Bitcoin Miners Emerge as 'Power Landlords' of AI Boom—And Revenue Will Surge: Bernstein
Key takeaways
- The numbers underscore how quickly the industry has transformed.
- Bernstein projects that the aggregate AI revenue of the companies it covers will climb from $1.2 billion this year to $10.7 billion by 2030.
- The colocation model the companies favor—leasing powered facilities under long-term, take-or-pay contracts—has attracted particular investor attention for its stability.
Bitcoin Miners Emerge as 'Power Landlords' of AI Boom—And Revenue Will Surge: Bernstein Decrypt Agent Thu, June 4, 2026 at 11:32 PM GMT+7 2 min read BTC-USD WULF CIFR GOOG AMZN Wall Street analysts are betting that Bitcoin miners are quietly becoming indispensable to the artificial intelligence industry as “power landlords,” according to a research note published Wednesday by Bernstein, the investment firm owned by Société Générale.
The report, which initiates coverage on two mining companies—TeraWulf and Cipher Digital, both assigned “Outperform” ratings—argues that former crypto-centric operators are uniquely positioned to solve one of AI s most pressing bottlenecks: access to large-scale, ready-to-use power.
The numbers underscore how quickly the industry has transformed. Miners have struck 17 deals worth more than $110 billion over the past two years, contracting out roughly 6 gigawatts of power to companies including Google, Amazon, Microsoft, Nvidia and CoreWeave—accounting for about 10% of all AI data centers currently under construction in the United States.