Trump's 'Made-in-America' Bitcoin Plan Unravels Amidst AI Boom
The artificial intelligence boom and prolonged downturn in the cryptocurrency market have derailed Trump's plan to focus Bitcoin mining activity in the United States. The total market capitalization of Bitcoin has fallen by about $1 trillion from its October 2025 peak, while mining economics continue to face pressure.
US Bitcoin mining companies are pivoting towards AI, locking in revenue with long-term contracts. Hut 8, for example, signed two 15-year AI leases covering a total IT capacity of 704 megawatts, with a total base-term contract value reaching $19.6 billion. TeraWulf also announced a 20-year lease with Anthropic, involving about 401 megawatts of IT load, with expected base-term contract revenue of about $19 billion.
The hashrate currently used for Bitcoin mining has decreased by 18% compared to last October, with the largest decline coming from U.S.-listed companies. The hashrate share of Foundry USA, a US-compliant mining pool, dropped from more than one-third to 26%. Whether mining companies can achieve a revaluation depends on whether long-term lease revenue can cover retrofit investment, financing costs, and delivery risks.