Bitcoin Miners With Signed AI/HPC Leases Trade Above 10x Gross Energy Output, VanEck Says

VanEck’s latest framework says publicly traded Bitcoin miners with signed AI/HPC leases trade at more than 10 times gross energy output, while miners with little or no contracted capacity trade at roughly 2–6 times gross energy output. According to NS3.AI, the framework also estimates a near-term funding shortfall of roughly $50B for the sector. VanEck further projects a long-term capital need of about $221B if announced pipelines convert into built sites.