The growing presence of artificial intelligence (AI) data centers could become a surprising ally for bitcoin miners, even for those not directly involved in AI technologies.

The core reason lies in the competition between AI data centers and bitcoin miners for access to inexpensive electricity. This competition could help create a “floor” for hashprice, which is a vital metric that reflects how much revenue a miner can expect based on the computational power they contribute to the network.

“Every potential mining site is now being assessed with this question: should it be used for AI workloads or bitcoin mining?” said Spencer Marr, president of bitcoin mining firm Sangha Renewables. “Whenever AI or high-performance computing gets the nod, it reduces the pressure on hashprice and prevents it from declining too much.”

Hashrate refers to the overall computing power behind the Bitcoin network, while hashprice is the amount of bitcoin a miner earns for each unit of computing power they contribute in a given period.

Bitcoin’s total hashrate is currently at 770 exahash per second (EH/s), according to Hashrate Index data. The hashprice stands at $61.12 per petahash per day, marking a decline from levels above $1,000 in 2017, reflecting how mining has become more competitive over time.

Establishing a hashprice floor would be beneficial for miners because it would guarantee a minimum value for their computational efforts, protecting them from extreme price drops in a highly volatile market.

“The demand for cheap electricity is intensifying, as AI data centers are eager to buy up low-cost power,” said Marr. “For miners, the goal is to see AI adopt that cheap electricity, which reduces the strain on the Bitcoin network and keeps hashprice from falling too fast.”

On the other hand, Jaran Mellerud, co-founder of Hashlabs Mining, argues that the increased demand for electricity by AI facilities will not have a substantial effect on hashprice. He believes that miners will simply move their operations to regions with fewer AI data centers.

“I don’t believe the competition for electricity will greatly affect hashprice,” Mellerud said. “Bitcoin’s mining network is self-correcting. If one region experiences a reduction in hashrate, it simply makes it more profitable for miners elsewhere.”

Mellerud further predicts that by 2030, the United States will account for less than 20% of the global bitcoin hashrate, with other regions, particularly Africa and Southeast Asia, seeing greater growth in mining activity.

While Marr acknowledged Mellerud’s perspective, he stressed that there is only a limited supply of inexpensive electricity worldwide. Moreover, AI data centers are more complex and costly to operate than bitcoin mines, requiring high uptime and considerable investment.

“In the end, the competition for cheap electricity may slow down hashrate growth but won’t bring it to a halt,” Marr concluded.