Texas Data Center Audit Could Boost Existing Bitcoin Miners and AI Infrastructure Operators

Texas Governor Greg Abbott has ordered an audit of all data center projects awaiting grid interconnection approval. This move could benefit existing Bitcoin miners and AI infrastructure operators by making approved power capacity more valuable.

According to a Bernstein note, the review is likely to delay some proposed developments but leave existing operations unaffected. The firm believes that slowing new grid approvals will increase the scarcity value of already-approved megawatt capacity, strengthening the competitive position of existing miners and providers.

Cipher Mining Inc., CleanSpark Inc., and Core Scientific Inc. have relatively greater exposure due to their near-term expansion plans depending on additional Texas grid approvals. In contrast, TeraWulf Inc. is better insulated with its geographically diversified power assets across Kentucky, Maryland, and New York.

Riot Platforms Inc. and IREN Ltd. are also beneficiaries as they already operate substantial approved capacity within ERCOT. Bernstein maintained Outperform ratings on these companies while keeping a Market-Perform rating on MARA Holdings Inc.