Bitcoin Miners Redirect Power to AI Amid Revenue Decline

Bitcoin mining companies are redirecting their computing power to AI infrastructure due to declining revenue. According to TheEnergyMag, listed mining companies saw a 15% decrease in actual computing power in the first half of 2026, with some electricity redirected to AI and HPC (High-Performance Computing) hosting.

In the second quarter, directly disclosed revenue from HPC and AI businesses increased by 52% compared to the first quarter. For companies transforming quickly, HPC hosting or AI cloud business revenue exceeded shrinking Bitcoin mining revenue for the first time in the second quarter.

The capital expenditures are high, with 14 companies investing $18.6 billion in a single quarter. The median revenue per megawatt hour for HPC hosting is about $175, similar to the latest generation of Bitcoin mining machines, but AI cloud services generate significantly higher revenue, at around $941 per megawatt hour.

Companies like CoreWeave and Bitdeer are seeing high costs for their AI infrastructure, with estimated hosting costs ranging from $268 to $403 per megawatt hour. However, full-stack operators are generating even higher revenues, up to $1,213 per megawatt hour.