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Why Bitcoin Miners are the Key to AI Data Center Growth

by Team Lumida
July 10, 2024
in AI, Crypto
Reading Time: 3 mins read
A A
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Why Private Equity is Betting Big on Bitcoin Miners

Source: CoreScientific.com

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Key Takeaways

  1. Bernstein rates Iris Energy and Core Scientific as outperforming stocks.
  2. Bitcoin miners control 6 GW of power, projected to reach 12 GW by 2027.
  3. Bernstein forecasts Bitcoin reaching $200,000 by 2025, $500,000 by 2029.

What Happened?

Bitcoin miners have emerged as attractive partners for building AI data centers, thanks to their ample power supplies and operational capabilities. Bernstein initiated coverage on Iris Energy and Core Scientific, assigning them outperform ratings. Iris Energy received a $26 price target, while Core Scientific was given a $17 objective.

Currently, Iris Energy trades at $13.40, and Core Scientific at $9.79. The report highlighted Core Scientific’s 12-year agreement with CoreWeave and Coatue Management’s $150 million investment in Hut 8 as significant sector catalysts.

Why It Matters?

The significance lies in the synergy between Bitcoin mining and AI data centers. Bitcoin miners control about 6 gigawatts (GW) of power, expected to grow to 12 GW by 2027. This large power access makes them ideal partners for AI companies, saving time and resources.

“Bitcoin data centers are ideal for retrofit due to high power density racks, cooling infrastructure and general data center operating capabilities,” noted analysts led by Gautam Chhugani. Bernstein’s bullish outlook on Bitcoin, predicting it to reach $200,000 by 2025 and $1 million by 2033, further underscores the strategic importance of these miners.

What’s Next?

Expect continued consolidation among the largest U.S. Bitcoin miners, who are projected to control 25% of the global hashrate. By 2027, Bernstein anticipates 20% of Bitcoin miners’ power capacity will pivot to AI.

The successful launch of spot Bitcoin ETFs in the U.S. has strengthened Bernstein’s conviction in Bitcoin’s long-term potential. Investors should watch for further AI-related partnerships and investments in the sector, which could drive substantial growth and innovation.

Source: Coindesk
Tags: AI data centersBernsteinBitcoin miners
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018