Bitcoin Miners Pivot to AI as Hash Prices Plummet

Bitcoin miners are rebalancing their operations in response to shifting market conditions. According to CoinShares' Q1 2026 Bitcoin Mining Report, hash prices for mining have fallen to approximately $29-$30 per petahash per second per day, down from roughly $36-$38 in Q4 2025.

The report notes that listed miners could derive as much as 70% of revenue from artificial intelligence infrastructure by the end of 2026, up from roughly 30% today. This shift is driven by AI infrastructure offering higher and more stable returns while hash prices remain near cyclical lows.

Miners with scalable energy access and existing data-center capabilities are redirecting resources toward high-performance computing, giving them an economic reason to do so. This does not necessarily describe a broad retreat from US mining infrastructure, as the US share of global hash rate rose by roughly two percentage points quarter over quarter.