Bitcoin Mining Sites May Gain Value If U.S. Limits New Data Centers

Existing Bitcoin (BTC) mines may gain value if the United States limits new data center construction, with companies that have paying AI tenants potentially benefiting most.

Existing mine sites may face fewer hurdles than new projects because they already have power contracts and grid connections. Grid connection delays exceed five years for many projects, while the average in the PJM region is more than seven years.

Fully leased AI data centers are valued at about $27 million per megawatt. Publicly traded mining companies with some powered capacity still unleased are valued at less than $3 million per megawatt.

Converting facilities for AI use costs $8 million to $15 million per megawatt. Public miners with contracted AI capacity trade at an average of 12.9 times forward sales, compared with 3.7 times for those without the contracts. Riot Platforms signed a 15-year lease for 910 megawatts of data-center capacity at its Corsicana, Texas, campus.