Energy battle: AI and Bitcoin fight for access to the cheapest sources

Human intelligence, however brilliant it may be, is no longer enough. Innovation comes at a cost. And beyond ideas, it is energy and economics that dictate the laws of progress. Today, a new duel is underway. Not in labs or on markets, but in electrical substations. On one side, AI farms. On the other, Bitcoin miners. And the battle for the kilowatt has only just begun.

Miners vs AI: the energy war is declared

Bitcoin mining companies have just broken a record: $1.52 billion collected in one month. But behind this dazzling figure, another transformation is quietly taking place: access to energy becomes a strategic battleground. Bitcoin mining, once marginal, is now at the heart of geopolitical stakes. And a new threat is emerging: resource-hungry artificial intelligence is beginning to nibble away at the miners’ terrain.

In a report dated July 31, GoMining Institutional lays it out: artificial intelligence centers, backed by huge capital, are starting to gain the upper hand. They are increasingly able to secure energy infrastructures that bitcoin miners can no longer afford.

Companies like Riot Platforms have suspended their expansion in Corsicana, Texas, to reposition themselves on the AI field. Iris Energy, meanwhile, limits the expansion of its rig fleet to focus on AI cloud.

But miners still have strengths. Their logistical flexibility, notably. They can settle off-grid, where fiber is absent, a prohibitive constraint for AI data centers. It is also an opportunity for some to attract a new type of institutional investors, seeking “virgin BTC” at a good price.

Bitcoin remains profitable (but for how long?)

The April 2024 halving reduced the block reward to 3.125 BTC. Result: miners’ revenues were cut in half. Yet mining remains profitable for now. According to TheMinerMag, producing one BTC cost on average $64,000 in the first quarter of 2025. This cost is expected to exceed $70,000 by December. Against a spot price of $119,000, the margin remains appealing.

That is why institutional investors are starting to take an interest in mining. Why buy BTC on the market when you can produce it at a discount? Jeremy Dreier, director of GoMining Institutional, states that more and more institutions seek to produce bitcoin themselves. They target freshly mined BTC, considered more economical and often preferred for traceability reasons.

The strategy is not new, but it is scaling up. Core Scientific, after its 2022 bankruptcy, bounced back with a $3.5 billion contract signed with CoreWeave, a major AI player. This shift toward AI reassured markets. In June 2025, the company’s valuation soared. The message is clear: diversify or die.

Bitcoin + AI: hybrid strategies to survive the pressure

To continue existing, miners innovate at breakneck speed. Some focus on optimization: Block Inc. developed a new generation of more durable rigs. Others like Hut 8 dive fully into AI with their subsidiary Highrise AI, equipped with more than 1,000 Nvidia H100 chips.

Hive has invested $30 million in AI clusters. Its revenue in this field tripled to reach $10.1 million in 2025. Stated goal: $100 million by 2026. Iren (Iris Energy) increased from 248 to over 4,300 GPUs in 18 months. And while still mining 1,514 BTC per quarter, it earns $3.6 million via AI cloud.

But beware: the transition to AI carries risks. Not everyone has the backbone to pivot.

What to remember:

• $70,000: estimated cost of one BTC by end 2025;
• 3.125 BTC: post-halving reward (2024);
• $3.5B: AI contract of Core Scientific with CoreWeave;
• 19,225 BTC: Riot Platforms reserve (July 2025);
• x3: Hive’s AI revenue growth in 2025.

Bitcoin has long been a target of criticism for its energy consumption. Yet new initiatives show it could also be an engine of ecological innovation. The arrival of “green techs” — renewable energies, automation, blockchain for transparency — offers a glimpse of a more sustainable mining industry. And what if tomorrow, mining BTC became a responsible act?