Bitcoin Mining Shifts To AI
Bitcoin holds above $86,000 as miners shift power to artificial intelligence and ETF inflows surge.
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Key Points
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U.S. spot Bitcoin ETFs recorded $998.95 million in net inflows, while spot Ethereum ETFs attracted an additional $269.98 million; 93,939 traders were liquidated during the same 24-hour period.
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Trader Michael van de Poppe said Bitcoin could sweep the $84,000 level, which he identified as a potential area for long entries, while Castillo Trading expected a possible retest of $80,000 and viewed dips as buying opportunities rather than a reason to turn bearish.
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The shift by miners toward AI and high-performance computing has produced a major revenue disparity: Core Scientific reported $136.7 million in second-quarter 2026 colocation revenue, compared with $27.5 million from Bitcoin mining. AI cloud services generated an estimated median of $940 per megawatt-hour, versus roughly $113-$179 per megawatt-hour for Bitcoin mining.
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Jason Calacanis criticized Bitcoin for lacking strong transactional and smart-contract utility and said it was no longer capturing the public’s imagination, calling it a “boring store of value” and describing its recent rebound as a “dead cat” bounce.
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Michael Saylor argued that Bitcoin had evolved since 2011 into an asset with a market capitalization exceeding $1.6 trillion, saying, “Preserving wealth across generations is a bigger ambition than entertaining a dinner party.”
Bitcoin held above $86,000 on September 18, 2026, as nearly $1 billion flowed into U.S. spot Bitcoin ETFs Crypto Daily. The surge marked a sharp reversal after mid-week outflows tied to a Senate procedural setback and Federal Reserve decision. Yet beneath the price stability, a structural shift is reshaping crypto mining: power once dedicated to Bitcoin production is flowing toward artificial intelligence and high-performance computing, where companies earn roughly $940 per megawatt-hour versus $113–$179 for Bitcoin mining Executive Briefing.
Institutional leaders rejected claims that Bitcoin is obsolete, describing it as long-term wealth preservation and "digital gold." Michael Saylor said Bitcoin's $1.6 trillion market cap proves it serves generational wealth, not daily transactions. But venture capitalist Jason Calacanis called Bitcoin a "boring store of value" and its recent rebound a "dead cat bounce." Meanwhile, Cathie Wood warned that AI-driven interest rates could expose heavily indebted banks to counterparty risk—even as ARK Invest sold $40 million of its own Bitcoin ETF shares.
Nearly $1 Billion Floods Bitcoin ETFs in Single Day
U.S. spot Bitcoin ETFs pulled in $998.95 million on September 18, reversing earlier week outflows Crypto Daily. Spot Ethereum ETFs attracted an additional $269.98 million during the same 24-hour window. The inflow came despite 93,939 traders being liquidated across derivatives markets, totaling over $437 million in losses. Technical analysts viewed the price action as volatile but constructive. Michael van de Poppe identified $84,000 as a key liquidity level where long positions could be entered, while Castillo Trading saw dips toward $80,000 as buying opportunities rather than bearish signals.
Mining Industry Pivots Away From Bitcoin Toward AI Data Centers
Crypto miners are redirecting power from Bitcoin production to artificial intelligence and high-performance computing, where revenue per unit of electricity is far higher. Core Scientific reported $136.7 million in Q2 2026 colocation (AI and cloud services) revenue compared with just $27.5 million from Bitcoin mining Executive Briefing. AI cloud services generate roughly $940 per megawatt-hour, versus $113–$179 for Bitcoin mining. This 5-to-8 fold revenue gap explains why miners are locking in long-term contracts with AI infrastructure firms rather than risking Bitcoin's volatile block rewards.
Cathie Wood Defends Bitcoin While ARK Divests $40 Million
Cathie Wood publicly championed Bitcoin as a hedge against both inflation and deflation, and warned that rapid AI expansion could keep interest rates elevated and destabilize leveraged banks. Yet ARK Invest sold over 1.5 million shares of its own spot Bitcoin ETF, worth roughly $40 million, between September 19–21 Executive Briefing. The move highlights tension between Wood's bullish public statements and the firm's active risk management. Wood argued that Bitcoin's true role is generational wealth preservation rather than daily payment processing—a view Michael Saylor echoed by calling wealth preservation "a bigger ambition than entertaining a dinner party."
Critics Question Bitcoin's Utility as Institutions Rally Around "Digital Gold"
Jason Calacanis attacked Bitcoin as a relic lacking smart-contract or transactional utility, comparing it to "obsolete technology like CDs or laserdiscs." He said Bitcoin no longer captures public imagination and called its price rebound a "dead cat bounce" Executive Briefing. Brian Armstrong and Michael Saylor countered by framing Bitcoin not as a payment network but as digital capital engineered for multi-generational wealth. Saylor emphasized Bitcoin's $1.6 trillion market capitalization as proof of its staying power. The debate underscores a deeper shift: institutions view Bitcoin as "digital gold," while critics question whether that role justifies its dominance in a world increasingly focused on AI infrastructure and tokenized real-world assets.
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