Gina Hinojosa’s victory in the Texas governor’s race has added uncertainty to data-center expansion plans, prompting Bernstein to cut price targets for seven Bitcoin mining companies with exposure to the state’s power market.
Hinojosa has called for pausing approvals for new data centers until the state Legislature establishes rules to protect residents. Her campaign proposals also included requiring developers to show projects would not raise household utility bills, restricting confidentiality agreements with communities and ending longstanding government incentives.
Bernstein’s team, led by senior analyst Gautam Chhugani, lowered targets by 35% to 54%. Its target for Cipher Mining fell to $15 from $23; IREN’s to $55 from $100; TeraWulf’s to $20 from $36; Core Scientific’s to $19 from $32; Riot Platforms’ to $18 from $35; MARA Holdings’ to $10 from $17; and CleanSpark’s to $11 from $24.
Bernstein cited tighter financing and uncertainty in Texas. More than half of the power capacity held or planned by the miners it covers is in the state. Existing approved grid capacity could become more valuable if new connections grow harder to secure, while projects still awaiting approval may face delays.
The issue matters to miners shifting toward AI computing: Texas accounts for about one-quarter of planned U.S. data-center capacity.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to [email protected].
