Key facts
- Global data centers consumed an estimated 415 terawatt-hours of electricity in 2024.
- This consumption is equivalent to approximately 670,000 barrels of oil equivalent daily.
- Data center electricity demand is projected to reach 945 terawatt-hours by 2030, equating to 1.5 million barrels of oil equivalent per day.
- Bitzero Holdings Inc. is developing clean-energy infrastructure for AI data centers, funded by Bitcoin mining operations.
- Bitzero has secured over 1 gigawatt of power capacity across Norway, Finland, and North Dakota.
Artificial intelligence data centers are emerging as a significant global consumer of electricity, with consumption in 2024 estimated at 415 terawatt-hours, equivalent to approximately 670,000 barrels of oil per day. This figure is projected to more than double by 2030, reaching an estimated 945 terawatt-hours annually, or about 1.5 million barrels of oil equivalent per day.
This escalating demand is creating a global race for energy capacity, comparable to historical struggles for oil resources. The International Energy Agency (IEA) forecasts this surge, while grid infrastructure struggles to keep pace, facing challenges such as extended connection wait times and transformer shortages.
In response to this energy demand, Bitzero Holdings Inc. (NASDAQ: AIBZ), an entity backed by investor Kevin O'Leary, is positioning itself as a provider of low-carbon power facilities for AI data centers. Bitzero leverages cash flow from its Bitcoin mining operations to secure large amounts of low-cost electrical power in regions like Norway, Finland, and the United States.
Bitzero has secured over a gigawatt of power capacity across these locations. Its flagship hydro-powered operation in Namsskogan, Norway, is already producing 40 MW with electricity costs below $0.05 per kilowatt-hour. The company recently announced a deal with OneQode Networks for the full power-generation capacity of its Norway facility's first phase, marking its entry into the large-scale AI data center infrastructure market.
This deal, valued at approximately $2.6 billion over its 15-year term, involves Bitzero leasing its 110 MW Namsskogan site to OneQode for GPU-based AI workloads. This structure allows Bitzero to generate recurring infrastructure revenue without directly absorbing the high ongoing power costs associated with AI operations. The company also has significant development pipelines in Finland and North Dakota.