Bitcoin Miners Blow Through $30 Billion on AI Infrastructure as Revenue Lags

Public Bitcoin miners are investing heavily in artificial intelligence (AI) and high-performance computing (HPC) infrastructure, aiming to diversify their revenue streams beyond pure mining. According to BlocksBridge Consulting's latest Miner Weekly newsletter, a group of 15 Bitcoin miners and AI data-center companies spent $30.7 billion on capital assets in the first half of 2026, a 42.6% increase from $21.53 billion in all of 2025.

Despite this significant investment, the return on these investments is still lagging behind. BlocksBridge found that nine comparable miners spent $5.11 billion on capital assets in the first half of 2026, generating only $341.2 million in directly reported AI and HPC revenue, a capex-to-revenue ratio of approximately 15:1.

However, there are signs of acceleration in AI and HPC revenue growth. The same group of nine miners reported an increase in total AI and HPC revenue to $205.8 million in the second quarter, a 52% quarter-on-quarter rise.