US Bitcoin Mining Dreams Crushed by AI Boom

Donald Trump's ambitious plan to make the US a hub for Bitcoin mining has hit a roadblock due to the rapid advancement of Artificial Intelligence (AI) technology and the prolonged decline in cryptocurrency value.

The surge in AI adoption has led miners to convert their facilities into data centers catering to the industry's needs. By the end of this year, public miners are expected to generate most of their revenue from AI.

Bitcoin mining is currently using 18% less compute power compared to October last year, according to Luxor data. The market isn't just shrinking; its center of gravity is shifting away from the US toward China and Russia, reversing a years-long trend.