Bitcoin Miners Will Gain From AI Deals, Bernstein Says: The Tickers To Watch

Bernstein has assigned Outperform ratings to four Bitcoin (CRYPTO: BTC) miners, citing over $90 billion in AI deals covering 3.7 gigawatts of power capacity across hyperscalers, neoclouds, and chip providers.

Price Targets Imply Massive Upside From Monday Close

Bernstein set a $100 price target on IREN (NASDAQ:IREN), implying 98.1% upside from Monday’s $50.46 close. 

CleanSpark (NASDAQ:CLSK) received a $24 target, implying 78.5% upside from $13.44.

Moreover, Riot Platforms (NASDAQ:RIOT) got a $25 target for 7.8% upside from $23.18, while Core Scientific (NASDAQ:CORZ) received a $24 target, 1.8% above Monday’s $23.57 close.

MARA Holdings (NASDAQ:MARA) maintained its Market Perform rating with a $23 target, implying 88.8% upside from $12.18.

Follow The Gigawatts: Miners Control 27 GW Of Power Capacity

Bernstein analysts led by Gautam Chhugani argued that Bitcoin miners have become embedded in AI infrastructure development. 

Miners collectively control more than 27 gigawatts of planned power capacity, positioning them as counterparties to large-scale compute demand.

Securing a single gigawatt of power can take close to 50 months across U.S. markets, including grid-constrained regions like Texas. This supply constraint gives miners with existing grid-connected power and large-scale sites a significant edge.

IREN Leading With 5 GW AI Compute Buildout

IREN is planning a 5-gigawatt AI compute buildout using Nvidia’s AI factory architecture and has a $3.4 billion AI cloud deal tied to GPU deployment commitments. 

Riot’s co-location deal with AMD covers 50 megawatts with an option to expand to 200 megawatts.

The note also referenced broader partnerships involving Google, Amazon, and other miners through intermediated cloud arrangements.

Regulatory And Permitting Challenges Persist

Bernstein expects data centers to continue facing regulatory and permitting challenges, citing interconnection queues, zoning restrictions, environmental scrutiny, and grid capacity limitations across multiple U.S. states.

Despite that backdrop, Bitcoin miners still have an edge given existing access to grid-connected power and large-scale sites already in operation or under development.

Company-Specific Risks Flagged

Core Scientific faces exposure to missed upside during a Bitcoin bull cycle if its AI buildout slows as it reallocates power from mining into AI infrastructure. 

IREN’s AI cloud expansion is capital-intensive and dependent on access to flexible financing.

Riot Platforms’ concentration in Texas exposes it to potential state-level policy shifts, including taxation or operational restrictions. 

Meanwhile, MARA Holdings faces production risks linked to reliance on external power partners, which could redirect capacity to other commercial uses.

All miners face scrutiny from environmental groups over energy consumption tied to large-scale data center operations.

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