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Investors are paying premium valuations for Bitcoin miners' artificial intelligence infrastructure capacity before the bulk of that buildout is complete, according to CryptoSlate.
The dynamic points to a broader pattern: capital markets pricing in future data-center revenues that miners have not yet generated — and, in many cases, have not yet built the hardware to generate.
The Setup: Miners as Speculative AI Plays Bitcoin miners occupy an unusual position in this trade.
They hold large tracts of land with power contracts already in place — the two scarcest inputs for AI data centers — even when the actual compute racks remain uninstalled.
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