AI Contracts, Not Bitcoin, Now Drive Miner Valuations—and Cipher, TeraWulf Look Cheap
The post AI Contracts, Not Bitcoin, Now Drive Miner Valuations—and Cipher, TeraWulf Look Cheap appeared on BitcoinEthereumNews.com. Bitcoin miner equity valuations used to move almost lockstep with the price of BTC. That story is now changing fast. According to a market note from CoinDesk, Compass Point analysts Michael Donovan and Ed Engel argue that AI compute contracts—not bitcoin mining economics—are becoming the primary valuation driver for publicly traded miners. The analysts name Cipher Mining and TeraWulf as standout examples. Both stocks, they say, trade below the implied value of their signed AI hosting leases. Despite billions of dollars already locked into multi-year contracts, equity investors are applying a steep discount—a gap that the Compass Point team calls irrational. The pivot toward AI infrastructure is not happening in isolation. Across the broader tech landscape, decentralized computing networks are attracting serious capital—partnerships like UXLINK and Origins