Key facts
- Nine public Bitcoin miners spent $5.11 billion on capital assets in H1 2026.
- These miners generated $341.2 million in AI and HPC revenue in H1 2026.
- The capex-to-revenue ratio for AI and HPC operations among these miners is approximately 15-to-1.
- AI and HPC revenue for these miners grew 52% quarter-on-quarter in Q2 2026.
- The CoinShares Bitcoin Mining and Digital Power ETF (WGMI) now includes AI semiconductor and HPC companies in its holdings.
Public Bitcoin miners are making substantial investments in artificial intelligence (AI) and high-performance computing (HPC) infrastructure, aiming to diversify revenue streams beyond traditional mining. However, current data indicates a significant gap between capital expenditure and the revenue generated from these new ventures.
According to BlocksBridge Consulting's Miner Weekly newsletter, a group of nine comparable Bitcoin miners spent $5.11 billion on capital assets in the first half of 2026. During the same period, these companies reported only $341.2 million in AI and HPC revenue, resulting in a capex-to-revenue ratio of approximately 15-to-1. This highlights the considerable upfront investment required for this strategic pivot.
Despite the large initial outlay, revenue from AI and HPC operations is showing acceleration. The nine miners collectively generated $205.8 million in Q2 2026 from these businesses, marking a 52% increase from the previous quarter. Companies like Core Scientific, TeraWulf, and Bitdeer were among those reporting growth in this segment.
BlocksBridge noted that while miners may have advantages in power contracts and land availability, establishing AI-ready capacity necessitates significant investment in substations, buildings, cooling systems, networking equipment, and potentially GPUs. The overall capital spending for 15 Bitcoin miners and AI data-center companies reached $30.7 billion in their latest reporting periods, a 42.6% increase compared to the entirety of 2025.
In a sign of this industry shift, Coinshares has rebranded its tracking ETF to the CoinShares Bitcoin Mining and Digital Power ETF (WGMI). The fund, with $222.4 million in assets under management, now includes holdings across bitcoin miners, data center operators, AI semiconductors, power generation, and HPC businesses, reflecting the evolving landscape of the digital economy.