Energy Audit Begins in Texas: Unexpected Scarcity Advantage for Bitcoin Miners

The new energy audit launched for data centers in Texas will create a “scarcity advantage” by making approved capacity more valuable for existing Bitcoin miners and AI operators, according to Bernstein analysts.

Texas Governor Greg Abbott took a significant step to control the load on the state’s energy grid by ordering an audit of all data center projects. Following this decision, the Public Utility Commission of Texas (PUCT) and grid operator ERCOT are reviewing projects currently awaiting approval, while the “Batch Zero” process, where large energy consumers are classified, has also been halted.

According to a report published by Bernstein, this regulatory move will slow down speculative projects but will strengthen the hand of companies that already have approved energy capacity. ERCOT‘s massive 474 GW connection queue consists of approximately 90% data centers, showing how critical existing capacity is. Analysts predict that as hurdles for new projects increase, the asset values of Bitcoin (BTC) miners who already possess approved power in megawatts (MW) will rise.

Texas Energy Audit and Its Impact on Mining Companies

In company-specific reviews, names with high dependence on the Texas grid, such as Cipher Digital (CIFR), CleanSpark (CLSK), and Core Scientific (CORZ), are expected to be more affected by this audit. In contrast, Terawulf (WULF) is in an advantageous position thanks to its portfolio in different states, while Riot Platforms (RIOT) and IREN are well-positioned due to their already approved large operational areas in Texas. Rising energy demand and project density across the state are driving up the value of existing facilities.

Bernstein maintained its “outperform” rating for CIFR, CLSK, IREN, CORZ, RIOT, and WULF, while issuing a “market perform” rating for Marathon Digital (MARA). It is noted that miners have signed more than 20 deals worth $160 billion with AI and cloud computing giants over the last two years. This proves how vital approved energy capacity is, not just for mining but also for the evolving AI infrastructure.