Trump's Greenland Plan: Could US Energy Power the Next Bitcoin Mining Boom?
The long-discussed possibility of the United States purchasing Greenland has resurfaced, sparking renewed interest in the island’s potential. While geopolitical implications dominate headlines, a less-publicized aspect is gaining traction within the Bitcoin mining community: Greenland’s vast, largely untapped hydropower resources. Miners are closely tracking Greenland’s industrial power projects, recognizing the potential for a significant, low-cost energy source. The White House has acknowledged that a U.S. purchase of Greenland is an “active discussion,” according to Reuters, but for Bitcoin miners, the clock is ticking on Greenland’s industrial power planning.
Greenland's Hydropower Potential: A Bitcoin Miner's Paradise?
Greenland’s government has announced plans to open a public tender round in the second half of 2026 for two of its largest mapped hydropower sites, Tasersiaq (site 07.e) and Tarsartuup Tasersua (site 06.g), as reported by Naalakkersuisut.gl. These two sites, collectively, could generate over 9,500 gigawatt-hours (GWh) annually – a substantial amount of clean energy. This potential has immediately caught the attention of the crypto mining industry, which is constantly seeking affordable and sustainable power sources.
Calculating Bitcoin Mining Capacity from Greenland's Power
The math behind translating hydropower into Bitcoin mining capacity is relatively straightforward. Bitmain’s Antminer S21, a leading mining rig, boasts a hash rate of 200 TH/s at 3,500 watts, equating to approximately 17.5 joules per terahash (J/TH). Considering a planning power usage effectiveness (PUE) of around 1.1 (accounting for cooling and overhead), 1 megawatt (MW) of facility power can theoretically support roughly 0.052 exahash per second (EH/s) at 17.5 J/TH. This translates to a hash rate ceiling of 0.041–0.061 EH/s within a 15–22 J/TH efficiency band.
Here's a breakdown of potential hashrate based on facility power:
- 50 MW: 2.6 – 3.1 EH/s
- 100 MW: 5.2 – 6.2 EH/s
- 200 MW: 10.4 – 12.4 EH/s
- 500 MW: 26 – 31 EH/s
Current Greenland Power Infrastructure: A Limited Base
Currently, Greenland’s installed hydropower capacity is significantly smaller than the tendered ambition. Nukissiorfiit, Greenland’s energy company, reports approximately 91.3 MW of hydropower capacity and an average electricity sales price of around DKK 1.81 per kilowatt-hour (kWh) in 2024, according to its annual report. However, this retail pricing structure isn’t ideal for large-scale Bitcoin mining operations.
Large-scale mining operations require industrial power purchase agreements (PPAs) or behind-the-meter supply directly from new generation sources, rather than purchasing power at standard retail rates. The lack of a national grid presents a significant challenge, as power stations primarily serve local towns and settlements with limited interconnection, as noted by Trap Greenland.
Stranded Energy and Colocation Opportunities
This localized power distribution pushes early-stage concepts towards colocating flexible loads – like Bitcoin mining – directly at existing power plants, utilizing surplus or “stranded” energy. Reports from Greenland Review have discussed utilizing surplus energy to lower overall energy costs. If 5–25 MW can be aggregated near existing generation, the potential hash rate ceiling is approximately 0.21–1.52 EH/s (or 0.26–1.30 EH/s at 17.5 J/TH). While sufficient for pilot projects, this isn’t enough to significantly impact the global Bitcoin network hashrate.
Scaling Bitcoin Mining: From Pilot Projects to Grid-Level Expansion
The Nuuk hydro plant represents the next step in scaling Bitcoin mining in Greenland. The Buksefjord plant is planned for expansion from 45 MW to 121 MW, with construction slated to begin in 2026 and commissioning targeted for 2032, according to NunaGreen. The European Investment Bank’s project pipeline includes a roughly 76 MW Buksefjord-3 build near the existing plant.
If 50–121 MW of output were dedicated to miners, the electrical ceiling would be around 2.07–7.33 EH/s (or 2.6–6.3 EH/s at 17.5 J/TH). However, this assumes that the increased output isn’t absorbed by growing demand in Nuuk and ongoing electrification plans.
