Bitcoin Mining Facilities: The Next Frontier in AI Infrastructure

Morgan Stanley predicts that Bitcoin mining facilities will become crucial AI infrastructure, with large compute/data center deals expected in 2026. The bank believes Bitcoin miners can repurpose their assets, citing a 6.3 GW of operational sites in the US. Morgan Stanley suggests that repurposed Bitcoin sites could help close the 45 GW power bottleneck for data centers through 2028.

In a significant shift in the energy landscape, Morgan Stanley predicts that Bitcoin mining facilities will become crucial infrastructure for artificial intelligence (AI) applications by 2026. The bank anticipates large compute/data center deals, leveraging the existing operational sites of Bitcoin miners to address the growing power demands of AI.

According to Morgan Stanley, Bitcoin miners in the US currently operate approximately 6.3 GW of sites. The bank suggests that these facilities can be repurposed to help close the 45 GW power bottleneck for data centers by 2028. This strategic move aligns with the increasing demand for high-availability and uninterrupted power supply, essential for AI and high-performance computing.

Fermi America, a leading player in the energy sector, has recently signed two letters of intent with Siemens Energy to supply additional power generation equipment. This includes 1.1 GW of gas turbines and collaboration on nuclear steam turbines, as part of its 11 GW private energy campus dedicated to AI and high-performance computing Fermi America signs two energy deals with Siemens Energy for 2 GW in 2026^[1]. The campus aims to provide a stable energy base to support the rapid growth in electricity demand linked to AI.

Similarly, TeraWulf Inc., a crypto miner, is planning to raise approximately $3 billion to support the build-out of its data centers, with Google Inc. providing a $1.4 billion backstop Google-Linked Crypto Miner Plans $3 Billion Debt for Data Center^[2]. This deal underscores the growing trend of leveraging crypto mining resources for data center infrastructure, driven by the AI boom.

These developments highlight the potential for Bitcoin mining facilities to play a pivotal role in the AI infrastructure landscape. As data centers struggle to keep up with demand, repurposing existing Bitcoin mining sites offers a viable solution to meet the growing power requirements.

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References
Fermi America signs two energy deals with Siemens Energy for 2 GW in 2026^[1] https://energynews.pro/en/fermi-america-signs-two-energy-deals-with-siemens-energy-for-2-gw-in-2026/
Google-Linked Crypto Miner Plans $3 Billion Debt for Data Center^[2] https://www.bloomberg.com/news/articles/2025-09-25/google-linked-crypto-miner-plans-3-billion-debt-for-data-center