From Bitcoin mining to 'powering AI': Can the soaring stock prices of Bitcoin mining firms sustain their momentum?

Interestingly, while Bitcoin’s price plunged last week and most related U.S. equities corrected, these four stocks ranked first through fourth—driven not by their traditional label as 'Bitcoin miners,' but by a newly dominant market narrative. MSX Research at Maitong believes this unusual rally does not stem from a recovery in the broader cryptocurrency market, but rather reflects an energy-driven asset revaluation: investors have fundamentally reframed their perception of these companies—not as 'hash-rate mining firms' subject to Bitcoin’s price volatility, but as 'power infrastructure operators' holding scarce, strategic assets. At the heart of this revaluation is electricity—not Bitcoin. Since 2025, consensus has formed across investment circles that AI firms’ expansion bottleneck has shifted—from GPU supply constraints to power grid interconnection capacity. When tech giants like Microsoft and Google face multi-year waitlists for data center power connections, Bitcoin mining firms—having secured electricity interconnection permits years earlier—now hold one of America’s most strategically scarce resources: pre-approved, grid-connected power capacity. CoreWeave’s $9 billion acquisition of Bitcoin miner Core Scientific further validates this logic—the core value sought was Core Scientific’s 1.3 GW of already-deployed generation capacity and 1 GW of scalable capacity. Grid bottlenecks: 'Money can’t buy sparks' for AI firms Today, AI giants’ primary constraint is not chips—it’s electricity availability. Yet their challenge isn’t 'affordability' but rather 'accessibility': they cannot secure *immediately usable* power interconnection capacity. According to PJM Interconnection—the largest U.S. grid operator—as of 2025, over 2,300 GW of new generation and large-load projects are stuck in the 'interconnection queue', with AI data centers accounting for more than 30% of that total. Every new project must undergo a multi-year 'System Impact Study' (SIS) to assess its effect on grid stability. The average interconnection timeline for new power plants or large-scale AI data centers spans 5–7 years; when layered with state-level environmental reviews, land-use planning, and transmission coordination, the full cycle can stretch up to a decade. This regulatory rigidity resembles airport takeoff/landing slots—capacity-limited and strictly sequenced. Even well-funded corporations like Microsoft and Amazon cannot bypass these institutional delays. Crucially, AI compute clusters impose extreme power density demands: a single data center may draw 100–300 MW—equivalent to the electricity consumption of a mid-sized city—further intensifying competition for grid access. The true nature of America’s 'power shortage': It’s not about lack of electricity—but about electricity failing to *arrive*. In aggregate, U.S. generation capacity exceeds 1 TW—suggesting theoretical surplus. Yet structural imbalances are acute: transmission bottlenecks and mismatched power density requirements create genuine scarcity. Goldman Sachs estimates global data center electricity demand will surge 160% by 2030, with 60% of that growth requiring *new* generation capacity. U.S. grid expansion alone would demand over $700 billion in investment. In reality, however, grid modernization lags far behind AI’s explosive growth: capacity strain is already evident in key regions like PJM and ERCOT (Texas), where interconnection delays, aging infrastructure, and community opposition severely constrain new project approvals. Adding urgency, U.S. coal-fired generation capacity slated for retirement in 2025 totals 8.1 GW—66% of all planned retirements—further eroding grid flexibility.

Bitcoin, MTX, AST, and UTK technical analysis

Bitcoin daily chart analysis: If volume fails to expand significantly and price fails to break above $7,600 in the near term, Bitcoin will confront dual resistance levels—the 120-day moving average at $7,552.04 (a neutralizing pressure zone), and the recent overhead resistance at $7,600. This level is highly delicate. Given Bitcoin’s repeated failure to breach the 120-day MA throughout this year, the probability of a breakout remains low. Volume has contracted, signaling broad market hesitation. With no major positive catalysts emerging recently, a wait-and-see stance remains appropriate. Original proprietary Bitcoin indicator: Google Index stands at 11—unchanged from yesterday—suggesting, for now, a short-term rebound. ======== MTX is listed on only a single exchange, implying elevated risk. This altcoin has historically exhibited sharp rallies followed immediately by abrupt sell-offs. It remains entrenched in a bearish trend characterized by progressively lower highs and lower lows, punctuated by only feeble rebounds. Trading volume is extremely thin; a recent pump-and-dump trap also occurred—chasing such moves would likely result in significant losses. Not recommended for consideration at present. ======= AST has shown modestly increased volume during its recent rebound—but in the prevailing bear market, participants quickly exited again. Overall volume remains depressed.

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