On March 16, discussions intensified over whether the growing power demand from AI data centers could undermine Bitcoin mining and potentially affect the security of the Bitcoin network. According to BlockBeats, crypto trader Ran Neuner highlighted on social media that AI has emerged as Bitcoin mining's biggest competitor due to their shared reliance on electricity resources. Neuner noted that Bitcoin mining generates approximately $57 to $129 per megawatt, whereas AI data centers can earn between $200 and $500 per megawatt, up to eight times more than mining. Consequently, many mining companies are shifting towards AI ventures.
Neuner cited several examples: Core Scientific recently secured up to $1 billion in credit for AI hosting services; MARA Holdings filed documents with the U.S. SEC, hinting at a potential Bitcoin sale to facilitate an AI transition; Hut 8 signed a $7 billion AI infrastructure agreement with Google last December; and Cipher Mining has reduced its computing power to invest in AI. Additionally, Jihan Wu, co-founder of Bitmain, is reportedly moving away from mining to focus on AI. Neuner warned that continued miner exits could lead to a decrease in Bitcoin's hash rate, increasing the risk of a potential "51% attack." Currently, Bitcoin's total network hash rate has dropped approximately 14.5% from its peak last October.
However, some industry experts hold differing views. Adam Back, an early Bitcoin developer and cryptographer, argued that even if some miners transition to AI, Bitcoin's difficulty adjustment mechanism will automatically lower mining difficulty, enhancing the profitability of remaining miners and attracting hash power back to the network.