VanEck unveiled a new valuation framework that separates Bitcoin miners turning into AI infrastructure providers from those merely promoting a narrative, highlighting a $50 billion near‑term funding gap.
Valuation Methodology
Analysts Griffin MacMaster and Matthew Sigel outlined the approach in a research note, describing it as the first structured model for firms operating at the crossroads of Bitcoin mining and AI data‑center hosting. The methodology centers on gross energized power—the megawatts a company has actually switched on—because financial disclosures vary widely and cash flows remain nascent.
Company Comparisons
Enterprises that already possess physical leases, including Cipher Mining (CIFR), Hut 8 (HUT) and TeraWulf (WULF), command valuations above ten times their gross energized power, reflecting investor confidence in their contracted capacity. Conversely, Marathon Digital (MARA) and CleanSpark (CLSK), which remain more tightly bound to Bitcoin mining with limited AI contracts, trade between two and six times that same metric.
Market Implications
The divergence shows that investors reward firms with confirmed, energized capacity while discounting projects still in the pipeline. VanEck’s analysis suggests the crypto market will continue to channel capital toward miners that can demonstrably deliver AI‑related power, gradually narrowing the funding gap.