Bitcoin Miners Pivot to AI as Hash Price Falls

Bitcoin miners are rebalancing their operations as artificial intelligence (AI) infrastructure begins to outpace mining, according to CoinShares' Q1 2026 Bitcoin Mining Report. The report notes that listed miners could derive up to 70% of revenue from AI infrastructure by the end of 2026, compared to around 30% today.

The hash price for Bitcoin mining fell to approximately $29 to $30 per petahash per second per day in early Q1 2026, down from roughly $36 to $38 in Q4 2025. This decline is attributed to the increasing cost of electricity and rack space, as well as the growing competition with AI infrastructure.

Several companies, including Core Scientific, TeraWulf, IREN, and Hut 8, are expanding their AI capacity while mining remains an important part of their operations. The report notes that mining can tolerate interruptions incompatible with AI workloads that require near-continuous uptime.