Vitalik Buterin's cost tables help explain why Bitcoin miners keep showing up in odd places. Electricity is about 46% of the cost of mining one Bitcoin, with compute gear at about 40%. For an AI inference GPU, electricity is under 5% of the yearly cost and the compute gear is about 76%. That gap decides who chases cheap power. A miner's margin moves with every cent on the power bill, so mining goes where electricity is stranded, curtailed or nearly free, and it can shut off when the grid needs that power back. An AI data center has to keep costly chips busy around the clock, and power is a small slice of its bill, so it can pay up for steady, reliable power. For Bitcoin, that means mining and AI mostly bid for different megawatts, and miners keep the edge on the cheapest and least reliable power on the grid.