‘We Plow the Road’: Miners Pitch Role in AI Buildout at Bitcoin 2026

U.S. Bitcoin miners are reframing their role in the power economy as AI infrastructure surges, arguing they are not competing with data centers for electricity but helping make them viable.

That was the central message from executives at MARA and CleanSpark in a panel discussion on Monday at Bitcoin 2026 moderated by consulting firm BlocksBridge, where the conversation focused less on crypto and more on grid physics, utilization rates and the economics of megawatts.

“Bitcoin mining is very unique in the fact that it’s interruptible,” said Matt Schultz, executive chairman at CleanSpark. “Anytime that there’s an event that requires power elsewhere… we can curtail our power very rapidly. And the utilities love that.”

That flexibility, executives argued, is emerging as a critical bridge between intermittent renewable generation and the steady, power-hungry workloads of AI.

From competitor to complement

The rapid buildout of AI data centers—often backed by hyperscalers—has intensified concerns that computing demand will strain grids and drive up electricity prices. But miners say the narrative of direct competition misses a more nuanced reality.

Fred Thiel, chairman and CEO of MARA, described AI workloads as largely “base load demand” that need to run continuously, especially for inference services tied to user queries. Bitcoin mining, by contrast, can be switched off almost instantly.

“If you marry Bitcoin mining and inference… you provide the best of both worlds,” Thiel said. “The power company loves you.”

In practice, that means miners can absorb excess electricity when demand is low—such as during periods of high wind or solar output—and curtail consumption when grids are stressed. The dynamic effectively smooths demand curves, reducing the need for expensive “peaker” plants that are typically fired up only during peak hours.

The concept is gaining traction as utilities grapple with volatile supply from renewables and surging load from AI. Schultz cited a Duke University study estimating 75 to 125 gigawatts of stranded capacity across major U.S. utilities—capacity that could be unlocked if loads can be curtailed just 1% to 1.5% of the time.

“If you can shut off your power for 117 hours a year, it unlocks 100 gigawatts of capacity,” he said.

Filling the gaps in AI infrastructure

Beyond grid services, miners are positioning themselves as a transitional layer in AI infrastructure buildouts.

Schultz described a strategy where Bitcoin mining is deployed first at newly secured power sites, generating immediate revenue while utilities expand capacity and developers line up AI tenants.

“We use Bitcoin mining… as effectively plowing the road,” he said.

That approach can give miners an edge over hyperscalers in securing power contracts. While large tech firms may commit to future demand—often years out—miners can begin consuming electricity immediately, aligning better with utilities seeking near-term revenue.

Once AI demand materializes, the mining infrastructure can be relocated, and the site converted into a higher-value data center.

The economics of that shift are stark. Building a Bitcoin mining facility costs roughly $500,000 per megawatt, Schultz said, compared with $10 million to $12 million per megawatt for AI data centers. Labor intensity also rises sharply, from about one employee per 10 megawatts in mining to roughly 80 per 100 megawatts for AI.

Contract risks behind the AI boom

Despite the enthusiasm around AI-linked deals, both executives cautioned that the headline-grabbing contracts carry significant risks.

Schultz pointed to strict service-level agreements that can impose severe penalties for delays. “If you sign an eight-year lease and you’re one day late, you lose a year of revenue,” he said.

That dynamic has contributed to a growing divide in the sector: companies chasing high-profile AI deals versus those taking a more measured approach to execution risk and long-term returns.

“There’s a lot of stock appreciation… but the long-term value is a bigger consideration,” Schultz added.

Looking ahead, MARA’s Thiel suggested the biggest shift may come not from miners or tech firms, but from energy producers themselves.

As electrification and AI drive up demand, utilities are increasingly reconsidering their role in the value chain—moving beyond selling power at regulated rates toward participating directly in data center economics.

“Power companies… realize this is the one resource that there’s a shortage of,” he said.

Thiel compared the trend to oil-producing nations that expanded downstream into refining and petrochemicals to capture more value. A similar vertical integration could see utilities partner with—or even replace—miners as primary operators of large-scale compute infrastructure.

“I think longer term, the power companies are going to be the only ones who can mine Bitcoin at industrial scale economically,” he said.