VanEck States Bitcoin Miners Are ‘Holding Valuable Assets’ Amid Rising AI Demand

Bitcoin miners possess an asset that has not yet been fully recognized by the majority: power infrastructure.

Miners with established power infrastructure find themselves at the intersection of two of the most capital-intensive developments currently in progress: the expansion of Bitcoin hash rate and the demand for AI data centers.

Source: CNBC

The market has yet to adjust to this reality. This represents the opportunity.

Why Bitcoin Miners With Megawatts Are Already Ahead

Constructing a new data center from the ground up entails enduring grid interconnection waiting lists that extend to 2028 and beyond. Bitcoin miners have already bypassed that queue.

They possess the land, power agreements, cooling systems, and grid connections. This translates to years of lead time already secured.

Sigel noted that miners continue to trade at a significant discount compared to data center counterparts on a market-cap-per-megawatt basis. The market seems to be either disregarding AI demand entirely or doubting miners’ ability to execute. Industry data indicates that execution is already underway, with public miners aiming to increase from 7 GW today to 20 GW by 2027.

LATEST: Bitcoin miners are trading at a substantial discount to data centers, even as they pivot towards AI infrastructure, with their stocks positioned for further gains, VanEck’s Matthew Sigel informed CNBC. pic.twitter.com/f4OQAOTAXP

— CoinMarketCap (@CoinMarketCap) March 11, 2026

There is also a grid services aspect that is often overlooked. Miners can reduce their load on demand. This flexibility is becoming increasingly valuable as AI clusters and reshoring exert pressure on domestic grids. Miners can simply power down when the grid requires energy. No electricity is lost; miners only forfeit a small amount of revenue. This has now become a marketable service.

The demand for AI data centers is projected to grow at an annual rate of 24% through 2030. For miners equipped with the appropriate infrastructure, this represents not merely a supportive trend but a significant repricing event on the horizon.

Implications of the AI Shift for Public Mining Stocks

The agreements are no longer theoretical.

MARA is transforming mining locations into hyperscale data center campuses. Core Scientific has recently secured up to $1 billion in financing from Morgan Stanley to support its AI transition.

CleanSpark stated clearly in Q1 2026 that investments in Bitcoin mining do not appear viable at current hash prices when compared to AI returns.

The hash rate is already reflecting this shift. The global miner hash rate fell by 6% from its peak in November 2025. Some of this decline is attributed to rigs being redirected to AI tasks. While this does not currently pose a threat to network security, it is a development to monitor.

Source: Coinwarz

Conversely, Bitdeer is deploying 50,000 proprietary ASICs across 413 MW. This alone could contribute an additional 33 EH/s to the network and generate $335 million in extra BTC revenue at current prices.

The earnings for Q1 2026 will serve as the first substantial evaluation. Attention should be paid to power capacity figures, AI contract announcements, and revenue from curtailment. The valuation gap highlighted by Sigel will either begin to narrow this cycle or become increasingly difficult to rationalize.

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