Bitcoin miners are becoming attractive partners for AI data centre construction due to their substantial power supplies and operational capabilities. Recent AI deals, like Core Scientific’s 12-year agreement with CoreWeave and Coatue Management’s $150 million investment in Hut 8, highlight this trend.
Broker Bernstein initiated coverage of miner Iris Energy with an outperform rating and a $26 price target, and Core Scientific with an outperform rating and a $17 target. Iris Energy and Core Scientific were valued at $13.40 and $9.79, respectively, in early trading.Bitcoin miners control around 6 GW of power, with a potential pipeline of up to 12 GW by 2027, positioning them favourably in the energy market. Bernstein predicts that 20% of miners’ power capacity will shift towards AI by 2027 and that the top five U.S. miners will account for about 25% of the global Bitcoin hash rate.Despite recent challenges, including a significant sell-off in the Bitcoin market and declining revenues, Bernstein remains bullish, forecasting Bitcoin to reach $200,000 by 2025, $500,000 by 2029, and over $1 million by 2033
