TREE NEWS reports: CoinShares France managing director Benoît Pellevoizin said restrictions on new data center construction following the U.S. midterm elections could raise the value of existing bitcoin mining infrastructure, with companies holding paying AI tenants benefiting most. Public resistance tied to power prices, water consumption and Big Tech influence is raising barriers to new facilities, while existing mines already hold power contracts and grid connections. CoinShares data show grid connection delays exceeding five years for many projects and averaging over seven years in PJM; fully leased AI data centers are valued at about $27 million per megawatt, versus under $3 million per megawatt for listed miners holding some energized but unleased capacity.
CoinShares: Data Center Bans May Boost Value of Bitcoin Miners’ Power Assets
The scarcity argument here rests less on bitcoin mining economics than on permitting and interconnection risk becoming the binding constraint for AI capacity. If new construction faces political resistance, incumbents with energized sites and grid contracts hold an option value that listed miners' current multiples may not reflect — though the cited gap between leased AI data centers and unleased miner capacity is a valuation comparison, not a guaranteed convergence. The distinction between miners with paying AI tenants and those with idle energized capacity is the fault line worth watching, alongside whether the post-election restrictions actually materialize.
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