--- title: "Bernstein Backs TeraWulf Over CleanSpark, Core Scientific in Texas Data Center Audit" type: "News" locale: "en" url: "https://longbridge.com/en/news/294866489.md" description: "Bernstein notes that Texas's audit of data center grid interconnections may delay new projects but benefit existing Bitcoin miners and AI operators by increasing the value of approved power capacity. TeraWulf is favored for its diversified assets, while CleanSpark and Core Scientific face higher exposure. Riot Platforms and IREN are also seen as beneficiaries due to substantial approved capacity." datetime: "2026-08-04T20:13:12.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294866489.md) - [en](https://longbridge.com/en/news/294866489.md) - [zh-HK](https://longbridge.com/zh-HK/news/294866489.md) --- # Bernstein Backs TeraWulf Over CleanSpark, Core Scientific in Texas Data Center Audit A state-ordered review of Texas data center projects could ultimately benefit existing **Bitcoin** (CRYPTO: BTC) mining and AI infrastructure operators by making approved power capacity more valuable, according to a Bernstein note. ## **TeraWulf Better Insulated, Others Have High Exposure** Texas Gov. **Greg Abbott** on Monday directed the Public Utility Commission of Texas and grid operator ERCOT to audit all data center projects currently awaiting grid interconnection approval. Following the order, ERCOT paused its "Batch Zero" review process, which was evaluating the first wave of large power users. In a Bernstein note cited by The Block, analysts said the review is likely to delay some proposed developments but should leave existing operations unaffected. Bernstein said slowing new grid approvals could increase the scarcity value of already-approved megawatt capacity, strengthening the competitive position of existing Bitcoin miners and AI infrastructure providers. The firm identified **Cipher Mining Inc.** (NASDAQ:CIFR), **CleanSpark Inc.** (NASDAQ:CLSK) and **Core Scientific Inc.** (NASDAQ:CORZ) as companies with relatively greater exposure because portions of their near-term expansion plans depend on additional Texas grid approvals. At the same time, Bernstein said **TeraWulf Inc.** (NASDAQ:WULF) is better insulated due to its geographically diversified power assets across Kentucky, Maryland and New York. The brokerage also highlighted **Riot Platforms Inc.** (NASDAQ:RIOT) and **IREN Ltd.** (NASDAQ:IREN) as beneficiaries because they already operate substantial approved capacity within ERCOT. ## **Analyst Ratings** Bernstein maintained Outperform ratings on CIFR, CLSK, IREN, CORZ, RIOT and WULF, while keeping a Market-Perform rating on **MARA Holdings Inc.** (NASDAQ:MARA). The analysts added that Bitcoin miners remain increasingly well-positioned to capitalize on AI infrastructure demand, noting the sector has signed agreements covering roughly 8 gigawatts of power capacity with hyperscalers, neo cloud providers and AI chipmakers across more than 20 transactions collectively valued at over $160 billion over the past two years. _Image: Shutterstock_ ### Related Stocks - [GBTC.US](https://longbridge.com/en/quote/GBTC.US.md) - [RIOT.US](https://longbridge.com/en/quote/RIOT.US.md) - [CORZ.US](https://longbridge.com/en/quote/CORZ.US.md) - [CLSK.US](https://longbridge.com/en/quote/CLSK.US.md) - [IREN.US](https://longbridge.com/en/quote/IREN.US.md) - [WULF.US](https://longbridge.com/en/quote/WULF.US.md) - [RIOX.US](https://longbridge.com/en/quote/RIOX.US.md) - [BTCW.US](https://longbridge.com/en/quote/BTCW.US.md) - [IBIT.US](https://longbridge.com/en/quote/IBIT.US.md) - [ARKB.US](https://longbridge.com/en/quote/ARKB.US.md) - [HODL.US](https://longbridge.com/en/quote/HODL.US.md) - [BITB.US](https://longbridge.com/en/quote/BITB.US.md) - [EZBC.US](https://longbridge.com/en/quote/EZBC.US.md) - [BTCO.US](https://longbridge.com/en/quote/BTCO.US.md) - [BRRR.US](https://longbridge.com/en/quote/BRRR.US.md) - [IRE.US](https://longbridge.com/en/quote/IRE.US.md) - [CLSX.US](https://longbridge.com/en/quote/CLSX.US.md) - [BITO.US](https://longbridge.com/en/quote/BITO.US.md) - [IREX.US](https://longbridge.com/en/quote/IREX.US.md) - [COZX.US](https://longbridge.com/en/quote/COZX.US.md) - [FBTC.US](https://longbridge.com/en/quote/FBTC.US.md) - [WULX.US](https://longbridge.com/en/quote/WULX.US.md) - [CLSZ.US](https://longbridge.com/en/quote/CLSZ.US.md) - [IREZ.US](https://longbridge.com/en/quote/IREZ.US.md) - [03008.HK](https://longbridge.com/en/quote/03008.HK.md) - [03042.HK](https://longbridge.com/en/quote/03042.HK.md) - [03430.HK](https://longbridge.com/en/quote/03430.HK.md) - [BTCE.DE](https://longbridge.com/en/quote/BTCE.DE.md) - [BTCHKD.VAHK](https://longbridge.com/en/quote/BTCHKD.VAHK.md) - [BTCUSD.VAHK](https://longbridge.com/en/quote/BTCUSD.VAHK.md) - [AB.US](https://longbridge.com/en/quote/AB.US.md) - [CIFR.US](https://longbridge.com/en/quote/CIFR.US.md) - [MARA.US](https://longbridge.com/en/quote/MARA.US.md) - [CLSKW.US](https://longbridge.com/en/quote/CLSKW.US.md) - [CORZZ.US](https://longbridge.com/en/quote/CORZZ.US.md) - [CORZW.US](https://longbridge.com/en/quote/CORZW.US.md) ## Related News & Research - [Assenagon Asset Management S.A. 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