Bitcoin Miners Hold Scarce Resource AI Developers Can't Easily Access

Bitcoin (BTC) mining facilities in the U.S. have become one of the most scarce resources for licensed power capacity, with ongoing restrictions at 151 data centers. Artificial intelligence (AI) developers now face years-long waits to secure new power connections.

CoinShares' Q2 mining report revealed at least 225 temporary shutdowns or restrictions on data centers, turning existing power capacity into a scarce asset. According to ElectricChoice tracking cited in the report, these measures span 30 states, with Maine banning all new data center construction as of April.

New York highlighted the trend by halting environmental permits for facilities over 50 megawatts (MW) on July 14, implementing a one-year freeze across the state. Similar restrictions have spread to counties in Ohio, Michigan, Georgia, and Indiana, where over a third have introduced development limits.

Pennsylvania tightened approval processes for large projects, while Texas suspended new power grid connections until further review. New York has made exceptions only for already-approved permits, creating value for existing approvals that new entrants cannot access.

Waiting lists for power connections in the U.S. now hold around 2,600 gigawatts (GW), double the country's total installed capacity. Research from Lawrence Berkeley National Laboratory shows projects completed by 2025 face over five years of waiting time between request and operation start.

Texas exemplifies this bottleneck: data centers account for 87% of the 410 GW in ERCOT's large demand queue, while PJM region projects take an average of more than seven years from request to service by 2025.

Existing facility space is also tightening. Commercial real estate firm CBRE reported that major markets hit a record low vacancy rate of 1.4% by end-2025, with Northern Virginia's rate dropping to 0.3% in Q1 2026.

This scarcity has driven leasing prices for three AI facilities in Northern Virginia to $3.5 billion, setting a benchmark of nearly $27 million per MW. In contrast, unleased mining facility capacity trades below $3 million per MW.

Converting mining infrastructure to AI-grade requires $8-15 million per MW, while building new mining facilities costs $0.7-1 million per MW. Meanwhile, Washington has seen calls to ease restrictions, with Donald Trump warning that regions refusing to attract facilities risk decline, and Republicans concerned about backlash ahead of midterm elections.