Texas grid approval could boost bitcoin miners' data center expansion
Texas is reshaping how it connects large power users as demand from AI-linked data centers swells across the state. The change could favor bitcoin miners that already operate large campuses in Texas and are shifting toward higher-margin data center and high-performance computing business.
Highlights
- Cipher Digital surged over 10% to a record $30 following Texas grid approval, while Core Scientific and Riot Platforms gained 3% and 2.2%, respectively.
- Cipher Digital secured key hyperscaler AI lease deals, including a $5.5 billion AWS contract at Black Pearl and a Google-backed agreement at Barber Lake.
- Core Scientific's Q1 colocation revenue hit $78 million, more than double mining revenue, as FERC scrutinized data center power cost impacts nationwide.
Texas grid approval could aid miner conversion
Shares of several bitcoin miners with major Texas sites rose on Thursday after the decision, with Cipher Digital reaching a new all-time high of $30 and gaining more than 10%, while Core Scientific and Riot Platforms were up 3% and 2.2%, respectively.Cipher Digital has signed multiple hyperscaler AI agreements at its Texas facilities, including a $5.5 billion Amazon Web Services lease at its Black Pearl campus and an earlier Barber Lake deal backed by a Google guarantee. Riot Platforms reported its first data center revenue earlier this year at $33 million and expanded AMD's lease agreement to 50 megawatts, while continuing work on its Corsicana campus, which is expected to support up to 1 gigawatt of power.
Core Scientific generated $78 million in colocation revenue in the first quarter, more than double the revenue from its bitcoin mining operations. Outside Texas, the Federal Energy Regulatory Commission on Thursday directed six regional grid operators to show that data center developers are not shifting power system costs onto households and businesses, with Chair Laura Swett calling the issue one of the country's top priorities.
FERC’s push to update grid access rules for large power users outlined how the agency ordered six regional grid operators to justify or reform their large-load interconnection tariffs within set deadlines. Our publication previously noted that the review focuses on speeding data center and other major-load connections while adding safeguards to prevent shifting grid costs onto households and businesses.
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