Bitcoin Miners' $30.7B AI Bet: Is It Paying Off?

Bitcoin miners have spent a staggering $30.7 billion on AI infrastructure and high-performance computing (HPC) in the first half of 2026, according to data from BlocksBridge Consulting.

This figure is up 42.6% from the entire year of 2025 and already surpasses the $6.50 billion spent throughout 2025.

The majority of this spending comes from CoreWeave and Nebius, which contributed almost 75% with $14.12 billion and $8.13 billion in property and equipment investments respectively.

Meanwhile, AI revenue is growing, but at a much slower pace. The nine comparable miners reported $341.2 million in AI and HPC revenue, with a capital expenditure total of $5.11 billion. This means that factory capital expenditure is about 15 times their new revenue from AI-related activities.

The shift to AI infrastructure requires significant upfront spending on electricity contracts, land/grid connections, substations, buildings, advanced cooling, networking systems, and high-cost GPUs.