Bitcoin miners sign $110B in AI power deals

Bernstein published a research note on Wednesday saying bitcoin miners have signed 17 contracts worth more than $110 billion over the past two years, contracting roughly 6 gigawatts of power to AI hyperscalers. Clients named in the note include Google, Amazon, Microsoft, Nvidia and CoreWeave. Bernstein estimates the leased capacity represents about 10% of AI data centers currently under construction in the United States.

The firm initiated coverage on TeraWulf and Cipher Digital with Outperform ratings. The note describes miners’ facilities as warm powered shells-sites with electricity and basic infrastructure already in place so computing equipment can be installed quickly.

Bernstein outlined an industry power portfolio target of about 30 GW and described the colocation model many miners use, in which operators lease powered facilities to hyperscalers under long-term, take-or-pay contracts.

The report says project finance now covers roughly 75% to 85% of construction costs for these facilities, and that lending rates are below the returns implied by the contracts. The analysts wrote that “Bitcoin miners remain best positioned to solve ‘time to compute.'”

Bernstein projects AI-related revenue for the companies it covers will rise from about $1.2 billion in 2026 to $10.7 billion by 2030. Company-level forecasts in the note include TeraWulf reaching roughly $1.7 billion in AI revenue by 2030 with EBITDA margins near 84%, and Cipher Digital reaching about $1.2 billion with margins near 93%.

Shares of both companies fell on the day of the report; Bernstein noted TeraWulf has risen about 122% year-to-date and Cipher Digital about 69% so far in 2026. The report says outcomes will differ by company and states the colocation model and long-term contracts could expand non-crypto revenue for operators that have the appropriate power portfolios and customer relationships.