CoinDesk
VanEck estimates bitcoin miners pivoting into AI infrastructure face a roughly $50 billion near-term funding gap and up to $221 billion in long-term capital needs if current development plans proceed, according to a new report. The asset manager says investors are already moving past the splashy AI contract announcements of the past 18 months and toward a harder question: whether miners can actually finance, build and operate the data centers those contracts require. The industry has so far delivered only about 25% of the AI and high-performance computing (HPC) capacity it has leased.
Why it matters
The pivot started after the 2024 halving gutted mining margins, pushing operators like Core Scientific (CORZ), TeraWulf (WULF), Hut 8 (HUT), Iren (IREN) and Cipher Mining (CIFR) to lease power and data center capacity to AI customers, with Marathon Digital (MARA), Riot Platforms (RIOT) and CleanSpark (CLSK) running hybrid strategies. Stocks have followed the narrative: RIOT is up nearly 94% year-to-date, CIFR roughly 62%, with most peers in the green even as bitcoin itself has shed about 24% since January. VanEck's read is that the next premium belongs to execution, not signing — companies that miss construction milestones risk structural de-ratings rather than routine sell-offs.
Market impact
VanEck frames "energized power" — operational capacity ready to run workloads — as the clearest valuation metric. Operators with signed AI leases are already trading above 10 times energized power, while miners still pitching future projects sit on lower multiples. Tenant quality matters just as much: investment-grade hyperscaler clients should command lower financing costs and richer multiples than counterparties locked into smaller AI startups. The report flags HIVE, Bitdeer (BTDR), Keel and IREN as upside candidates if they convert additional contracts, while MARA, CLSK and RIOT remain tethered to BTC's tape. The phase that starts now is less about announced ambition and more about turning leased megawatts into functioning data centers on time and on budget.
Frequently asked questions
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What is VanEck's $50 billion funding gap estimate for bitcoin miners' AI pivot?
VanEck estimates bitcoin miners pivoting into AI infrastructure face a roughly $50 billion near-term funding gap and as much as $221 billion in long-term capital needs if current development plans proceed.
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How much of miners' leased AI capacity has actually been delivered?
According to VanEck, the industry has so far delivered only about 25% of the AI and high-performance computing (HPC) capacity it has leased to customers.
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Which bitcoin miners have signed major AI or HPC deals?
Core Scientific (CORZ) signed a multibillion-dollar hosting deal with CoreWeave, while TeraWulf (WULF), Hut 8 (HUT), Iren (IREN) and Cipher Mining (CIFR) have announced AI and HPC capacity leases. Marathon Digital (MARA), Riot (RIOT) and CleanSpark (CLSK) are pursuing hybrid strategies.
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How does VanEck recommend valuing bitcoin miners with AI exposure?
VanEck says the clearest metric is "energized power" — operational capacity ready to run workloads. Operators with signed AI leases trade above 10x energized power, and tenant quality (investment-grade hyperscalers vs. smaller AI startups) drives further multiple differentiation.
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Which miners does VanEck see as upside names versus those tied to BTC's price?
VanEck flagged HIVE, Bitdeer (BTDR), Keel and IREN as upside candidates if they secure additional AI contracts, while MARA, CLSK and RIOT remain more closely tied to bitcoin's price performance.
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