ChainThink message, June 4, according to The Block, Bernstein has initiated research coverage on Bitcoin mining companies TeraWulf and Cipher Digital, assigning both a "Outperform" rating with target prices of $36 and $32 respectively, citing their strategic shift toward AI infrastructure platforms leveraging existing power resources and site advantages.

Bernstein forecasts that AI-related revenue from its covered Bitcoin mining firms will grow from $1.2 billion in 2026 to $10.7 billion by 2030.

The firm notes that over the past two years, the industry has leased 6 gigawatts of power capacity through 17 transactions to hyperscale cloud service providers and emerging cloud operators, with total transaction value exceeding $110 billion.