Bitcoin Miners Spend Billions on AI Infrastructure Amid Diversification Push

Public Bitcoin miners are investing heavily in AI infrastructure, spending an estimated $5.11 billion on capital assets during the first half of 2026, according to a report by BlocksBridge Consulting.

This significant upfront investment is aimed at diversifying beyond Bitcoin mining and entering high-performance computing and artificial intelligence markets. The data comes from TheEnergyMag, which tracks public mining companies' financials.

While the miners generated $341.2 million in directly reported AI, HPC, and colocation revenue during this period, the ratio of spending to revenue is roughly 15:1, indicating a significant investment burden for these new ventures.

The report also highlights that net cash spending on capital assets reached $6.87 billion during the first half of 2026, surpassing the total spent throughout all of 2025 ($6.50 billion). This substantial investment reflects the cost of converting power and land assets into infrastructure capable of supporting AI workloads.

Among the miners, CoreWeave and Nebius accounted for almost three-quarters of the total spending, with CoreWeave investing $14.12 billion on property and equipment during the first half, while Nebius spent $8.13 billion on property, equipment, and intangible assets.