Bitcoin Miners' $30.7B Spending Spree Already Surpasses 2025 Capex

Public bitcoin miners and their data center peers have already spent more on hardware and infrastructure during their latest reporting periods than they did throughout 2025. The group, which includes companies such as TeraWulf (NASDAQ: WULF), Applied Digital, CoreWeave (NASDAQ: CRWV), and Nebius (NASDAQ: NBIS), has collectively spent $30.7 billion on capital assets in the first half of 2026.

This figure surpasses the group's total spending for all of 2025 by 42.6%, with CoreWeave accounting for almost three-quarters of the total expenditure. The company paid $14.12 billion for property and equipment, including capitalized internal-use software, during the six months ended June 30.

This concentration illustrates what the AI pivot entails. Power contracts and available land may give miners a starting advantage, but converting those assets into AI-ready capacity requires substations, buildings, cooling systems, networking equipment and, in some business models, GPUs. Much of the cash leaves before the first corresponding dollar of revenue can be recognized.