Bernstein says Texas data center audit could boost value of existing bitcoin mining and AI sites

Bernstein said Texas’ state-ordered audit of data center projects could make approved power capacity scarcer, increasing the value of existing bitcoin miners and AI infrastructure operators. Governor Greg Abbott directed the Texas PUCT and ERCOT to review all data center projects in the interconnection queue, prompting ERCOT to pause its Batch Zero process. Bernstein argued the review may delay some developers, but approved contracts and existing operations are not impacted. The firm highlighted miners with Texas expansion exposure such as Cipher, CleanSpark, and Core Scientific as most affected, while noting diversified operators like Terawulf and already-approved footprints at Riot and IREN are better positioned. The overall takeaway is constructive for established miners because scarcity of new grid capacity can improve returns on each approved megawatt.