CoinShares: Miners as Beneficiaries of the AI Boom in the USA

Bureaucracy in the USA is hindering the development of data centers, and Bitcoin miners are becoming the main beneficiaries of this situation, notes CoinShares. The demand for power in American data centers is high, and the share of unused capacity has decreased from 10% in 2019 to approximately 1% today, remaining at this level for the third consecutive year. Moratoriums and restrictions on the construction of new facilities have reached record levels, with capacity awaiting connection to the power grid amounting to about 2060 GW, which is 1.6 times greater than the total capacity of all existing power plants in the USA (around 1300 GW). Connecting a new facility to the power grid takes about five years, making connected data centers more valuable. Miners have the infrastructure to host data centers and can easily redirect power to artificial intelligence. It is expected that the share of AI revenue in the mining sector will grow from 30% to 70% by the end of the year. In the first half of the year, major public miners reduced more than 20% of their capacity for AI. For example, TeraWulf reported that in the second quarter of 2026, revenues from leasing high-performance computing platforms amounted to 71%, while Core Scientific reported 83%. Other companies are at an earlier stage of transition.

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