CoinShares: The data center ban may make the power assets of Bitcoin mining companies more valuable

According to Crypto Briefing, Benoît Pellevoizin, Managing Director of CoinShares France, stated that restrictions on the construction of new data centers following the U.S. midterm elections may increase the value of existing Bitcoin mining infrastructure, but companies with paid AI tenants will benefit the most.

He pointed out that concerns over electricity prices, water consumption, and the influence of large tech companies have increased public resistance to new facilities, while existing mines face fewer obstacles due to already holding power contracts and grid connections. CoinShares data shows that many projects have grid connection delays exceeding five years, with the PJM region averaging over seven years. Fully leased AI data centers are valued at approximately $27 million per megawatt, while publicly listed mining companies with partially held, powered but unleased capacity are valued at less than $3 million per megawatt. However, the cost to convert to AI facilities ranges from $8 million to $15 million per megawatt. Additionally, mining companies with contracted AI capacity trade at an average of 12.9 times forward sales, while uncontracted mining companies only trade at 3.7 times.