Electricity infrastructure accumulated by Bitcoin miners over years of cost competition has grown more valuable than the mining operations it was built to support, according to Fidelity's May 2026 analysis. The report argues that AI data center hosting now represents a significant secondary revenue stream for major mining operators, with some already redirecting energy capacity away from Bitcoin mining entirely. This shift could structurally suppress Bitcoin's global hash rate as large-scale miners prioritize higher-margin AI workloads over proof-of-work computation. The trend reflects a broader revaluation of power access across the tech sector, where reliable, large-scale electricity supply has become a scarce and strategic asset, positioning miners as unexpected infrastructure providers in the artificial intelligence buildout.
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