BlackRock warns crypto’s love affair with AI is over as an energy war with Bitcoin miners begins
BlackRock warns that the AI buildout's massive energy demand will create an energy war, prioritizing AI over flexible Bitcoin miners for scarce electricity.Summary
BlackRock's 2026 Global Outlook suggests investors view Artificial Intelligence as an energy consumer, not just software, projecting AI data centers could consume up to 24% of US electricity by 2030. This massive energy demand is creating a conflict with Bitcoin miners, whose business model relies on cheap, interruptible power.
Historically, miners offered flexibility, curtailing usage during peak grid stress, as seen in Texas's ERCOT programs. However, AI data centers require constant, baseload power and offer different contract terms, making them politically favored. BlackRock argues that as grid access becomes the bottleneck, the political optics will favor AI as essential national competitiveness over mining, which may be viewed as optional.
The industry's adaptation paths include miners emphasizing their role as a controllable load that aids renewable integration, or pivoting entirely to hosting AI infrastructure by leveraging existing land and power rights. Ultimately, BlackRock suggests the era of easy power for mining is ending, leading to a split where some miners integrate with grids via demand-response agreements, while others transition into broader compute infrastructure providers.
(Source：CryptoSlate)