VanEck Head of Research: 'Bitcoin (BTC) miners' shift to AI is like holding a gold mine'

JH Kim

Summary

VanEck's head of digital asset research said that the value of related companies could rise as Bitcoin (BTC) mining firms pivot to the artificial intelligence (AI) infrastructure business.
He said Bitcoin mining companies are expanding their businesses toward providing power and computing capacity to AI infrastructure, and that surging electricity demand has put them in a position akin to holding a gold mine.
He said these companies' shares, when considering market capitalization and owned power capacity (megawatts), are still trading at low valuations compared with other data center operators, suggesting there is further upside.

Forecast Trend Report by Period

An analysis has suggested that the valuation of related companies could rise as Bitcoin (BTC) mining firms pivot into the artificial intelligence (AI) infrastructure business.

According to The Block, a digital asset (cryptocurrency) news outlet, on the 11th (local time), VanEck's head of digital asset research, Matthew Sigel, said in a CNBC interview that Bitcoin miners are expanding their businesses toward providing power and computing capacity to AI infrastructure.

He said, "As electricity demand surges, Bitcoin miners are in a position akin to holding a gold mine."

He added that "these companies' shares are still trading at low valuations compared with other data center operators when considering market capitalization and power capacity (megawatts)," and assessed that there is further upside.