Potential 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. The argument centers on access to power and grid connections, rather than treating every mining site as an equally valuable AI opportunity.
Existing power access could become more valuable
Pellevoizin said concerns about 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 electricity contracts and grid connections.
According to CoinShares data cited in the report, grid-connection delays for many projects have exceeded five years, with the average in the PJM region exceeding seven years.
AI tenants distinguish potential capacity from contracted business
The report highlighted a substantial valuation gap: fully leased AI data centers were valued at approximately $27 million per megawatt, while some publicly listed miners with energized but unleased capacity were valued at less than $3 million per megawatt.
That difference does not make conversion cost-free. Retrofitting mining infrastructure for AI facilities costs $8 million to $15 million per megawatt, according to the report.
Contracted AI capacity also marked a distinction in equity valuations. Miners with signed AI capacity contracts traded at an average of 12.9 times forward sales, compared with 3.7 times for those without such contracts.
The thesis is therefore conditional: restrictions could increase the value of existing power infrastructure, but access to electricity is not the same as a leased AI facility. Pellevoizin identified paying AI tenants as the key differentiator in who would benefit most.
