Bernstein Predicts Increase in AI Contracts for Bitcoin Miners

The competition for power supply in artificial intelligence (AI) data centers is emerging as a growth driver for the Bitcoin mining industry. According to Bernstein Research, the Bitcoin mining sector signed one AI-related contract each week in July, with a cumulative contract size exceeding 7.5 gigawatts and a multi-year contract equivalent value surpassing $150 billion. Analysts diagnosed that power accessibility is a bottleneck for the AI industry, and the value of third-party computing capacity provided by Bitcoin miners is expected to rise. Bitcoin miners HUT 8 and IREN announced large-scale AI infrastructure contracts, leading to an increase in their stock prices. HUT 8 signed a 15-year lease agreement worth $9.8 billion for an AI data center campus, while IREN secured a $2.8 billion cloud service contract with an AI developer. MARA Holdings announced plans to acquire a Texas site with a capacity of up to 2 gigawatts to expand its AI and digital infrastructure business. Terawulf is expected to generate approximately $19 billion in contract revenue after signing a 20-year data center lease agreement with AI startup Anthropic. As of pre-market trading on July 23, HUT 8's stock rose by 5.23%, while IREN increased by 1.89% and Terawulf by 1.49%. Bernstein provided an outperform rating for all stocks except MARA.

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