Breakingviews - COMMENTARY: Bitcoin miners reveal the real AI scarcity trade

Bitcoin miners are highlighting a growing competition for scarce data-center capacity, electricity, and advanced chips as AI companies expand rapidly. Their existing power-intensive infrastructure and grid connections give miners potential value as partners or conversion targets for AI and high-performance computing operators, even as mining economics weaken. The key implication for Bitcoin is that miners may increasingly diversify or sell capacity to AI firms, reshaping the sector and potentially reducing mining participation, hash-rate growth, and network decentralization.