- Analyst Van de Poppe calls the AI-kills-Bitcoin narrative typical bear market fear.
- Bitcoin hash rate hit an ATH above 1.2 ZH/s in 2025, holding near record levels in 2026
- Data shows miners are losing $19,000 per coin produced as production costs hit $79,995.
Every bear market produces a headline scary enough to make people panic sell. In 2026, that headline is this: artificial intelligence will kill Bitcoin mining because data centres will stop running it. Crypto Analyst Michaël van de Poppe is not buying it for a second.
The Claim and Why Van de Poppe Rejects It
The theory goes that as AI companies compete for data centre capacity and energy, Bitcoin miners will be squeezed out. Less mining means less security, a weaker network, and eventually the end of Bitcoin as we know it.
Van de Poppe called it “absolutely bullshit,” adding that statements like this always gain traction when fear is at its peak and prices are falling. “It’s one of those statements during the peak of a bear market that gets momentum because it resonates with fear,” he wrote.
His main point: hash rate, the measure of computing power securing the Bitcoin network, has actually been going up while the price has been falling. That is the opposite of what the doomsday narrative predicts.
What the Data Actually Shows
Glassnode data shows Bitcoin’s mean hash rate has climbed almost continuously since 2018, accelerating sharply through 2024 and 2025 to reach all-time highs above 1.2 zettahashes per second. The network has never been more powerful or more secure than it is right now.
When the hash rate rises while the price falls, van de Poppe argues the market is mispricing Bitcoin relative to the strength of its network. That gap historically closes in favour of the price. “This disconnect provides an opportunity to buy the asset as it is undervalued versus the fair price,” he said.
The Real Story Inside Mining
There is a genuine shift happening. CoinShares reports that the average cash cost to produce one Bitcoin among publicly listed miners hit $79,995 in Q4 2025. With Bitcoin in the high sixties, many miners are losing around $19,000 per coin. Over $70 billion in AI and high-performance computing contracts have been signed across the mining sector in response.
However, Van de Poppe’s conclusion was clear: ‘Hash rate continues to rise,’ reinforcing the strength of the network despite price weakness.
Related: Bitcoin Dominance Nears 58% as Key Test Emerges: Is Relief Rally Coming?
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