CoinShares: Data center bans may make Bitcoin miners' power assets more valuable

November 10: According to Crypto Briefing, Benoît Pellevoizin, Managing Director of CoinShares France, said that restrictions on new data center construction following the U.S. midterm elections could raise the value of existing Bitcoin mining infrastructure, but companies with paying AI tenants stand to benefit the most. He noted that concerns over electricity prices, water consumption and the influence of Big Tech have increased public resistance to new facilities, while existing mining sites face fewer obstacles because they already hold power contracts and grid connections.

CoinShares data shows that grid connection delays for many projects have exceeded five years, averaging more than seven years in the PJM region. Fully leased AI data centers are valued at about $27 million per megawatt, while listed miners that hold some energized but unleased capacity are valued at less than $3 million per megawatt. However, converting facilities for AI costs between $8 million and $15 million per megawatt. In addition, miners with contracted AI capacity trade at an average of 12.9 times forward sales, compared with just 3.7 times for miners without such contracts.