VanEck Highlights Bitcoin Miners as Key Players Amid AI Demand

Bitcoin miners currently possess a valuable asset that many in the market haven't fully recognized: their power infrastructure.

Key Takeaways:

Bitcoin miners hold undervalued power infrastructure critical for growing AI data center demand.
Established miners are at a significant advantage due to existing contracts and infrastructure.
AI data center demand is rising rapidly, potentially leading to a reevaluation of mining stocks.
Upcoming earnings reports are crucial for understanding the financial impact of these shifts.

Bitcoin miners already own what AI data centers are spending years trying to build, and VanEck says the market has not priced it in yet.

With existing power setups, miners occupy a pivotal position at the intersection of two major ongoing developments: the expansion of Bitcoin hash rates and the increasing demand for AI data centers.

Image depicting Bitcoin miners' significant resources.

However, the market has not yet adjusted to this reality, creating a unique trading opportunity.

Why Bitcoin Miners with Established Power Infrastructure Hold an Advantage

Creating a new data center from scratch involves navigating lengthy interconnection queues that could extend to 2028 or beyond. In contrast, Bitcoin miners have already bypassed this waiting period.

They possess essential resources: land, power contracts, cooling systems, and strong grid connections. This infrastructure equates to years of advancement that are already in place.

According to VanEck's Sigel, miners continue to be valued at a significant discount compared to their data center counterparts on a market-cap-per-megawatt basis. The market either overlooks the demand driven by AI or doubts miners' ability to adapt. However, industry trends indicate that miners are indeed making progress. Public mining companies aim to increase their capacity from 7 GW today to 20 GW by 2027.

Another key factor that gets less attention is the flexibility that miners offer for grid services. They can reduce their power load on demand, which is becoming increasingly crucial as the pressure on domestic grids intensifies due to AI clusters and reshoring initiatives. By temporarily shutting down, miners help maintain grid stability. While they may lose some revenue, they effectively provide a valuable service.

AI data center demand is projected to grow annually by 24% through 2030. For miners with appropriate infrastructure, this trend could lead to a significant reevaluation of their market positions.

Implications of AI Developments for Mining Stock Performance

The opportunities in this sector are no longer just speculative.

Companies like Marathon Digital Holdings (MARA) are transforming their mining sites into extensive data center facilities. Meanwhile, Core Scientific has secured up to $1 billion in financing from Morgan Stanley for its focus on AI.

CleanSpark clearly stated in its Q1 2026 report that investing in Bitcoin mining is becoming less viable at current hash prices compared to potential returns from AI ventures.

The hash rate is already experiencing changes. The global miner hash rate has decreased by 6% since its peak in November 2025, partly due to equipment being repurposed for AI projects. While this shift is not yet a threat to network security, it is noteworthy.

Image illustrating mining operations.

In contrast, Bitdeer is deploying 50,000 proprietary ASICs spread over 413 MW, potentially adding 33 EH/s to the network and generating an additional $335 million in BTC revenue at current prices.

The upcoming Q1 2026 earnings reports will be crucial. Key metrics to watch include power capacity updates, AI contract announcements, and revenue from curtailment. The valuation gap noted by Sigel may begin to narrow this cycle or become increasingly difficult to rationalize.