Bitcoin Miners Drowning in AI Infrastructure Costs

Bitcoin miners are sinking billions of dollars into artificial intelligence infrastructure in an attempt to tap into the lucrative AI and high-performance computing revenue stream. According to a recent analysis from BlocksBridge Consulting, nine public Bitcoin miners spent a combined $5.11 billion on capital assets during the first half of 2026. However, their collective AI and HPC revenue reached only $341.2 million over the same period.

This works out to roughly 15 dollars spent for every dollar of AI revenue collected. The figure covers hardware, property, and equipment purchases, not just AI-related spending alone.

Core Scientific is one example of this trend. The company spent $797.5 million on capital assets in the second quarter while reporting $136.7 million in colocation revenue, up from $77.5 million the prior quarter.

A wider group of 15 miners and data center companies spent a total of $30.7 billion in their latest 2026 reporting periods, which is 42.6% higher than the $21.53 billion spent across all of 2025.