Has AI Killed Bitcoin? Debate Erupts As Crypto Influencer Says Data Centers Outbid Miners For Power

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Cryptocurrency influencer Ran Neuner sparked a debate Sunday by claiming that artificial intelligence has become a major competitor to Bitcoin mining.
Neuner stated in an X post that AI has “killed Bitcoin forever” by outbidding for electricity.
“Both industries compete for the same thing: electricity. And right now, AI is willing to pay much more for it,” Neuner added.
Neuner cited that while Bitcoin mining revenue per megawatt ranges from $57 to $129, AI data center revenue per megawatt stands between $200 and $500.
“Same electricity. But up to 8x more profitable. That's why miners are starting to pivot,” they added.
AI has killed Bitcoin forever.
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
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Cryptocurrency analyst Willy Woo countered Neuner’s argument, stating that the price of electricity is “irrelevant” to Bitcoin’s network security. He emphasized that it only impacts competition among miners and highlighted BTC’s difficulty adjustment
What the BTC network is willing to pay for its security is set the BTC price and network use.
The price of electricity is irrelevant, that only impacts competition between miners.
Study BTC's difficulty adjustment – it's a fundamental cornerstone of understanding BTC.
Interestingly, BitMEX co-founder Arthur Hayes suggested last week that Bitcoin’s 50% drawdown reflects fears of an AI-driven credit shock rather than weakness in the crypto market itself. He argued that the decline indicates a broader macro risk tied to AI and global geopolitics.
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Mining revenue is projected to plummet from around 85% of total revenue in early 2025 to less than 20% by the end of 2026 for companies that have secured AI contracts, CoinShares stated in a December report.
Notably, MARA Holdings Inc. CEO Fred Thiel admitted in November that investors place limited value on the Bitcoin mining business, but that the company’s expanding focus on energy generation and AI could get it more attention in the future.
CoinShares added that, despite structural hurdles, there are no signs that mining diversification is undermining the network.
It also highlighted the huge difference in operating costs. While Bitcoin mining facilities typically cost between $700,000 and $1 million per megawatt to build and operate, comparable AI infrastructure can cost as much as $20 million per megawatt.
Photo courtesy: Shutterstock
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