Bitcoin Miners Report $50 Billion Funding Gap but See AI Lease Valuations Above 10× Energized Power

Bitcoin miners that pivoted to AI infrastructure face a roughly $50 billion near-term funding gap and long-term capital needs of about $221 billion, according to a VanEck report released June 16, 2026. VanEck investment analyst Griffin MacMaster and head of digital asset research Matthew Sigel wrote that investors are moving past contract announcements toward questions of execution.

The report states that only about 25% of the AI and high-performance computing capacity leased by miners has been delivered.

"Execution, not signing, becomes the next premium," the analysts said. Companies missing construction milestones risk "structural de-ratings" from investors, the report added. The shift follows the 2024 Bitcoin halving, which caused a collapse in mining profitability.

Several operators began repurposing power infrastructure for AI workloads. Core Scientific signed a multibillion-dollar hosting agreement with AI startup CoreWeave. TeraWulf, Hut 8, Iren, and Cipher Mining announced plans to lease power and data center capacity to AI and high-performance computing customers.

Marathon Digital, Riot Platforms, and CleanSpark are pursuing hybrid strategies that maintain bitcoin mining while exploring AI opportunities. Bitcoin is down about 24% since January 2026. Riot Platforms stock is up nearly 94% year-to-date as of June 16, 2026, while Cipher Mining stock is 62% higher over the same period.

VanEck states that companies with signed AI leases command valuation multiples above 10 times energized power. The firm identifies HIVE, Bitdeer, Keel, and IREN as names with potential upside if they secure additional contracts. It states that MARA, CLSK, and RIOT remain more closely tied to bitcoin's price performance.