According to a CoinShares report, there are at least 225 active data center moratoriums or restrictions across 30 US states. Maine implemented a total ban on new data center construction in April, while New York paused environmental permits for facilities of 50 MW or more for one year starting July 14. Similar restrictions have been introduced at the county level in Ohio, Michigan, Georgia, and Indiana.
The US interconnection queue currently holds approximately 2,600 GW, which is double the nation's total installed capacity. Projects entering service in 2025 face median wait times exceeding five years, with some projects in the PJM region experiencing delays of over seven years. In Texas, data centers account for 87% of the 410 GW large-load queue managed by ERCOT.
Market vacancy for primary data centers reached a record low of 1.4% by the end of 2025, despite a 36% increase in supply. In Northern Virginia, vacancy dropped to 0.3% in the first quarter of 2026. A recent purchase of three leased AI facilities in Northern Virginia valued capacity at nearly $27 million per MW, while some listed Bitcoin miners trade below $3 million per MW.
Converting mining infrastructure for AI use requires significant capital, with costs estimated between $8 million and $15 million per MW. This is substantially higher than the $700,000 to $1 million per MW required to build infrastructure for mining. Despite these costs, existing energized sites are becoming increasingly valuable due to grid congestion and regulatory hurdles.
