Restrictions on new U.S. data center construction following the midterm elections could increase the value of existing Bitcoin mining infrastructure, according to Benoît Pellevoizin, CoinShares’ managing director for France. However, he said companies with paying AI tenants stood to benefit most.
ChainCatcher reported the comments, citing Crypto Briefing, on November 10, 2026, at 08:21:55 UTC+8.
Existing power access could offer an advantage
Pellevoizin said concerns about electricity prices, water consumption and the influence of large technology companies were increasing public opposition to new facilities. Existing mining sites faced fewer obstacles because they already held power contracts and grid connections.
According to CoinShares data cited in the report, grid-connection delays for many projects had exceeded five years, with the average in the PJM region exceeding seven years.
AI tenants matter—and conversion is costly
The report highlighted a substantial valuation gap:
- Fully leased AI data centers were valued at roughly $27 million per megawatt.
- Some publicly listed mining companies with energized but unleased capacity were valued at less than $3 million per megawatt.
- Converting mining infrastructure into AI facilities cost $8 million to $15 million per megawatt.
Miners with contracted AI capacity traded at an average of 12.9 times forward sales, compared with 3.7 times for miners without such contracts, according to the report.
Pellevoizin’s assessment was conditional: construction restrictions could make existing infrastructure more valuable, but access to power alone was not equivalent to having leased AI capacity, and conversion required substantial spending.