Bernstein research highlights that Bitcoin miners collectively control over 27GW of planned power capacity and have signed more than $90 billion in AI contracts, positioning them as critical suppliers for the AI boom. This follows a reported Google/Blackstone AI cloud alliance, which underscores power availability as the central bottleneck in AI infrastructure buildout. Miners like IREN, Riot Platforms, Core Scientific, and HUT 8 are locking in major partnerships, often involving equity commitments that align both sides on scaling up capacity. The dynamic places miners in a strategically resilient position, as hyperscalers and neoclouds alike need grid-connected, shovel-ready power. Bernstein has outperform ratings on IREN, Riot Platforms, CleanSpark, and Core Scientific.

Key facts

• Bitcoin miners control over 27GW of planned power capacity in the US.
• Miners have signed over $90 billion in AI contracts covering 3.7GW capacity.
• IREN struck a $3.4 billion deal with Nvidia including $2.1B equity commitment.
• Riot Platforms and Core Scientific have AI colocation deals with AMD and others.
• Bernstein rates IREN, Riot, CleanSpark, and Core Scientific as outperform.

KeyAudit data perspective