A growing debate has emerged over whether the shift by some Bitcoin miners toward artificial intelligence infrastructure could affect the network’s long-term security and its role as a store of value.
Some critics argue that if miners abandon the network in favor of AI data center opportunities, it could leave Bitcoin more vulnerable to threats such as a 51% attack. Others counter that the network is designed to rebalance itself automatically, adjusting mining difficulty and incentives in a way that would eventually attract miners back.
Crypto trader Ran Neuner weighed in on the discussion Sunday, claiming that AI has become a major competitor to Bitcoin mining because both industries rely heavily on electricity. According to Neuner, AI companies are often willing to pay significantly more for power.
He pointed out that Bitcoin mining typically generates around $57 to $129 in revenue per megawatt, while AI data centers can earn between $200 and $500 per megawatt using the same electricity — potentially up to eight times more profitable. This economic difference, he argued, is prompting some mining firms to pivot toward AI infrastructure.
Several companies have already taken steps in that direction. Core Scientific recently secured up to $1 billion in credit to support AI hosting initiatives. Meanwhile, MARA Holdings filed documents with the U.S. Securities and Exchange Commission indicating plans to sell a portion of its Bitcoin holdings as part of an AI-focused strategy.
Other firms have also begun shifting resources. Hut 8 signed a $7 billion AI infrastructure agreement with Google in December, while Cipher Mining has reduced its mining hashrate to prioritize AI computing.
Additionally, Jihan Wu, co-founder of Bitmain, has reportedly stepped back from mining operations to focus more on AI-related ventures.
“So if I were a miner, it wouldn’t be a tough decision. And that’s why every day more and more miners are leaving the network.”
While the situation may sound like a worst-case scenario for Bitcoin, not everyone in the industry agrees with that assessment.
Bitcoin pioneer and cryptographer Adam Back argued that the network’s built-in difficulty adjustment mechanism would naturally push out the least efficient miners, allowing profitability for the remaining miners to improve over time.
“What happens to Bitcoin is simple: tick tock, next block! Difficult adjusts downwards, the least efficient and AI switchers move out, and Bitcoin mining profitability converges to AI profitability. QED.”
Investor Fred Krueger echoed a similar view, noting that if artificial intelligence companies outbid miners for electricity, miners can simply power down their operations until the network’s mining difficulty adjusts and profitability returns — a process he said reflects the way Bitcoin is designed to function.
Bitcoin’s energy demand remains flexible
However, Ran Neuner argued that declining network hashrate could still pose risks. According to him, Bitcoin’s hashrate has fallen about 14.5% from its peak in October, meaning fewer miners are actively securing the network and potentially increasing the risk of a 51% attack.
Neuner acknowledged that similar situations have occurred during previous bear markets, when mining profitability dropped and some miners shut down operations. In those cases, automatic difficulty adjustments in the Bitcoin network typically restored balance.
However, he suggested that the current situation may be different because of growing competition for electricity from AI infrastructure, arguing that energy availability — rather than market cycles alone — could become the limiting factor.
However, Daniel Batten, a sustainability analyst focused on Bitcoin, offered a different perspective, arguing that artificial intelligence expansion may actually rely on the infrastructure developed by Bitcoin mining. According to Batten, existing evidence suggests that AI growth can benefit from the energy and computing frameworks already built by the mining industry.
He added that the debate is not solely about high electricity demand or rising power costs. Bitcoin mining operations can take advantage of stranded energy, help stabilize power grids as a flexible load, and run older hardware on lower-cost electricity sources, making them adaptable in ways many AI data centers are not.
Bitcoin price growth seen as a key factor
Meanwhile, Ran Neuner argued that one factor that could prevent AI from overtaking Bitcoin mining is a rise in the price of Bitcoin itself. If BTC’s value increases significantly, the profitability of mining could rise enough to keep miners competitive despite the growing demand for electricity from AI data centers.
“What I hope is that Bitcoin has one green candle. Maybe because of the war, maybe because of the regulation, who knows? But ultimately, if it has one green candle.”
Ran Neuner added that recent price movements in Bitcoin during the ongoing geopolitical tensions appear to support his view. However, he warned that if Bitcoin’s price continues to decline, it could create what he described as a potential “doomsday” scenario for the network.
Bitcoin has recorded five consecutive monthly red candles, a streak not seen since the 2018 bear market. Despite that trend, the current month is showing signs of recovery, with Bitcoin rising about 8% so far in March, according to data from CoinGlass.
