ChainThink reports that on June 4, Bernstein initiated coverage on Bitcoin mining companies TeraWulf and Cipher Digital, assigning both a "Outperform" rating with price targets of $36 and $32, respectively, citing their advantages in secured power resources and site locations as they transition toward AI infrastructure platforms.
Bernstein expects AI-related revenue among the Bitcoin mining companies it covers to increase from $1.2 billion in 2026 to $10.7 billion in 2030.
The institution noted that over the past two years, the industry has leased 6 gigawatts of power capacity to hyperscale cloud providers and emerging cloud operators through 17 transactions, totaling over $110 billion.