Bitcoin Miners Spend $30.7B on AI Pivot, Capex Runs 15X Above New Revenue

Key Takeaways:

• The total amount of capital assets owned by a 15-company cohort during their last 2026 periods was USD 30.7 billion. 
• The net revenue from AI & HPC resulting from 9 comparable Bitcoin miners has been $341.2 million after spending $5.11 billion.
• AI and HPC revenue rose 52% Q over Q, but is still not nearly enough to generate new capacity.

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As Bitcoin miners look for new sources of revenue, they are investing billions of dollars in AI and high-performance computing (HPC). The latest data from BlocksBridge Consulting shows just how expensive that transition has become.

According to BlocksBridge Consulting’s latest Miner Weekly newsletter, 12 public mining companies tracked by TheEnergyMag spent $6.87 billion in net cash capital expenditure during the first half of 2026. That figure already surpassed the $6.50 billion spent throughout 2025.

The expenditure is that more startling when Applied Digital, CoreWeave and Nebius join the list. The resulting 15-company group clocked capital spending totaling $30.7 billion in its latest reporting periods for 2026, which is 42.6% higher than the $21.53 billion for the entire 2025.

Combined, CoreWeave and Nebius contributed almost 75 percent. CoreWeave spent $14.12 billion on property and equipment during the first six months of 2026, while Nebius invested $8.13 billion in property, equipment and intangible assets.

When it comes to former miners or mining companies, TeraWulf was spending $1.61 billion, Applied Digital $1.58 billion, Core Scientific $1.18 billion and Cipher $911.5 million.

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The miner’s AI transition is beginning to yield more revenue, though modest in comparison with the capital their transition is going to.

In general, AI cloud, HPC and colocation revenue grew 52% from $135.4 million in Q1 to $205.8 million in Q2 across nine miners with similar Q1/Q2 data.

Core Scientific had the biggest percentage gain with Colocation revenue totaling $136.7 million, up from $77.5 million in the last quarter. The revenue of TeraWulf’s HPC segment grew from $25.9 million to $31.9 million, and Bitdeer’s AI Cloud segment grew from $3.7 million to $14 million.

The capital to revenue balance continues to be large, despite growth. During the first half, the nine similarly sized miners reported a revenue total of $341.2 million from AI and HPC, with a capital expenditure total of $5.11 billion. That means factory capital expenditure is about 15 times their new revenue from AI-related ranks.

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The shift from mining to AI infrastructure is more than a power twist and turn. At present, these mining companies can run electricity contracts, land/grid connections, but a comprehensive upgrade is required of AI facilities. These can be substations, buildings, advanced cooling, networking systems, and sometimes high cost GPUs.

What’s more is that this income comes a little later than the payments. Capital spent on construction and equipment purchases, and revenue usually begins once capacity is up and running and accepted.

The question for Bitcoin miners on the AI and HPC side is now whether these substantially larger payouts can keep up with the billions of dollars already invested in infrastructure.

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