AI data centers need power now, but getting a new grid connection in the US can take 5 to 7 years.
By Vlad from Bastion on
Bitcoin miners already have that connection. They spent years securing sites with cheap, large-scale grid access to mine crypto.
So miners are converting those sites into "powered shells": empty buildings with the electricity already wired in, ready for servers. The miner then leases the site to a hyperscaler like Amazon or Microsoft on a 15 to 25 year fixed-price contract.
Those leases are far more lucrative than traditional energy. Morgan Stanley estimates powered shell projects can return 15-19% a year, almost double what a typical renewable energy project earns.
The miners' stocks haven't caught up. The market values them at just $2 to $4.50 per watt of capacity (EV/watt), while MS estimates each watt creates around $15.50 of value. That gap is why the upside to analyst targets is so large: $WULF +259%, $HUT +124%, $CIFR +82%, $RIOT +51%.
Of these names, $HUT has the highest combined Growth and Momentum score on Bastion and makes it into our Growth Rocket strategy.