Bitcoin Miners Pivot to AI as Hash Prices Remain Near Lows
Bitcoin miners are repositioning their operations as artificial intelligence (AI) infrastructure becomes a more lucrative option. According to CoinShares' Q1 2026 Bitcoin Mining Report, listed miners could derive up to 70% of revenue from AI by the end of 2026, compared to around 30% today.
The report notes that AI offers higher and more stable returns than mining, which is facing near-term margin pressure due to cyclical lows in hash prices. In Q4 2025, the weighted-average cash cost of producing one Bitcoin among publicly listed miners was approximately $79,995.
Some companies are already expanding their AI capacity while continuing to mine, but others are shifting towards data centers and high-performance computing (HPC). For instance, Core Scientific has around 350 megawatts energized for HPC, while TeraWulf has 39 megawatts of critical IT capacity online.
CoinShares expects further capitulation among higher-cost miners in the first half of 2026 unless Bitcoin recovers. The report highlights a potential distortion risk: AI/HPC buildouts can skew per-bitcoin cost figures for hybrid operators, making it difficult to separate mining economics from data-center economics.