What AI lacks is electricity, and Bitcoin mining companies that hold power were wrongly killed by 35% in October.

Bitcoin miners pivoting to AI data-center hosting—including Hut 8, Core Scientific, TeraWulf and Cipher Mining—saw shares fall an average of 35% in October as investors lumped them in with leveraged GPU cloud providers like CoreWeave, whose debt costs have risen amid high rates and a September CPI rebound. VanEck argues this is a mispricing: the miners are "powered shell" landlords that bear no chip-depreciation risk, and none of their signed long-term hosting contracts, such as Core Scientific's 12-year, 500 MW deal with CoreWeave, have been canceled. The firm contends the binding constraint on AI compute is grid interconnection capacity, with queues in PJM, ERCOT and MISO stretching 4–7 years and new projects pushed past 2030, giving miners' energized sites scarcity value. After the selloff, miners trade at roughly 8–12x forward EV/EBITDA versus 20–25x for data-center REITs like Equinix and Digital Realty, a discount VanEck says ignores 10–20-year contracted cash flows. Watch whether Neocloud credit stress triggers actual lease renegotiations and how quickly hyperscalers sign for miners' remaining gigawatt-scale capacity.