Who Owns the Stack: From Bitcoin to AI, the Race for Power Is Going Off-Grid

The article explains how the AI compute boom is converging with Bitcoin mining around the same energy–compute infrastructure, driving a shift from asset-light hosting toward greater vertical integration: colocation → infrastructure ownership → direct power generation → full-stack control. Companies are repurposing grid-connected industrial sites and pairing compute with dedicated generation (gas, nuclear, renewables) to secure supply and margins. This “bring your own power” trend reduces grid dependency but raises regulatory and interconnection constraints in markets like PJM and ERCOT. For markets, the shift implies growing value for grid-connected sites, energy assets and integrated miners/data-center operators, creating new revenue streams and a potential re-rating of firms that control power and infrastructure. Risks include tighter grid rules, capital intensity, and competition for finite interconnections. Overall, the piece signals a structurally constructive outlook for Bitcoin-related infrastructure and energy-linked operators, and a potential positive knock-on for Bitcoin demand and firms that can monetize both mining and AI workloads.