North American mining dominance fades
America’s position in Bitcoin mining is weakening, according to recent data. BlocksBridge Consulting reports that North American mining pools saw a consistent decline in block share throughout 2025. Foundry USA, MARA Pool, and Luxor Technologies together accounted for just 35% of all Bitcoin blocks by December, down from over 40% at the start of the year.
This shift comes despite former President Donald Trump’s 2024 campaign call for all remaining Bitcoin to be mined in the United States. Some experts called that goal impossible, but it highlighted political ambitions for American technological leadership. The mining industry has faced criticism over environmental impacts and community effects, though those concerns seem to be taking a backseat to data center expansion in many states.
The AI infrastructure pivot
What’s driving this change? Mining companies are increasingly redirecting resources toward artificial intelligence infrastructure. Nick Hansen, co-founder and CEO of Luxor Technology, put it plainly: “Every Bitcoin miner has a fiduciary responsibility right now to evaluate the feasibility of AI for any of their current power assets.”
He thinks the AI demand is so massive that it simply overshadows Bitcoin mining in both scale and potential scope. We’re seeing this play out with companies like Hut 8, which once focused primarily on Bitcoin mining but now describes itself as an energy infrastructure company. In December, Hut 8 announced a partnership with AI firm Anthropic to develop large-scale data centers across the US.
Profitability pressures are part of the story too. Bitcoin mining revenue has been declining—JPMorgan noted that in December, miners generated an average daily revenue of $38,700 per exahash per second, down 32% year-over-year. When you factor in rising energy costs, margins get squeezed even further.
China’s energy advantage
Meanwhile, China has been rapidly expanding its power generation capacity. Hansen suggests that Bitcoin mining activity can serve as a proxy for a country’s energy infrastructure development. “They have a ton more energy, which means they are able to compete for Bitcoin blocks,” he explained, describing mining as a “buyer of last resort for energy.”
Wolfie Zhao from BlocksBridge Consulting notes an interesting resurgence in China’s Xinjiang province, despite the country’s official ban on Bitcoin mining since 2021. Xinjiang is geographically distant from Beijing and has abundant fossil fuel power generation, making enforcement challenging. Zhao believes mining continues there, though the exact scale is difficult to determine.
Equipment manufacturers face challenges
The shift affects equipment manufacturers too. Bitmain, which controls about 80% of the global Bitcoin mining equipment market, faced what Zhao called a “cruel reality” as demand cooled. To compensate for declining revenue, the company reportedly began mining more Bitcoin itself using its own inventory.
There’s an oversupply of mining equipment now, Zhao added. “Not many companies are buying at the same scale.” This creates risks for Bitmain’s future access to semiconductor wafers from Taiwan Semiconductor Manufacturing Company if production scales back significantly.
The Trump family has its own stake in this evolving landscape. Eric and Donald Trump Jr. co-founded American Bitcoin in March, with Hut 8 holding an 80% stake. Eric Trump recently posted a video from their Texas facility, claiming the operation mines about 2% of the world’s Bitcoin supply.
But the broader trend seems clear: American mining dominance is slipping as companies chase AI opportunities and other regions leverage energy advantages. It’s a complex shift with technical, economic, and geopolitical dimensions that will likely continue evolving in the coming years.
