Bernstein Cuts Bitcoin Miner Targets as Texas Data-Center Policy Risk Rises

Bernstein has cut price targets for seven bitcoin mining companies by approximately 35% to 54%, according to CoinDesk. The reassessment cited tighter financing conditions and growing uncertainty over data-center development in Texas.

The move followed Democrat Gina Hinojosa’s defeat of Republican incumbent Greg Abbott in the November 3 Texas gubernatorial election. The election result adds a political variable to an already uncertain permitting environment for large data-center projects in the state.

Texas had previously directed the Texas Commission on Environmental Quality to halt data-center permits while audits are conducted by ERCOT and other state agencies. The pause places added emphasis on the status of projects already approved or connected to power infrastructure.

Seven miners affected by Bernstein reassessment

The target reductions covered Cipher Mining, IREN, TeraWulf, Core Scientific, Riot, MARA and CleanSpark. CoinDesk reported that the range of reductions was about 35% to 54%.

The revised targets reflect an analyst reassessment rather than a change to the companies’ operating results disclosed in the available evidence. Bernstein pointed to financing conditions and uncertainty surrounding Texas data-center development.

• Cipher Mining
• IREN and TeraWulf
• Core Scientific, Riot, MARA and CleanSpark

Texas permitting uncertainty remains central

Before the election, the Texas governor’s office said Abbott had directed the Texas Commission on Environmental Quality to halt data-center permits pending audits by ERCOT and other state agencies. That action had already created uncertainty for proposed facilities requiring new approvals.

Hinojosa’s election win creates a changed political backdrop for projects in Texas, though the supplied evidence does not establish what specific permitting or energy policies her administration will adopt. The immediate point for developers and investors is that future approvals may carry greater uncertainty.

Existing power access may become more valuable

CoinDesk reported that analysts saw a possible advantage for miners with secured power connections and approved projects if stricter rules limit new data-center capacity. This is an analyst view, not a confirmed policy outcome.

For miners pursuing high-performance computing or AI-related data-center opportunities, the distinction between an operating or approved site and a project awaiting permits could become more significant. Cipher’s recent HPC lease revenue illustrates the broader overlap between mining infrastructure and data-center demand.

What the reassessment means for miners

The target cuts show how bitcoin miners’ valuations can be affected by factors beyond bitcoin mining economics, including access to capital, grid connections and local permitting. Texas is a major focus because of its role in power-intensive industrial development.

Whether the expected delays materialize will depend on actions by state agencies and the incoming administration. Companies with future Texas projects may face a different risk profile from those whose power arrangements and approvals are already in place.

Continue reading: Cipher’s recent HPC lease revenue on BTCNews.

Continue reading: bitcoin mining economics on BTCNews.

Sources

• CoinDesk: Wall Street turns cautious on AI data center boom after Democrats' Texas victory
• Texas Secretary of State: Election Results – Tuesday, November 3, 2026
• Office of the Texas Governor: Governor Abbott Directs TCEQ To Halt Data Center Permits
• Associated Press: Democrat Gina Hinojosa elected Texas' first Latina governor, ousts Republican incumbent Greg Abbott

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