According to CoinMeta, as the revenue generated by AI per kilowatt-hour is 25 times that of Bitcoin, Bitcoin miners are abandoning Bitcoin. The computing power of Bitcoin has declined by 21% from its peak, and public miners have signed contracts worth billions of dollars to convert their facilities into AI data centers. In Texas, 73% of new large-scale electricity demand comes from AI rather than mining. Galaxy Digital, CleanSpark, and Iren have already begun converting their mines into AI data centers, and some expect that by the end of the year, AI revenue may account for 70% of their total income.