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Bitcoin miners that remade themselves as AI data-center hosts are running into a political backlash, CoinDesk's Helene Braun and Will Canny reported.
Democrat Gina Hinojosa's upset win over Texas Gov. Greg Abbott could stall projects, since she wants to halt new data-center approvals until rules shield residents from higher power and water bills.
Bernstein, which says more than half the power capacity held or planned by the miners it covers is in Texas, cut price targets on seven of them by 35% to 54%.
Financing is the other worry. Debt-laden AI cloud upstarts were at the center of the recent AI selloff, and a Needham analyst told The Wall Street Journal that loans for AI build-outs are getting harder to land.
Listed miners sold a record 48,900 bitcoin in the first half, and he expects more sales to fund construction.
The DeAI takeaway: If permits and credit for giant new sites get scarce, decentralized compute networks that rent out GPUs already plugged in elsewhere have a stronger pitch, though their hardware needs financing too.