Original report published November 10, 2026, at 08:21:55 UTC+8.
Restrictions on new data-center construction following the U.S. midterm elections could increase the value of existing Bitcoin mining infrastructure, according to Benoît Pellevoizin, CoinShares’ managing director for France. But companies with paying AI tenants stand to benefit most, he said.
ChainCatcher, citing Crypto Briefing, reported that Pellevoizin linked growing public resistance to new facilities to concerns over electricity prices, water consumption and the influence of large technology companies. Existing mining sites face fewer obstacles because they already hold power contracts and grid connections.
Grid access is an advantage—not a finished AI business
According to CoinShares data cited in the report, grid-connection delays for many projects now exceed five years, with the average in the PJM region exceeding seven years.
The report outlined a substantial valuation gap:
- Fully leased AI data centers are valued at approximately $27 million per megawatt.
- Some publicly listed miners holding energized but unleased capacity are valued at less than $3 million per megawatt.
- Conversion to AI facilities costs $8 million to $15 million per megawatt.
Those figures do not establish that mining capacity can capture AI data-center valuations without substantial additional spending. Existing power access is only part of the comparison; conversion costs and paying tenants also matter.
Contracted capacity commands a premium
The report also said miners with contracted AI capacity trade at an average of 12.9 times forward sales, compared with 3.7 times for miners without contracted AI capacity.
The distinction is central to Pellevoizin’s argument: potential restrictions could make existing infrastructure more valuable, but the strongest benefit would accrue to operators that have secured paying AI tenants—not simply those holding available power capacity.