Public Bitcoin miners are accelerating investments in artificial intelligence and high-performance computing infrastructure, though revenue from these ventures remains a fraction of capital outlays.
According to BlocksBridge Consulting’s latest Miner Weekly report, a group of 15 Bitcoin miners and AI data-center operators spent $30.7 billion on capital assets in 2026, a 42.6% increase from the $21.53 billion allocated in 2025. Among dedicated Bitcoin miners, the capital expenditure-to-revenue gap is pronounced. Nine miners reported $5.11 billion in capital spending during the first half of 2026 while generating just $341.2 million in direct AI and HPC revenue, a ratio of roughly 15-to-1.
AI and HPC revenue is growing but remains insufficient to offset costs. In the second quarter of 2026, the same group of miners earned $205.8 million from these businesses, a 52% increase from the prior quarter. Core Scientific, TeraWulf and Bitdeer were among those reporting gains.
The shift toward AI reflects efforts to diversify amid sustained pressure in Bitcoin mining economics. BlocksBridge noted that miners leveraging existing power contracts and land face significant additional costs to repurpose facilities, including substations, cooling systems, networking equipment and, in some cases, GPUs.
Bitcoin’s recent price recovery may provide some relief, with the cryptocurrency surging over 13% this week to reclaim levels above $72,000. The advance followed a U.S. Treasury announcement that it would at least double the maximum size of long-term bond buybacks to $4 billion per operation, a move aimed at improving Treasury market liquidity that initially lowered yields and boosted risk appetite.
The pivot to AI and HPC is also reshaping investment products. CoinShares this week rebranded its Bitcoin mining ETF as the CoinShares Bitcoin Mining and Digital Power ETF (WGMI), expanding its holdings to include 29 companies across Bitcoin miners, data center operators, AI semiconductors, power generation and HPC providers. The fund, with $222.4 million in assets under management, now tracks a broader digital economy ecosystem.
