Research firm Bernstein has revealed its stance regarding a group of publicly traded Bitcoin miners. According to the firm, these companies with large power footprints could benefit from a surge in demand for artificial intelligence infrastructure.
The firm assigned Outperform ratings to four miners, showing a public report citing Bernstein research. The list holds the names of IREN Limited, Riot Platforms, CleanSpark, and Core Scientific. The brokerage’s note is not publicly available. However, reports mention that Bernstein views access to power and existing infrastructure as increasingly valuable. It enables these companies to expand investments in AI computing. This comes in after a surge in demand for data centers.
Bernstein highlights miners to benefit from AI boom
Training and operating AI systems need a large amount of electricity, land, and cooling capacity. This has already created pressure on the already stretched power infrastructure in the United States. Core Scientific offers the strongest public example of this. Of the four miners, Core Scientific has moved furthest into AI-related hosting through agreements with cloud computing company CoreWeave.
Back in June 2024, the company said that it would provide roughly 200 megawatts (MW) of infrastructure to support CoreWeave’s high-performance computing operations. The company said at the time of agreement, it was expected to generate more than $3.5 billion in cumulative revenue over a 12-year term. However, Core Scientific later disclosed some additional expansions in the deal. Several Bitcoin miners have reportedly begun introducing themselves less as pure crypto operators.
They are trying to present it more as owners of power-intensive computing infrastructure. IREN had stated that the company’s strategy spans both Bitcoin mining and AI cloud services. On the other side, Riot Platforms executives were reportedly discussing the opportunities in high-performance computing and AI. They look at it as a potential area for growth. This comes at a time when Bitcoin is taking a hit. BTC price dropped by around 6% in the last 7 days. BTC is trading at $76,370 at the press time.
