Bitcoin miners that spent the last two years recasting themselves as AI infrastructure companies are running into a tougher test. VanEck says the market is starting to look past headline-grabbing contract announcements and focus on whether these firms can actually build the large data centers and secure the financing needed to serve AI customers.
In a new report, the asset manager estimates the group faces a combined near-term funding gap of about $50 billion. If current development plans move ahead, long-term capital needs could reach roughly $221 billion. VanEck investment analyst Griffin MacMaster and head of digital asset research Matthew Sigel said the industry has so far delivered only about 25% of the AI and high-performance computing capacity already leased to customers. Their point was clear: the premium is shifting from signing deals to executing them, and companies that miss construction milestones could face structural valuation resets.
After the halving, miners turned power assets toward AI
The report lands after a sharp change in the bitcoin mining business. Mining economics weakened after the 2024 halving, pushing many operators to repurpose existing power infrastructure for AI workloads. The bet was straightforward: technology companies may pay materially more for electricity access and data center capacity than bitcoin miners can justify.
Core Scientific (CORZ) signed a multibillion-dollar hosting agreement with AI startup CoreWeave, a deal that helped reposition the company from a bitcoin miner into an AI infrastructure provider. TeraWulf (WULF), Hut 8 (HUT), Iren (IREN), and Cipher Mining (CIFR) have also announced plans to lease power and data center capacity to AI and HPC customers. Marathon Digital (MARA), Riot Platforms (RIOT), and CleanSpark (CLSK) are taking a hybrid route, keeping mining operations in place while pursuing AI-related opportunities.
Stock gains have outpaced delivery so far
That pivot has already reshaped market performance. Bitcoin is down about 24% since January, and other major listed crypto names have also lost ground as investor attention shifted toward AI. Miners, though, have largely traded higher across the sector. RIOT is up nearly 94% year to date, while CIFR has gained 62%. Other names have posted similar advances.
Over the past year, this AI narrative has driven some of the biggest stock moves in the crypto sector, and valuations for many miners increasingly reflect AI potential rather than the economics of their mining businesses. VanEck’s message is that the next phase will be judged less by announcements and more by construction progress, financing capacity, and actual delivery.