Texas Bitcoin Miners with Secured Power Capacity Poised for Valuation Gains

Investment firm Bernstein has identified an opportunity for Bitcoin miners and AI infrastructure companies in Texas to see their valuations rise. The company points out that those with secured power capacity may benefit from the state's audit of grid interconnection projects, which could lead to stricter requirements or delays for new data centers.

According to Bernstein, the scarcity value of already approved megawatts will increase as a result of the audit. This means that companies that have proactively locked in their energy resources may see higher returns per megawatt.

Bernstein has maintained an outperform rating on several companies it believes are well-positioned for this shift, including Cipher Mining (CIFR), CleanSpark (CLSK), and Core Scientific (CORZ). However, MARA Holdings (MARA) received a market-perform rating, suggesting a more neutral stance.

The importance of power procurement strategies is emphasized by Bernstein's analysis. Companies with established power agreements may be better shielded from future disruptions as regulatory scrutiny increases.