker said successful a study connected Friday.
Miners, who secured ample renewable powerfulness contracts years ago, present power much than 14 gigawatts (GW) of capableness and connection AI providers a shortcut to scale, analysts led by Gautam Chhugani wrote.
Sites owned by IREN (IREN) and Riot Platforms (RIOT) tin chopped deployment clip by up to 75% compared with greenfield projects, the analysts wrote.
The assemblage is riding broader momentum. Bloomberg reported that Microsoft expects information halfway shortages to persist done 2026 arsenic unreality and AI request outpaces its infrastructure buildout. The surge successful request for high-performance computing is fueling optimism that bitcoin miners tin capitalize by expanding into AI and information halfway operations.
Because bitcoin facilities already tally astatine precocious powerfulness densities and person precocious cooling systems, they tin beryllium retrofitted for high-performance AI workloads acold faster and cheaper than caller builds, Bernstein said.
The broker called miners “strategic enablers” of the AI buildout and named IREN its apical pick, with an outperform standing and a $75 terms target.
IREN was 5.7% higher successful aboriginal trading Friday, astir $67.50.
Read more: Bitcoin Miners Rally successful Pre-Market arsenic Sector Nears $90B Market Cap
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