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Bernstein: Bitcoin miners are partners in building AI data centers

Bitcoin miners are an attractive partner to help build artificial intelligence (AI) data centers due to their available power and operational capabilities, brokerage Bernstein said in a research note on Tuesday. The report noted that bitcoin miners have access to a significant amount of power supply and currently control about 6 gigawatts (GW) of power access, which will reach 12GW by 2027. Miners are leading the way in the "heavy load power interconnect queue" and can therefore help potential partners save time in obtaining energy supplies. Bernstein said it expects the top five bitcoin miners in the U.S. to continue consolidating scale and grow bitcoin's global hash rate to around 25 percent, opting to shift to artificial intelligence in the medium term. The hash rate is representative of industry competition and mining difficulty. The broker remains bullish on bitcoin and predicts the asset will reach $200,000 by 2025, $500,000 by 2029, and more than $1 million by 2033, and following the successful launch of a spot bitcoin exchange-traded fund (ETF) in the U.S. in January, the broker said its confidence has increased.