Bitcoin Mining Firms Emerge as Unlikely AI Infrastructure Players, VanEck Reports
Bitcoin mining firms are emerging as key players in AI infrastructure due to their established power and data center capabilities, which AI companies struggle to develop quickly. Despite this strategic advantage, mining companies remain undervalued compared to traditional data center operators. Major players like MARA and Core Scientific are repurposing mining facilities for AI, while overall network hash rate has declined as hardware shifts toward AI applications.
TLDR Matthew Sigel from VanEck highlights that Bitcoin mining operations control power infrastructure that AI facilities are struggling to develop over multi-year timelines Mining companies show significant undervaluation relative to conventional data center operators when analyzed by market capitalization per megawatt MARA is transforming mining facilities into hyperscale data center locations; Core Scientific obtained financing up to $1 billion through Morgan Stanley for AI infrastructure development Network hash rate from miners worldwide declined 6% since November 2025 highs, partially attributed to hardware reallocation toward AI applications CleanSpark indicated that Bitcoin mining capital deployment lacks appeal at present hash prices when weighed against AI infrastructure returns Bitcoin mining operations possess power infrastructure that artificial intelligence companies are urgently seeking. According to Matthew Sigel, VanEck’s head of digital asset research, financial markets haven’t yet recognized this strategic positioning. JUST IN: $181 billion asset manager VanEck’s Matthew Sigel tells CNBC that about a dozen countries are currently mining Bitcoin at the government level, adding that he expects the trend to expand. pic.twitter.com/Cn3ywOlIH8 — Crypto Briefing (@Crypto_Briefing) March 11, 2026 Sigel shared these observations during an appearance on CNBC’s Squawk Box, characterizing miners as holding an exceptional advantage since they’ve already secured land parcels, electricity agreements, thermal management systems, and utility relationships that traditional data center developers require multiple years to establish. Connecting new data center facilities to electrical grids involves navigating interconnection waiting lists that extend through 2028 and potentially further. Mining operations have already bypassed these obstacles. LATEST: Bitcoin miners trade at a deep discount to data centers despite pivoting to power AI infrastructure, with their s...
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