Bitcoin Miners Become Strategic AI Infrastructure Partners During Energy Crisis - Bernstein Analysis

According to Wall Street brokerage Bernstein, constraints in the U.S. power grid are creating strategic partnerships between Bitcoin (BTC) miners and AI developers. Soaring demand from artificial intelligence and digital workloads has made grid access a major bottleneck for new data center expansion, with some regions facing interconnection wait times of up to seven years. Bitcoin miners who secured substantial renewable energy contracts years ago now control over 14 gigawatts of capacity, offering AI providers a significant shortcut to scaling operations. Analysts led by Gautam Chhugani noted that sites operated by IREN (IREN) and Riot Platforms (RIOT) can reduce deployment timelines by up to 75% compared to greenfield projects. The sector benefits from broader industry momentum, with Microsoft reportedly expecting data center shortages to continue through 2026 as cloud and AI demand outpaces infrastructure development. Bernstein emphasized that Bitcoin mining facilities, with their high power density requirements and advanced cooling systems, can be retrofitted for high-performance AI workloads much faster and more cost-effectively than new constructions. The brokerage identified miners as "strategic enablers" of AI expansion and designated IREN as its top pick with an outperform rating and $75 price target. IREN shares rose 5.7% in early Friday trading to approximately $67.50.