Bitcoin Miners Shift Power to AI, Sidelining USD 1.5B in Mining Equipment

Public Bitcoin miners have been shifting their power towards artificial intelligence infrastructure, resulting in a significant reduction of active mining power. According to Miner Weekly, miners cut approximately 75 exahashes per second of active mining power during the first half of 2026. This reduction is estimated to be equivalent to USD 1.5 billion in mining equipment, assuming a purchase price of USD 20 per terahash per second. The estimate only covers mining machines and does not include other costs such as buildings, electrical systems, and installation.

The shift towards AI infrastructure is reflected in the increased revenue from high-performance computing and AI operations. Miner Weekly reported that directly reported revenue from these operations rose 52% from the previous quarter. This trend is expected to continue, with companies like TeraWulf generating about USD 53 million in computing lease revenue during the first half of 2026.

Asset impairments and markdowns across 12 companies totalled approximately USD 1.1 billion, with IREN and Core Scientific accounting for almost 89% of these charges. IREN recorded approximately USD 695 million in related charges between January and June 2026, while Core Scientific attributed its main mining impairment to weaker mining economics.