AI hosting is generating nearly eight times more revenue for miners of the first cryptocurrency compared to traditional mining. Trader Ran Neuner stated that this disparity is "killing" the Bitcoin network.
AI has killed Bitcoin forever.
— Ran Neuner (@cryptomanran) March 15, 2026
It became Bitcoin mining’s biggest competitor.
Not another crypto.
AI.
Because both industries compete for the same thing:
electricity.
And right now, AI is willing to pay much more for it.
Bitcoin mining revenue per MW:
$57 – $129
AI data… pic.twitter.com/gN23lvRSl2
According to him, both industries are vying for the same energy resources, but AI companies are willing to pay more. Bitcoin miners earn between $57 and $129 per megawatt, while data centers for neural networks generate $200 to $500 for the same amount.
To illustrate this trend, Neuner provided several examples from the corporate sector:
- Core Scientific secured a $500 million loan from Morgan Stanley to build AI data centers;
- MARA Holdings informed the SEC of its intention to sell part of its Bitcoin reserves to pivot towards AI;
- Hut 8 signed a $7 billion agreement with Google to build AI infrastructure;
- Cipher Mining reduced its hashrate to accommodate neural networks;
- Bitmain co-founder Jihan Wu has completely transitioned from mining to AI.
“If I were a miner, the choice would be obvious. That’s why more participants are leaving the network,” the expert noted.
He also pointed out the decline in hashrate, which has dropped by 14.5% since its peak in October. The exit of miners increases the risk of a 51% attack, according to Neuner. Previously, such situations were mitigated by difficulty adjustments, but now the lack of energy exacerbates the situation.
Hashrate of Bitcoin. Source: Hashrate Index.The expert believes that digital gold can only compete with AI if its price rises.
“I hope Bitcoin shows one green candle. Maybe due to war, maybe due to regulation,” he concluded.
Counterarguments
Crypto industry pioneer and CEO of Blockstream Adam Back disagreed with Neuner's conclusions. He stated that mining difficulty will adjust and only the least efficient players will be pushed out.
What happens to Bitcoin is simple: tick tock, next block! Difficulty adjusts downwards, least efficient and AI switchers move out and Bitcoin mining profitability converges to AI profitability. QED.
— Adam Back (@adam3us) March 15, 2026
“Tick-tock, next block! Difficulty decreases, those switching to AI leave, and mining profitability converges with AI profitability,” he wrote.
Analyst Willy Woo expressed a similar view. He emphasized that in this context, electricity prices are not the decisive factor—they only influence competition among Bitcoin miners.
“The amount the Bitcoin network is willing to pay for its security is determined by the price of BTC and blockchain usage. […] Study the Bitcoin difficulty adjustment mechanism—it’s a fundamental cornerstone for understanding BTC,” the expert stated.
Investor Fred Krueger explained that in the face of more lucrative offers from AI, miners will shut down until the network difficulty decreases and mining returns to profitability. This is a normal working cycle for Bitcoin, he noted.
ESG specialist Daniel Batten also pointed out that the expansion of artificial intelligence depends on digital gold. He stated that miners can utilize underused energy, balance energy systems, and exploit outdated equipment on cheap electricity.
Nonsense
— Daniel Batten (@DSBatten) March 15, 2026
It's the other way around: the evidence tells us that AI is dependent upon Bitcoin for its expansion
For example, bitcoin mining can be used alongside AI for strategic advantages including
— monetizing energy during AI datacenter construction
— using forward-purchased…
Recall that in March, analysts from Wintermute stated that the traditional mining model is outdated. They believe that for miners of the first cryptocurrency to survive, they will need to either switch to AI hosting or learn to manage Bitcoin reserves as working capital.