Bitcoin miners expand into AI data center power and colocation deals

Companies operating large-scale Bitcoin mining facilities are increasingly positioning themselves as critical infrastructure providers for the artificial intelligence sector, leveraging their control of substantial electrical power and data center space. According to an analysis from investment bank Bernstein, publicly traded cryptocurrency mining firms collectively control more than 27 gigawatts of planned power capacity in the United States and have announced AI-related contracts valued at over $90 billion, covering approximately 3.7 gigawatts of that capacity.

The strategic shift comes as access to electricity has emerged as the primary bottleneck for expanding AI data center operations. Securing a single gigawatt of grid-connected power can require more than four years in most U.S. states due to lengthy interconnection queues and permitting processes. This constraint is prompting major technology firms and cloud operators to seek partnerships with entities that already possess operational, power-ready sites.

Bitcoin mining companies, with their existing grid connections and experience managing high-density computing facilities, are seen as natural partners. Bernstein...