AI Boom Deals a Blow to Trump’s “Made-in-America Bitcoin” Plan

Under the combined effect of the artificial intelligence boom and the prolonged downturn in the cryptocurrency market, Trump’s pledge to concentrate Bitcoin mining activity in the United States is rapidly unraveling. Bitcoin’s total market capitalization has fallen by about $1 trillion from its October 2025 peak, and mining economics continue to come under pressure. At the same time, demand for power capacity and data centers from hyperscale AI data center operators is pushing listed mining companies to adjust their business focus.

Mining Companies Pivot to AI, Locking In Revenue With Long-Term Contracts

U.S. Bitcoin mining companies are accelerating the shift of scarce power and large-scale data center campus resources toward AI computing infrastructure. Hut 8 (HUT) disclosed on July 20 that its Beacon Point campus in Texas was initially evaluated for development in the direction of serving affiliated customer American Bitcoin, but ultimately signed two 15-year AI leases, covering a total IT capacity of 704 megawatts, with total base-term contract value reaching $19.6 billion. TeraWulf (WULF) also announced on July 6 that it had signed a 20-year lease with Anthropic, involving about 401 megawatts of IT load, with expected base-term contract revenue of about $19 billion, and capacity scheduled to begin delivery in the second half of 2027. Some forecast data show that by the end of this year, most revenue for mining-related companies listed on the U.S. stock market is expected to come from the sale or leasing of AI computing resources.