Bernstein says Texas BTC miners with secured power capacity may see higher valuations

Bernstein said valuations for Texas-based Bitcoin miners and AI infrastructure companies with secured power capacity are likely to rise as the U.S. state of Texas begins auditing grid interconnection projects for data centers, The Block reported. Citing growing political opposition to new data centers and potential limits on new power supply under state regulations, Bernstein said the scarcity value of already approved megawatts would increase, making it reasonable to expect higher returns per MW. Based on that view, the investment bank maintained its outperform rating on Cipher Mining (CIFR), CleanSpark (CLSK), Core Scientific (CORZ), IREN (IREN), Riot Platforms (RIOT) and TeraWulf (WULF), while assigning a market-perform rating to MARA Holdings (MARA).