Host John Gillen speaks with VanEck’s Matthew Sigel about why Bitcoin miners may be worth more as AI infrastructure providers. Sigel explains how their expertise in sourcing power and developing land can support long-term data center leases, while debt financing for GPUs may lower their cost of capital compared with traditional mining operations.
The discussion examines how to value signed leases, terminal value, and uncontracted capacity as regulators in New York and Texas scrutinize data center development. Sigel also addresses the downside for Bitcoin: miners pursuing AI are selling more BTC and adding less hash rate, although he views that pressure as potentially self-correcting.
Sigel outlines his cautious approach to Bitcoin after a 50% decline, balancing signs of a market bottom against low volatility and uncertain positioning. He also explains why his onchain economy strategy has concentrated in Bitcoin, miners, and energy infrastructure while remaining wary of leveraged crypto equities and much of the altcoin market.
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