AI Boom Wrecks Trump's Plan for 'Made-in-America' Bitcoin Mining
The artificial intelligence boom is shifting the focus of Bitcoin mining away from the US, despite Donald Trump's pledge to ensure that every Bitcoin is 'made, mined and minted' in America.
According to Luxor Technology, a Seattle-based crypto mining services provider, public miners are expected to generate most of their revenue from AI by the end of this year. This has led to a decline in compute power used for Bitcoin mining, with a 18% reduction since October last year.
As a result, the market's center of gravity is shifting away from the US and towards China and Russia, reversing a years-long trend. Luxor Chief Operating Officer Ethan Vera said that 'the largest decline is for US-publicly listed companies, as they turn to deploy their energy into AI.'