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- Bernstein turned bullish on Bitcoin miners with large power infrastructure.
- The firm assigned Outperform ratings to IREN Limited, Riot Platforms, CleanSpark, and Core Scientific.
- Bernstein believes miners with access to power, land, and cooling infrastructure could benefit.
Research firm Bernstein turned bullish on a group of publicly traded Bitcoin miners. The firm suggests that the companies with large power footprints could benefit from a surge in demand for artificial intelligence infrastructure.
The firm assigned Outperform ratings to four miners, shows 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 the tech companies to expand investments in AI computing. This comes in after a surge in demand for data centers.
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.
Can AI revive Bitcoin miners?
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.
Four miners highlighted by Bernstein
| Company | Publicly disclosed infrastructure position | AI/HPC activity publicly disclosed | Bernstein view* |
|---|---|---|---|
| IREN | Large-scale data center operations in North America | AI cloud strategy discussed in company materials | Outperform |
| Riot Platforms | Major U.S. mining footprint and energy access | Exploring AI and high-performance computing opportunities | Outperform |
| CleanSpark | Expanding bitcoin mining operations | No large AI hosting contract publicly disclosed | Outperform |
| Core Scientific | Established data center infrastructure | Signed multi-year CoreWeave agreements | Outperform |
*Based on public reporting summarizing Bernstein research. The original note is not publicly available.
This comes in when Bitcoin price 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. It is running down by more than 12% on a YTD basis.
Turning mining facilities into AI-ready data centers is not as easy as it might sound. GPU-based computing typically requires different cooling systems, networking equipment and power configurations. This is quite different than Bitcoin mining operations.
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FAQs
Which bitcoin mining companies did Bernstein rate as Outperform?
Bernstein assigned Outperform ratings to IREN, Riot Platforms, CleanSpark, and Core Scientific, according to market reports summarizing the firm’s research. The full Bernstein note is not publicly available.
Why are Bitcoin miners drawing attention from AI infrastructure investors?
Bitcoin miners often control large amounts of power infrastructure and operate facilities designed for energy-intensive computing. As AI companies expand demand for data centers, some miners have begun positioning their sites for high-performance computing and cloud services.
Which company has disclosed the clearest move into AI hosting?
Core Scientific has provided the clearest public example through a series of agreements with CoreWeave. The company disclosed infrastructure commitments for high-performance computing workloads and projected multi-year revenue tied to those arrangements.
What risks do Bitcoin miners face in expanding into AI infrastructure?
Converting mining facilities for AI workloads can require major spending on cooling, networking and power systems. Execution risk varies across companies, and many miners have yet to announce commercial AI hosting agreements at scale.
What is an Outperform rating?
Also known as "moderate buy," "accumulate," and "overweight." Outperform is an analyst recommendation meaning a stock is expected to do slightly better than the market return.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Ashish Kumar
Ashish Kumar is a crypto and financial journalist with eight years of newsroom experience. He covers what’s happening with crypto markets, regulation, DeFi, and exchange ecosystems. He has worked with Coingape, Todayq, and Newsroompost. Ashish holds a PGDP in English Journalism from the IIMC. He has also interviewed industry figures including Arthur Hayes, Yat Siu, Austin Federa, and more.
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