'Shark Tank' Star Kevin O'Leary Says Bitcoin Mining, AI Data Centers Are Locked In A 'Power Struggle' Amid Scarce Electricity In US

Core Insights - Renowned investor Kevin O'Leary highlighted the competition for electricity between AI data centers and Bitcoin mining in North America [1][2][3] Electricity Demand and Supply - O'Leary noted that the U.S. power grid is facing significant strain due to the high demand from AI data centers, leading to a shortage of available power [2] - The Electric Power Research Institute projects that U.S. data center electricity consumption could reach up to 9% of total electricity generation by 2030, more than double its current consumption [4] Impact on Bitcoin Mining - O'Leary indicated that the competition for power could lead to increased local power rates, which regulators are keen to avoid [3] - Analysts estimate that by the end of 2027, 20% of Bitcoin miner power capacity will shift to AI and high-performance computing [4] Industry Adaptation - Several Bitcoin miners are reallocating energy resources towards AI data centers, repurposing their existing power infrastructure, and leasing capacity to AI firms [5] - CoreWeave Inc., originally an Ethereum mining company, has transitioned to AI cloud services and formed key partnerships with Nvidia and OpenAI [5]