The Gigawatt-Scale Potential of the Two-Site Tender
The real game-changer is the two-site tender, which could unlock gigawatt-scale potential. Over 9,500 GWh annually equates to approximately 1.08 gigawatts (GW) of average power if fully utilized. This translates to an electricity-limited hash rate ceiling of around 44.8–65.7 EH/s (or 56.0 EH/s at 17.5 J/TH). Currently, the Bitcoin network hashrate is estimated to be between 1.03–1.17 zetahash per second (ZH/s), with difficulty near 148 trillion, according to minerstat. Therefore, a fully utilized 1.08 GW mine would represent roughly 4–6% of today’s network hashrate, a percentage that would decrease as the global hashrate expands.
Trump-Linked Capital and Greenland's Energy Surplus
The emergence of Trump-linked capital in the Bitcoin mining space adds another layer of intrigue. Hut 8 partnered with Eric Trump to launch American Bitcoin, combining Hut 8’s mining operations with an investor group that includes Donald Trump Jr., while Hut 8 retained an 80% stake. American Bitcoin reported an installed hash rate of approximately 24 EH/s as of September 1, 2025, with fleet efficiency around 16.4 J/TH, according to the company.
Using a PUE of 1.1, 24 EH/s implies roughly 430 MW of facility power at 16.4 J/TH (or about 460 MW at 17.5 J/TH). This means a fully utilized 1.08 GW tender buildout could power an American Bitcoin-sized fleet more than twice over, assuming dedicated offtake and successful transmission/construction timelines.
Challenges and Considerations
Even in a hypothetical scenario where Greenland came under U.S. jurisdiction, practical constraints would remain. Industrial hydro projects require multi-year construction, complex logistics, and long-duration offtake agreements. Mining operations also need resilient data links, spare parts, and import capacity for ASIC fleets.
While Greenland Connect provides subsea cable links to Canada, Nuuk, Qaqortoq, and Iceland (according to Tusass), it doesn’t solve transmission challenges to remote hydro basins. Furthermore, clean, firm megawatts will face competition from other energy demands, including the rapidly growing needs of artificial intelligence (AI) data centers, as warned by the International Energy Agency.
Geopolitical Implications and the 2026 Tender
Diplomacy will play a crucial role in shaping financing conditions for any potential “Trump Greenland mine.” European officials have emphasized that Greenland’s status must be based on consent and respect for sovereignty norms, as reported by Reuters.
Ultimately, Greenland’s tender round planned for the second half of 2026 will set the baseline for any large-scale Bitcoin mining offtake from new hydropower on the island. However, the potential extends beyond hydropower. If Greenland were treated as an energy buildout zone, wind power could also play a significant role.
The Wind Power Potential: A Theoretical Limit
A systems study published in Energy and indexed on ScienceDirect estimates Greenland’s onshore wind technical potential at approximately 333 GW nameplate capacity, capable of producing around 1,487 TWh per year, assuming 20% of Greenland’s ice-free area is available. This equates to roughly 170 GW of average generation. While variable, this output could potentially support roughly 7.0–10.4 ZH/s of hashing capacity if miners could absorb the average output as a flexible load, exceeding today’s network hashrate.
However, realizing this potential would require massive investment in transmission infrastructure, energy storage, and curtailment strategies. Estimates suggest that installing 333 GW of wind turbines would cost around $384 billion, excluding Arctic premiums, transmission, and firming infrastructure. Adding the cost of ASIC miners (approximately $143 billion for equivalent hash power) brings the total investment to around $527 billion.
Conclusion: A Long-Term Vision
While significant hurdles remain, Greenland’s energy resources present a compelling opportunity for the Bitcoin mining industry. The island’s potential to provide clean, affordable energy could attract substantial investment and contribute to a more sustainable future for Bitcoin. The 2026 tender round will be a pivotal moment, determining whether Greenland can truly become a major player in the global Bitcoin mining landscape. The intersection of geopolitical interests, energy economics, and the evolving crypto market makes Greenland a story to watch closely.