Original report published November 10, 2026, at 08:21:55 UTC+8.
Restrictions on new data-center construction following the U.S. midterm elections could increase the value of existing Bitcoin mining infrastructure, according to Benoît Pellevoizin, managing director of CoinShares France. However, companies with paying AI tenants would stand to benefit most, he said.
ChainCatcher, citing Crypto Briefing, reported that Pellevoizin linked growing public resistance to new facilities to concerns about electricity prices, water consumption and the influence of large technology companies. Existing mining sites face fewer obstacles because they already hold power contracts and grid connections.
Grid access and valuation gaps
The report cited CoinShares data showing:
- Grid-connection delays: More than five years for many projects, with an average exceeding seven years in the PJM region.
- Leased AI facilities: Fully leased AI data centers were valued at about $27 million per megawatt.
- Unleased mining capacity: Some publicly listed miners with energized but unleased capacity were valued at less than $3 million per megawatt.
- Conversion costs: Retrofitting facilities for AI cost $8 million–$15 million per megawatt.
- Forward-sales multiples: Miners with contracted AI capacity traded at an average of 12.9 times forward sales, compared with 3.7 times for those without contracted AI capacity.
These comparisons distinguish access to power from a revenue-generating AI facility. Pellevoizin’s assessment was conditional: construction restrictions could make existing infrastructure more valuable, but conversion costs and the presence of paying tenants remain important distinctions. The reported valuation gap alone does not establish that mining capacity can achieve the valuations of fully leased AI data centers.