Data centers for bitcoin mining in the U.S. have faced significant restrictions, making permitted power one of the most scarce assets, especially compared to the growth of artificial intelligence. Currently, there are 151 restrictions on the establishment of data centers in the U.S., with the number of such moratoriums and restrictions reaching 225, according to a CoinShares report for the second quarter. The restrictions cover 30 states, including Maine, which completely banned new data center construction in April.
One significant event was New York Governor Kathy Hochul's decision on July 14 to suspend the issuance of environmental permits for facilities with a capacity of 50 megawatts (MW) or more. Similar restrictions have arisen at the county level in states like Ohio, Michigan, Georgia, and Indiana, where more than a third of counties have limited new construction. Pennsylvania has tightened review rules for large projects, while Texas has suspended the connection of new facilities to the grid pending an audit.
It is evident that the existing space for data centers has become scarce: according to CBRE, the vacancy rate in the primary market reached a record low of 1.4% by the end of 2025. In this context, the purchase of three leased AI properties in Virginia for $3.5 billion set a new benchmark at $27 million per MW. Meanwhile, mining companies with connected but not leased capacity have, in some cases, traded below $3 million per MW. Under these conditions, the transition from mining infrastructure to AI facilities requires investments ranging from $8 million to $15 million per MW, compared to $700,000 to $1 million for mining capacity.
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