Vitalik Buterin breaks down Bitcoin mining costs versus AI inference

The Ethereum co-founder says Bitcoin mining splits its bills between hardware and power, while AI inference mostly pays for chips Vitalik Buterin has a new side project: comparing electricity bills. In an October 17, 2026 post on X, the Ethereum co-founder contrasted how money gets spent in Bitcoin mining versus AI inference. His core point is simple. Bitcoin mining costs are divided between hardware and electricity, while AI inference spends mostly on hardware. Estimates tied to the comparison put the cost of mining one Bitcoin at roughly $93,700. Of that, about $37,600, or 40%, goes to compute capital expenditure, the upfront cost of buying mining machines. Electricity accounts for approximately $40,600, or 43.3%.

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