Bernstein backs 4 Bitcoin miners’ $3.5B AI pivot

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Bernstein backs 4 Bitcoin miners’ $3.5B AI pivot — Image source: Unblock Media

Bernstein assigns Outperform ratings to IREN, Riot, CleanSpark, and Core Scientific as they shift to AI infrastructure.
Core Scientific leads with a $3.5B, 12-year AI hosting deal; miners leverage power assets amid weak Bitcoin margins.

On May 19, 2026 (UTC), Crypto Briefing reported that Bernstein assigned Outperform ratings to four major Bitcoin miners—IREN Limited, Riot Platforms, CleanSpark, and Core Scientific—citing their rapid move into AI infrastructure as data center power demand surges. Bernstein’s upgrade follows the companies’ use of their large power footprints and extensive facilities to address growing needs for AI-focused hosting and high-performance computing services while the Bitcoin market remains volatile.

Core Scientific stands out in this transition, having secured long-term, high-value agreements with AI cloud firms. As of June 2024, the company reached a contract with CoreWeave to supply up to 200 megawatts of infrastructure, valued at $3.5 billion over 12 years. This marks a decisive shift from pure Bitcoin mining to running revenue-generating AI data center operations.

IREN Limited is also advancing quickly, according to a TradingView report on May 19, 2026. The company is reducing exposure to traditional crypto mining, pivoting toward AI cloud hosting as its primary revenue driver. However, IREN faces near-term financial pressures, including impairment charges tied to older Bitcoin mining equipment during this strategic overhaul.

Riot Platforms and CleanSpark have informed investors that future growth will focus on AI and high-performance computing services, not just cryptocurrency mining. This industry-wide pivot comes as miners look to capitalize on their utility-scale power access, especially with Bitcoin prices and mining margins under persistent pressure.

Bernstein and other industry analysts note that converting legacy Bitcoin mining sites to AI-ready data centers presents complex, capital-intensive challenges. These include major upgrades for cooling, networking, and power delivery to handle GPU-heavy AI workloads that differ significantly from Bitcoin ASIC operations.

As of May 19, 2026, 15:09 UTC, Bitcoin (BTC) trades at $76,448.19, showing a 0.401% change in 24-hour trading volume, according to market data.