Bitcoin Miners Dump Hashtagrate as AI Revenue Surges

Bitcoin miners have been unloading 23% of their hashrate in recent weeks as they redirect power towards artificial intelligence (AI) revenue. According to a report from The Energy Mag, public miners analyzed by the publication shed an estimated 56 EH/s of realized hashrate over the first half of 2026, a 15% contraction compared to the 10% drop across the Bitcoin network.

The shift is reflected in the income statements of these companies, with direct reported HPC and AI revenue among comparable miners rising 52% from the first quarter. For those furthest into the transition, Q2 marked the first time that HPC colocation or AI-cloud revenue overtook mining revenue being wound down.

However, this conversion comes at a cost, PwC estimates that public miners and AI peers have spent around $30 billion on capital expenditure. Even so, landlord-like models are generating approximately $140 to $200 per MWh in revenue.

But when compared to selling compute instead of powered space, the economics change dramatically. For example, CoreWeave deployed $6.42 billion in the quarter and was paying around $322 per MWh for hosting, a figure that includes more than just rent received by a data center landlord.