Bitcoin Miners Pivot to AI Computing Power, Capital Expenditures Exceed $5.1 Billion in First Half

August 21, according to Cointelegraph, BlocksBridge data shows that Bitcoin mining companies are heavily betting on AI and high-performance computing, but revenue has yet to keep pace.

In the first half of 2026, 15 related companies had combined capital expenditures of $30.7 billion, up 42.6% from the full year of 2025. Just 9 comparable miners spent $5.11 billion on asset purchases during the same period, yet direct AI and HPC revenue was only $341.2 million, with a capital expenditure-to-revenue ratio as high as 15:1. However, the business is accelerating, with Q2 related revenue reaching $205.8 million, surging 52% quarter-over-quarter, as companies like Core Scientific and TeraWulf see rising income. Institutions note that while traditional mining sites have advantages in power and land, converting them to AI computing power still requires substantial costs for substations, cooling facilities, and chip procurement.

[TechFlow]