BlackRock declares ‘Energy War’: AI demand to strangle Bitcoin miner economics
BlackRock’s 2026 outlook warns AI data centers could consume 24% of US power by 2030, forcing a direct conflict with Bitcoin miners for grid capacity.
The 24% shockwave
The honeymoon between Artificial Intelligence and crypto is over, at least on the power grid. BlackRock’s 2026 Global Outlook explicitly identifies electricity as the scarcity point investors are underpricing, warning that AI data centers could devour 24% of US electricity by 2030. This forecast effectively declares zero-sum competition between the two most energy-hungry sectors in tech.
The market impact is theoretically devastating for proof-of-work economics. Bitcoin (BTC) held $90,440 (-1%) today, but the real pressure mounts on public miners like Marathon Digital ($10.44) and Riot Platforms ($15.13). These operators built their balance sheets on “flexible load” strategies, shutting down rigs when grid prices spike to sell power credits back to operators like ERCOT in Texas. AI allows no such flexibility.
Baseload vs. Flexible Load
BlackRock’s report dismantles the 2025 narrative that AI and Crypto would form a symbiotic relationship. While miners offer grid stability by powering down during peak demand, AI data centers require continuous, uninterruptible baseload power. They do not sleep, and they pay a premium for certainty that miners based on marginal economics cannot match.
“Stop looking at artificial intelligence as software and start treating it as energy.” BlackRock Investment Institute
