In an era where the demand for AI infrastructure is skyrocketing, Bitcoin miners find themselves in a surprisingly advantageous position. Matthew Sigel, head of digital asset research at VanEck, recently highlighted that Bitcoin miners already possess the critical power infrastructure that AI data centers are investing years and significant resources to build. This parallel has gone largely unnoticed by the market, leaving miners trading at a considerable discount compared to traditional data center operators.
On CNBC’s Squawk Box, Sigel explained this underappreciation by stating that miners are effectively “sitting on a gold mine.” They own the essential land, power contracts, cooling systems, and grid connections that a new data center would take several years and substantial investment to secure. This existing infrastructure gives miners a significant edge, especially when considering the lengthy interconnection queues that new data centers face, with wait times extending into 2028.
Despite this advantage, current market evaluations of mining companies suggest that they still trade at a large discount on a market-cap-per-megawatt basis when compared to their data center counterparts. This may indicate that investors are not yet fully recognizing the potential for Bitcoin miners to pivot towards AI infrastructure or doubting their ability to execute this transition effectively.
The shift is already underway; public miners aim to expand their capacity from a current 7 gigawatts to 20 gigawatts by 2027. Concrete moves are being made in this direction; for instance, Marathon Digital Holdings (MARA) has announced plans to transform its mining sites into hyperscale data center campuses. Additionally, Core Scientific has secured up to $1 billion in financing from Morgan Stanley to facilitate its transition towards AI-driven infrastructure.
Other firms are taking similar steps. CleanSpark, for example, highlighted in their first quarter 2026 report that investing in Bitcoin mining does not yield favorable returns compared to AI’s lucrative prospects at current hash prices. This sentiment reflects a shifting narrative in the market.
A notable indicator of this transition is the observed drop in the global miner hash rate, which has experienced a 6% decline since its peak in November 2025. While this reduction has not posed a significant threat to network security, it indicates a growing number of mining rigs being repurposed for AI workloads rather than Bitcoin mining.
On another front, Bitdeer continues its mining operations by deploying an additional 50,000 proprietary ASICs across 413 megawatts. This move is expected to enhance the Bitcoin network’s capacity by adding 33 exahashes per second, equating to potential revenue of $335 million at current market prices.
Beyond AI hosting, a new layer of potential revenue has emerged for miners. They can now offer demand response services by reducing their power usage on short notice, a valuable asset as domestic electrical grids face increased demands from both AI clusters and industrial reshoring. Sigel noted this as an advantageous load balancing tool where miners can turn off operations to assist the grid during peak demands. While some revenue is lost during these curtailments, this flexibility can now be marketed as a service.
According to industry estimates, the demand for AI data center capacity is projected to grow by 24% annually through 2030. The upcoming Q1 2026 earnings reports will be pivotal, providing insights into how effectively miners are adapting to this evolving landscape. Analysts will be keenly watching metrics such as power capacity growth, AI contract developments, and revenues from curtailment services.
