Bitcoin
Texas Moratorium on Data Centers Unlikely to Affect Bitcoin Miners
Bernstein analysts say Governor Abbott's pause on new data center approvals will spare existing mining operations with locked-in power contracts.
Texas Governor Greg Abbott announced Monday a moratorium on data center approvals connected to the state's electric grid pending a public utility audit, citing concerns over the pace of expansion. Bernstein analysts said this move should not disrupt Bitcoin miners already operating under approved electricity contracts in the state.
The research team noted that most Texas-based Bitcoin miners hold contracts for approved capacity and therefore face minimal direct risk from the moratorium. However, the analysts argue that the audit will slow speculative data center development and make established sites with operating history more valuable.
Mining operators potentially exposed to future obstacles include Cipher Digital, Core Scientific and CleanSpark, according to Bernstein. By contrast, miners with fully approved ERCOT grid connections—including IREN and Riot Platforms—are better positioned. Bernstein suggested that as political opposition to data center projects intensifies and fresh capacity becomes constrained, approved megawatts will command a premium in the market.
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