Restrictions on new U.S. data centers after the midterm elections could make existing Bitcoin mining infrastructure more valuable—but companies with paying AI tenants stand to benefit most, according to Benoît Pellevoizin, CoinShares’ managing director for France.
ChainCatcher reported the comments on November 10, 2026, at 08:21:55 UTC+8, citing Crypto Briefing.
Why existing power connections matter
Pellevoizin said concerns over electricity prices, water consumption and the influence of large technology companies were increasing public resistance to new facilities. Existing mining sites face fewer obstacles because they already hold power contracts and grid connections.
According to CoinShares data, grid-connection delays for many projects have exceeded five years, with the average in the PJM region exceeding seven years.
AI tenants command a premium—but conversion is costly
The reported valuation gap is substantial:
- Fully leased AI data centers are valued at about $27 million per megawatt.
- Some publicly listed miners with energized but unleased capacity are valued at less than $3 million per megawatt.
- Converting mining infrastructure into AI facilities costs $8 million to $15 million per megawatt.
Miners with contracted AI capacity trade at an average of 12.9 times forward sales, compared with 3.7 times for miners without such contracts, according to the report.
The distinction is between having access to power and having a paying customer for it. Pellevoizin’s argument points to a potential advantage for existing mining sites, not a guaranteed uplift across the sector: conversion costs remain significant, and the strongest benefits would go to operators with paying AI tenants.