The asset management firm VanEck argues that the accelerated development of artificial intelligence constitutes one of the strongest investment opportunities in the digital asset sector.
According to the entity's analysts, companies dedicated to Bitcoin mining are in a privileged position to operate as critical service providers for AI companies.
The management firm's assessment is based on existing infrastructure and the accumulated experience of Bitcoin and cryptocurrency miners in large-scale energy management. According to VanEck, the transition does not imply abandoning, far from it, the original activity of mining digital assets, but rather expanding operations to include the supply of computing power and electrical capacity for high-demand data centers.
According to statements by Matthew Sigel, head of digital asset research at VanEck, cryptocurrency miners have already identified that their current capital costs and facilities allow for a strategic shift towards a market that currently faces a structural shortage of global energy supply.
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VanEck's analysis, presented by Sigel during a interview In an interview with CNBC, he emphasizes that data centers built for Bitcoin mining possess technical characteristics compatible with the requirements of artificial intelligence. Their ability to attract large electrical loads and collaborate with power grids on balancing programs gives these companies a competitive advantage in today's market.
According to the asset manager, while developing a data center from scratch can take more than 4 years to become operational, established crypto mining sites have the ability to power graphics processing units (GPUs) in less than 12 months.
This time lag is a key factor in asset valuation. Data from Sigel indicates that Bitcoin mining companies are trading at an average of $4,5 million per megawatt (MW) of installed capacity. In contrast, traditional data centers reach valuations exceeding $30 million per MW. This gap suggests that investors have not yet fully priced in the value of the physical infrastructure controlled by miners. The firm highlights that the expertise in cooling and bandwidth makes these sites well-suited for capturing the value of AI-driven cloud services.
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The digital mining sector is going through a phase of operational expansion that some analysts call capitulation, but which firms like VanEck interpret as an evolution towards diversified business models.
US mining companies, which currently manage a record percentage of the global Bitcoin network's hash rate, are reallocating some of their capacity to serve the high-performance computing market. Statements from companies like MARA Holdings indicate that this move aims to generate cash flow through infrastructure service contracts, taking advantage of the surge in global electricity consumption.
Core Scientific, for example, has planned to liquidate part of its Bitcoin holdings this year to fund AI-related computing operations. Meanwhile, Riot Platforms has approximately 2 gigawatts of power available for high-demand infrastructure.
Financial records show that Core Scientific and Riot Platforms shares have risen 90% and 91% respectively over the past 12 months, reflecting market interest in these new revenue streams. VanEck notes that this shift allows companies to mitigate the volatility inherent in Bitcoin's block reward by leveraging the stability of energy and storage space contracts.
In short, the ability to transform a mining facility into an AI support center without needing to rebuild the connection to the electrical grid is, according to the firm's institutional vision, the core of this "gold mine" that can redefine the long-term financial sustainability of the digital market.
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