Bitcoin Miners Sign $110B in AI Power Deals as Bernstein Initiates Coverage on WULF, CIFR

According to Bernstein research published Wednesday, bitcoin miners have emerged as 'power landlords' for artificial intelligence, signing 17 deals worth over $110 billion in the past two years to supply approximately 6 gigawatts of power to AI hyperscalers including Google, Amazon, and Microsoft. The investment firm initiated coverage on two mining companies—TeraWulf (WULF) and Cipher Digital (CIFR)—both assigned 'Outperform' ratings, citing their unique ability to provide ready-to-use power infrastructure.

Bernstein projects AI revenue across its mining coverage to surge from $1.2 billion in 2026 to $10.7 billion by 2030, driven by long-term power contracts. TeraWulf is expected to reach $1.7 billion in AI revenue by 2030 with EBITDA margins near 84%, while Cipher Digital is projected to hit $1.2 billion with margins approaching 93%.