Bitcoin Miners Positioned as Key Partners in AI Data Center Expansion Amid Power Crunch

A tightening U.S. power grid is bringing Bitcoin (BTC) miners and AI developers closer together, according to a report from Wall Street broker Bernstein.

Soaring demand for AI and digital workloads has made grid access one of the biggest bottlenecks for new data center growth, with interconnection timelines stretching up to seven years in some regions. Miners, having secured large renewable energy contracts years ago, now control over 14 gigawatts (GW) of capacity, offering AI providers a faster, cheaper path to scale, the analysts led by Gautam Chhugani wrote.

Sites owned by IREN (IREN) and Riot Platforms (RIOT) can cut deployment times by up to 75% compared with greenfield projects, Bernstein noted.

The trend aligns with broader data center pressures. Bloomberg reported that Microsoft expects infrastructure shortages to persist through 2026 as AI and cloud demand outpaces buildouts. The surge in high-performance computing needs is fueling optimism that Bitcoin miners can expand into AI and data center operations.

Because mining facilities already operate at high power densities with advanced cooling systems, they can be retrofitted for AI workloads faster and at lower cost than building new centers, Bernstein said.

The broker described miners as “strategic enablers” of AI expansion and named IREN its top pick, with an outperform rating and a $75 price target. IREN shares rose 5.7%