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BNEF: U.S. data centers may account for 20% of electricity consumption by 2035, Bitcoin mining companies are accelerating the shift to AI computing power

Bloomberg New Energy Finance (BNEF) latest forecast shows that by 2035, electricity consumption by data centers in the United States will account for about 20% of the nation's total electricity consumption, a significant increase from the current level of about 5.9%. The agency has raised its forecast for data center electricity demand in 2035 to 106 GW, which is 36% higher than the 78 GW predicted in April this year. Currently, the operating capacity of data centers in the U.S. is about 40 GW, accounting for approximately 3.5%-4% of the national electricity demand, while under BNEF's baseline scenario, this proportion is expected to reach 8.6% by 2035. The high-growth model from the Electric Power Research Institute (EPRI) indicates that if the combined effects of cryptocurrency mining and AI computing power are taken into account, the upper limit of this proportion also points to 20%.In response to the explosive growth in AI computing power demand, Bitcoin mining companies are actively transforming. Companies like Core Scientific and Riot Platforms have partnered with tech giants such as AWS and Google to convert their existing mining sites into AI data centers. Currently, Bitcoin mining companies have secured about 6 GW of electricity capacity, which is expected to expand to 12 GW by 2027, with some analysts estimating that about 20% of mining companies' computing power capacity will shift towards AI workloads by then. Data from the Electric Reliability Council of Texas (ERCOT) shows that data centers now account for about 90% of local large load applications, with many sites originally used for cryptocurrency mining being repurposed as AI computing facilities. This trend is also directly reflected in the capital markets, as Core Scientific has seen a significant rebound in its stock price after emerging from bankruptcy and partnering with AI cloud service provider CoreWeave.

The daily trading volume of South Korea's five major cryptocurrency exchanges has plummeted by 88% in a year, forcing Korbit to sell assets to maintain operations

According to the Korea JoongAng Daily, the daily trading volume of South Korea's five major won virtual asset exchanges totals approximately 412.7 billion won, a decrease of 88% compared to a year ago. The total market value of global virtual assets has also shrunk by 41% to $2.322 trillion. The country's leading cryptocurrency firm Dunamu reported a year-on-year decline in revenue and operating profit of 55% and 78%, respectively, in the first quarter.Small and medium-sized exchanges are in an even more difficult situation, with Coinone, Korbit, and Gopax, which recorded operating losses last year, expected to continue losing money this year. Korbit has sold its holdings three times this year, selling 15 bitcoins and 60 ethers within ten days this month, generating approximately 1.6 billion won in cash. A director from Tiger Research stated that the current situation can be seen as a "second crypto winter," with the total market value of cryptocurrencies significantly shrinking and new projects almost nonexistent.Despite the market downturn, institutions are accelerating their adoption of blockchain, focusing on tokenized assets and stablecoins. Major brokerages like Future Asset have recently acquired shares in exchanges, and the government has repeatedly expressed its determination to advance the legislation of the "Digital Asset Basic Law," reflecting a continued optimism about medium- to long-term growth potential.

Ionic Digital has received approval for its SEC registration statement, and will be listed on NASDAQ on July 28, 2026

According to Theenergymag, Bitcoin mining company Ionic Digital expects its stock to begin trading on the Nasdaq Global Select Market on July 28, after the U.S. Securities and Exchange Commission (SEC) announced that its registration statement has officially taken effect, clearing the last major regulatory hurdle for the company's long-term listing plan.According to the statement released by the company, Ionic's stock ticker will be "IOND." Ionic has chosen a direct listing instead of a traditional initial public offering (IPO), which means the company will not issue new shares and will not receive financing proceeds from this transaction. Instead, existing registered shareholders will be able to sell their shares on the open market.Ionic was initially established to take over the Bitcoin mining assets from Celsius's legacy, and the company later began to transform itself, positioning itself as a broader digital infrastructure company that provides services for artificial intelligence (AI) and high-performance computing (HPC) workloads.Earlier this month, Ionic filed its Form S-1 registration statement for the first time. Before the listing, the company had raised approximately $400 million to support data center construction and to drive the business transition from Bitcoin mining to a broader digital infrastructure sector.
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