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‘The power landlords of AI’: Bernstein initiates coverage on bitcoin miners TeraWulf and Cipher Digital, sees ninefold AI revenue by 2030

The Block|Naga Avan-Nomayo|June 4, 2026 at 11:51 AM

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🤖AI Summary

Bernstein has initiated coverage on bitcoin miners TeraWulf and Cipher Digital with Outperform ratings and price targets of $36 and $32 respectively, projecting that AI-related revenue for these mining operations could grow ninefold by 2030. This analyst positioning reflects growing recognition of bitcoin miners as critical infrastructure providers for AI workloads.

Analysis

Bernstein's initiation of coverage on TeraWulf and Cipher Digital marks a significant shift in how institutional analysts view bitcoin mining companies. Rather than treating them as commodity producers dependent on bitcoin price action, the analyst recognizes these firms as foundational infrastructure providers pivoting toward AI compute services. The ninefold revenue projection by 2030 suggests Bernstein expects AI-related workloads to become a substantial portion of mining operations, diversifying their revenue streams beyond cryptocurrency validation and minting.

This thesis builds on the emerging trend of bitcoin miners leveraging excess or repurposed hash power to serve AI compute demands. Major players in the mining sector have increasingly positioned themselves as energy-rich computing platforms capable of supporting GPU and specialized chip workloads. As AI infrastructure costs remain astronomical and competition for data center capacity intensifies, miners with established power infrastructure and cooling systems present an attractive alternative to traditional cloud providers.

For investors and the broader market, this analyst coverage validates a structural narrative that positions bitcoin miners as dual-use infrastructure assets. The Outperform ratings and corresponding price targets indicate Bernstein expects these equities to outperform despite cryptocurrency market volatility, anchored instead to AI adoption curves. This could attract institutional capital previously hesitant about pure-play crypto exposure but comfortable betting on AI infrastructure tailwinds.

The next critical milestone involves demonstrating tangible AI revenue contributions in quarterly earnings reports. Investors should monitor whether these companies successfully commercialize their compute capacity at sufficient margins to justify the projected ninefold expansion.

Key Takeaways

→Bernstein initiates TeraWulf and Cipher Digital coverage with Outperform ratings and projects ninefold AI revenue growth by 2030
→Bitcoin miners are repositioning as dual-use infrastructure providers serving both cryptocurrency and AI compute workloads
→Price targets of $36 and $32 reflect analyst confidence in mining company ability to capture AI infrastructure demand
→The thesis decouples mining valuations from cryptocurrency price volatility and ties them to AI adoption acceleration
→Institutional validation of miners as AI infrastructure plays could attract capital beyond traditional crypto investors

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