Bitcoin Miners Ditch Hash Rate for AI Cloud Revenues
The hash rate of listed Bitcoin mining companies has decreased by 15% in the first half of this year, while revenues from AI and high-performance computing (HPC) have increased by 52%. This shift is evident as companies focus on power, land, cooling, and long-term lease contracts. According to The Energy Mag, the realized hash rate of a sample of listed mining companies decreased to 56 EH/s in the first half of 2026.
Iren announced AI cloud service revenues of $128.8 million and Bitcoin mining revenues of $578.2 million for the 2026 fiscal year. The company has begun dismantling Bitcoin mining hardware and reallocating power, aiming to complete a significant portion of the transition to AI cloud services by December 31, 2026.
The trend is similar to previous data showing decreased hash rates among listed mining companies. However, this time it's more evident that they're shifting towards AI cloud, GPU leasing, and high-density colocation. HPC and AI clouds are influenced by power and cooling facilities, GPU operations, and long-term contracts with customers.