AMPLIFICATION ONLY — ADAM BACK GOES 10 X-WINDOWS WITH NO ORIGINAL FRAMING. THE TAPE IS DOING THE ARGUING.

Bitcoin miners have signed roughly $150 billion in AI-related contracts covering over 7.5 gigawatts of electrical capacity across data-center partnerships. That's an enormous shift. Mining companies built power infrastructure to secure Bitcoin and are now selling that same infrastructure to AI hyperscalers who pay significantly more per megawatt. The Technologist read: the infrastructure that Bitcoin bootstrapped — cheap grid-connected compute at scale — is now the most valuable input to AI. The miners are following the money. What that means for hashrate is more nuanced than the headline suggests. Bitcoin's network security comes from difficulty adjustment, not from any specific miner's presence. If capacity shifts to AI, difficulty falls and remaining miners become more profitable. The network absorbs the loss. But the story underneath is bigger: mining was the first industry to prove that compute-per-kilowatt-hour is a moat. AI just showed up with a higher bid.