Restrictions on new data-center construction following the U.S. midterm elections could increase the value of existing Bitcoin mining infrastructure, according to Benoît Pellevoizin, Managing Director of CoinShares France. Public resistance over electricity prices, water consumption and Big Tech influence is making new facilities harder to build, while established mining sites already have power contracts and grid connections. CoinShares data shows grid-connection delays for many projects have exceeded five years and average more than seven years in the PJM region. Fully leased AI data centers are valued at approximately $27 million per megawatt, compared with less than $3 million per megawatt for listed miners with energized but unleased capacity. Converting mining facilities for AI use costs between $8 million and $15 million per megawatt. Miners with contracted AI capacity trade at an average of 12.9 times forward sales, versus 3.7 times for those without such contracts, underscoring the premium investors place on secured AI revenue streams.