AI Contracts Overtake Bitcoin in Driving Crypto Miner Valuations

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Compass Point analysts Michael Donovan and Ed Engel argue that AI data center contracts, rather than Bitcoin mining, are now the primary driver of valuations for crypto miners. The analysts note that markets are currently undervaluing companies with significant AI infrastructure pipelines. Despite billions of dollars in signed leases, these future revenue streams are receiving little credit from investors. Cipher Mining and TeraWulf were specifically identified as appearing undervalued given their AI data center prospects.

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