Bitcoin Miners Could Gain From Rising AI Power Demand, VanEck Analyst Says

Bitcoin mining companies may benefit significantly from the growing global demand for electricity and computing power driven by artificial intelligence, according to Matthew Sigel, head of digital asset research at VanEck.

Speaking on Squawk Box on CNBC, Sigel said many Bitcoin miners have already begun diversifying their infrastructure to support AI-related computing workloads. He noted that several mining firms are repositioning their data centers to serve both cryptocurrency operations and AI processing.

Sigel believes the sector still trades at a significant discount compared with traditional data center companies when measured by market capitalization relative to power capacity. According to him, miners recognized early that their infrastructure could generate additional revenue by pivoting toward high-performance computing.

Mining Infrastructure Expands Into AI

Another advantage for mining companies, Sigel explained, is their flexibility in electricity usage. Bitcoin miners can quickly reduce their energy consumption during periods of high grid demand, making them useful tools for balancing electricity loads.

He added that rising power needs from AI, reshoring of manufacturing, and even defense technologies are increasing pressure on energy grids worldwide. Mining operations can temporarily shut down without affecting consumers, allowing energy to be redirected when demand spikes.

Several companies have already started moving in this direction. MARA Holdings recently announced plans to convert mining facilities into hyperscale data center campuses, while Core Scientific secured up to $1 billion in financing from Morgan Stanley to support its transition toward AI infrastructure.

Sigel also noted that Bitcoin’s price outlook remains closely linked to broader market liquidity and macroeconomic conditions. He said the cryptocurrency has been trading within a range between $59,000 and $72,000, although selling pressure from long-term holders appears to have eased after many investors took profits earlier in the market cycle.