Bitcoin Miners Sit on AI Power Gold Mine, VanEck Analyst Claims

Bitcoin mining companies are gaining traction as they transition from producing new tokens to supplying artificial intelligence infrastructure with power and computing capacity, according to Matthew Sigel, Head of Digital Asset Research at VanEck.

Sigel noted that Bitcoin mining stocks trade at a significant discount to other data center operators on a market cap-to-megawatt basis. This disparity is due in part to the fact that these companies have aggressively diversified their capacity to serve the AI market.

The energy-intensive infrastructure built for mining machines has proven compatible with the power requirements of AI data centers, making it an attractive opportunity for miners to pivot and capitalize on the growing demand for AI infrastructure. Sigel highlighted Core Scientific's decision to liquidate its Bitcoin holdings and redirect capital toward AI infrastructure as a prime example.

Over the past 12 months, Core Scientific shares have risen 90%, while Riot Platforms shares have increased by 91%. MARA Holdings, however, has experienced a decline of 35% due to higher mining costs and decreased block production in its 2025 results.