Wall Street argues that former Bitcoin mining companies could become major beneficiaries of the AI infrastructure boom, thanks to access to power.
Jefferies analysts initiated ratings on five companies transitioning from crypto mining to AI data centers. They gave Buy ratings to Cipher Mining, Hut 8, Terawulf, and Core Scientific, while Riot Platforms got a Hold.
Analysts noted a widening gap between leasing activity and delivery. In 2025, over 15 GW of leases were signed, but only 3.3 GW was delivered. North America may add 66 GW of new capacity by 2030, still insufficient.
The colocation data center market could grow from $30 billion in 2025 to $92 billion by 2030, dwarfing Bitcoin mining economics.
Cipher Digital and Hut 8 were highlighted for their hyperscaler relationships. Core Scientific already delivered 243 MW of AI capacity. Riot Platforms faces skepticism despite its Texas footprint.
Regulatory pressures are tightening in several U.S. states due to electricity, water, and environmental concerns.
