Saifedean Ammous says weaker BTC mining could support prices

Economist Saifedean Ammous, known for the Bitcoin book "Why the Dollar Hates Bitcoin," said the BTC mining industry and its power consumption may already have peaked, a shift Ammous argued could be positive for BTC prices. In a post on X, Ammous said mining profitability is coming under pressure as block rewards shrink after halving events, BTC price growth slows over the long term, and AI data centers compete for power and infrastructure. Ammous added that estimates from the University of Cambridge show annualized BTC mining power demand fell from about 190 TWh in December 2025 to the high-130 TWh range by mid-2026. As a result, investors could shift from buying mining equipment to buying BTC itself, while lower power consumption could also soften environmental criticism, which Ammous said would be positive for BTC.