Bitcoin Miners Position as Key Power Providers in AI Sector, Bernstein Reports
A report from Bernstein labels Bitcoin miners as essential players in the AI sector, initiating coverage on TeraWulf and Cipher Digital with 'Outperform' ratings. The firm predicts a ninefold increase in AI revenue for these miners, fueled by contracts worth over $110 billion for power supply to major tech companies, according to Decrypt.
In a recent analysis, Bernstein highlights the emerging role of Bitcoin miners as vital power suppliers for the artificial intelligence (AI) industry. The report assigns 'Outperform' ratings to TeraWulf and Cipher Digital, indicating strong future revenue potential for these companies.
Over the past two years, Bitcoin mining firms have secured 17 deals exceeding $110 billion, contracting approximately 6 gigawatts (GW) of power to leading AI hyperscalers such as Google, Amazon, Microsoft, and Nvidia. This power accounts for nearly 10% of all AI data centers currently being developed in the United States.
The report emphasizes that Bitcoin miners are particularly suited to address a critical challenge in the AI sector: the urgent need for accessible and scalable power infrastructure. The analysts from Bernstein state, "Bitcoin miners remain best positioned to solve 'time to compute'" due to their operational experience and the ability to provide "warm powered shells"—facilities already supplied with electricity to quickly accommodate computing hardware.
Bernstein forecasts that the combined AI revenue for TeraWulf, Cipher Digital, and other miners it covers will surge from $1.2 billion in 2026 to an astonishing $10.7 billion by 2030. TeraWulf is expected to generate $1.7 billion in AI revenue, benefiting from a partnership with Fluidstack and Google, which is projected to yield EBITDA margins of around 84%. Cipher Digital, which primarily serves hyperscalers, anticipates $1.2 billion in revenue with margins nearing 93%.
Both companies utilize a colocation model, where they lease power-ready facilities under long-term contracts. This approach is attracting considerable attention from investors, who view it as a stable revenue source, highlighting the transformative relationship between the Bitcoin mining sector and the AI industry.
Summary based on original reporting by Decrypt Agent at Decrypt, originally published Jun 4, 2026. SolanaWire does not republish source content.
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