Miners Bet Big on AI Computing Boom

Bitcoin miners are expanding their business beyond just verifying transactions, according to a recent CoinShares webinar. Over the past two years, they've been building up entirely new infrastructure, including energized land, gigawatt-scale power contracts, and electrical systems.

This expertise in grid access and power economics is now their main selling point. Hyperscalers and AI developers face long interconnect queues due to high-density power capacity scarcity, but bitcoin miners already control the necessary infrastructure.

They can deploy data center capacity faster than most companies starting from scratch, as designing, permitting, and connecting new AI-dedicated buildings can take years. Shifting spare power capacity toward AI hosting or shared high-performance computing can produce long-term, high-margin contracts for miners.

CoinShares Asset Management US's senior manager, Calvin Tintle, said that this combination gives investors two ways to win: bitcoin's price swings and the AI buildout underneath them. The CoinShares Bitcoin Mining and Digital Power ETF (WGMI A-) already runs on this idea, buying stock in miners, data center operators, and power infrastructure companies.