伯恩斯坦表示，比特币矿工正在成为人工智能基础设施繁荣的关键参与者

美国比特币挖矿行业累计规划发电容量超过 27 吉瓦。

矿业公司已宣布与人工智能相关的合同价值超过 900 亿美元。

在美国大多数州，确保一吉瓦的并网电力可能需要四年以上的时间。

The recent alliance between Google and Blackstone to establish a new AI-oriented cloud venture could provide an indirect boost to Bitcoin miners, who control the critical power infrastructure required to sustain such technology. The announcement of this joint venture became known on Monday evening, detailing that Blackstone will commit $5 billion in initial equity to retain a majority stake, while Google will provide its custom chip technology.该计划旨在扩大对先进计算基础设施的访问。

Following this corporate move, investment bank Bernstein published a report on Tuesday, May 19, 2026. Analysts at the firm indicated that companies dedicated to digital asset mining present themselves as strategic infrastructure providers due to their immediate access to the public electrical grid. The report explains that these mining firms possess a projected combined capacity exceeding 27 gigawatts within U.S. territory, an attractive figure for Silicon Valley tech corporations racing to build next-generation data centers.

能源瓶颈和数十亿美元的交易

新建AI数据中心的部署速度面临着电力接入的严格限制。 According to compiled data, securing one gigawatt of guaranteed grid-connected power demands a timeframe of over four years across multiple regions in the United States. This administrative and technical delay motivates major tech firms and emerging cloud operators alike to seek commercial agreements outside of conventional data center developers.

致力于数字采矿的运营商对此做出了回应，重新配置其设施，转型为技术服务提供商。 The mining industry registered contractual commitments linked to AI totaling over $90 billion, covering approximately 3.7 gigawatts of power capacity. Documentation analyzed by Bernstein reveals that one-third of these contracts were signed directly with major global tech corporations, while the remaining two-thirds correspond to so-called “neoclouds” or independent computing providers.

An example of this trend is seen in the firm IREN, which finalized a deal with Nvidia valued at $3.4 billion, including a $2.1 billion equity investment from the chipmaker for the deployment of graphics processing units (GPUs).另一方面，Riot Platforms 批准了与半导体公司 AMD 的人工智能托管合同。 Core Scientific 和 HUT 8 等行业公司还与云计算领域的企业客户保持着积极的协议。

The financial institution Bernstein maintains an outperform rating for four mining firms evaluated in its report: IREN, with a target price set at $100; Riot Platforms，目标为 25 美元； CleanSpark，目标为 24 美元；和 Core Scientific，估价为 24 美元。

相比之下，它给予 MARA Holdings 的市场表现评级为 23 美元。 The development and execution of the initial supply phase of the Google and Blackstone joint project, scheduled for 2027 with the goal of activating the first 500 megawatts of data center capacity, will serve as a verifiable indicator of the adoption pace of these repurposed infrastructures.