Chevron signed a twenty-year power purchase agreement with Microsoft for a West Texas project capable of delivering 2.5 to 5 gigawatts of electricity starting in 2027. Williams committed over $5 billion to a portfolio of modular gas-fired plants, including Project Socrates (400 MW for Meta by late 2026) and Project NEO (682 MW by 2028). These long-term partnerships between gas producers and tech giants lock up energy supply for decades, a commitment most Bitcoin mining operations cannot match. Some mining companies like Core Scientific and Hut 8 are pivoting from Bitcoin mining to hosting AI workloads, which are more profitable per megawatt. This trend reshapes the American energy landscape in favor of large tech groups at the expense of the cryptocurrency mining sector.
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