Catenaa, Tuesday, August 11, 2026-A Texas government review of proposed data center power connections could reshape the economics of both artificial intelligence infrastructure and Bitcoin mining by increasing the value of facilities that already have access to the state’s electricity grid, according to investment research firm Bernstein.
The assessment follows an order by Texas Governor Greg Abbott, who directed the Public Utility Commission of Texas (PUCT) and grid operator ERCOT to audit all data center projects awaiting grid connection approval.
The move prompted ERCOT to suspend its “Batch Zero” review process, delaying decisions on the first group of large-scale electricity users seeking access to the state’s power network.
According to Bernstein, the regulatory review is unlikely to affect operating facilities or projects that have already secured power agreements. Instead, the impact is expected to fall primarily on speculative developments still waiting for approval.
The firm argues that limiting new grid connections could increase the scarcity value of existing power capacity, making operational AI campuses and Bitcoin mining facilities more attractive strategic assets.
“Approved megawatts become more valuable when new capacity becomes harder to obtain,” Bernstein analysts wrote in a research note.
The report noted that data center projects now account for approximately 90% of ERCOT’s 474-gigawatt interconnection queue, highlighting the growing competition for electricity as demand from artificial intelligence and high-performance computing accelerates.
Bernstein identified Cipher Digital, CleanSpark, and Core Scientific among the companies with greater exposure to the review because portions of their near-term expansion plans depend on future Texas grid approvals.
By contrast, companies with existing approved infrastructure or geographically diversified power portfolios are expected to benefit from the tightening environment.
The research highlighted Riot Platforms and IREN as companies with substantial approved capacity already connected to the Texas grid, while Terawulf was cited for its diversified operations across Kentucky, Maryland and New York.
The report maintained Outperform ratings on Cipher Digital, CleanSpark, IREN, Core Scientific, Riot Platforms and Terawulf, while assigning a Market-Perform rating to MARA Holdings.
Bernstein said the audit reflects a broader shift in how electricity is being valued as artificial intelligence rapidly expands.
Rather than viewing power solely as an operating expense, investors are increasingly treating approved grid capacity as a scarce strategic asset capable of generating long-term value.
The firm noted that Bitcoin miners have become important suppliers of AI infrastructure by repurposing existing data centers and power contracts for hyperscale computing customers.
Over the past two years, miners have signed more than 20 AI infrastructure agreements, representing approximately 8 gigawatts of contracted power capacity and an estimated $160 billion in total contract value.
The report suggests that companies capable of delivering operational, grid-connected facilities could become increasingly valuable as governments tighten oversight of large-scale electricity demand.
Texas has emerged as one of the world’s largest hubs for both Bitcoin mining and AI data center development due to its competitive electricity market and abundant energy resources. However, the rapid expansion of hyperscale computing has significantly increased demand for grid connections, prompting regulators to reassess how future electricity capacity is allocated. Industry analysts increasingly view approved power infrastructure as one of the most valuable assets in both the digital asset and artificial intelligence sectors.
