What happened
US-listed bitcoin mining companies are accelerating the shift of scarce power and large-scale data center campus resources toward AI computing infrastructure, weakening the Trump administration's push to concentrate mining in the US.
Bitcoin's total market value has dropped by about $1 trillion from its October 2025 peak, and mining economics are under pressure, prompting miners to pivot to AI.
Major deals include Hut 8 signing two 15-year AI leases totaling 704 MW of IT capacity with a base contract value of $19.6 billion, and TeraWulf signing a 20-year lease with Anthropic for about 401 MW of IT load, with expected base revenue of about $19 billion.
Why it matters
The pivot reflects a broader trend where AI's soaring power demands are competing with bitcoin mining for limited electricity resources, reshaping the US crypto mining industry.
Miners with secured power access and data center capabilities are better positioned to convert energy assets into new revenue streams, but success depends on long-term lease income covering conversion costs and delivery risks.
This shift undermines Trump's 'Made in America' bitcoin mining vision, as US mining share declines and activity moves to Asia and Russia.
Key facts
Bitcoin's total market value is down about $1 trillion from its October 2025 peak.
Foundry USA's share of bitcoin network hashrate has fallen from over one-third to 26%.
Hut 8 signed two 15-year AI leases totaling 704 MW of IT capacity with a base contract value of $19.6 billion.
TeraWulf signed a 20-year lease with Anthropic for about 401 MW of IT load, with expected base revenue of about $19 billion.
US-listed mining companies are expected to derive most of their revenue from AI by the end of this year.
What to watch next
Whether long-term AI leases will cover the costs of retrofitting mining facilities for high-density AI computing, including power redundancy, liquid cooling, and network upgrades.
How regulatory policies, such as the executive order and FERC requirements, will affect the speed of data center and power infrastructure development.
Whether the trend of US mining share declining will continue, and if hardware manufacturers will further pivot to AI.
