12 Countries Are Quietly Mining Bitcoin, VanEck Analyst Claims

In Brief

• VanEck says about 12 governments are mining Bitcoin.
• State mining could expand as energy policy evolves.
• Many miners are pivoting infrastructure toward AI data centers.

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Government involvement in Bitcoin (BTC) mining may already be underway. Matthew Sigel, Head of Digital Asset Research at VanEck, said during a CNBC interview that about a dozen countries are currently mining Bitcoin at the government level, and the number could grow.

Governments may be entering Bitcoin mining

Speaking on CNBC on March 11, Sigel said the trend of state-backed mining is already visible

“There’s a dozen countries that are mining Bitcoin at the government level, and we expect that to proliferate.”

Though Sigel did not name the countries involved, the remark highlights how Bitcoin mining is evolving beyond private companies and into national energy and industrial policy discussions.

Miners pivot toward AI and power infrastructure

Sigel also argued that Bitcoin mining stocks remain one of the most attractive opportunities in the crypto sector right now. He said many mining companies are shifting their infrastructure to support artificial intelligence workloads.

Bitcoin miners built massive energy-intensive data centers to run mining machines. Those same facilities can now serve the growing demand for AI computing power, creating a new revenue stream for the industry.

“They’ve been aggressively diversifying their Bitcoin capacity to serve the AI market, and they still trade at a huge discount to other data center peers on a market cap-to-megawatt basis.”

According to Sigel, miners identified early that the real value lies in their access to power. After decades of underinvestment in electricity infrastructure, demand from AI and data centers is now creating multiple shocks to the grid.

Mining stocks diverge as industry evolves

Several mining companies are already adjusting their strategy. Core Scientific recently said it plans to sell most of its Bitcoin holdings to invest in expanding its AI and high-performance computing operations.

Riot Platforms is taking a similar direction. CEO Jason Les recently described 2025 as a turning point for the company as it unlocks nearly two gigawatts of power resources for data center infrastructure.

Mining stocks have performed unevenly over the past year. Core Scientific shares have risen about 85% and Riot Platforms roughly 89%, while MARA Holdings has fallen around 35% due to higher mining costs and lower block output.

Sigel also highlighted VanEck’s NODE ETF, which invests in companies tied to the on-chain economy. The fund has gained more than 30% since launching in May 2025 and now manages approximately $56 million in assets.