Bitcoin Miners Write Down $1.1 Billion in Assets Amid AI Shift

Public bitcoin miners have written off a staggering $1.1 billion in asset value over the first half of 2026 as they transition to artificial intelligence (AI) projects. According to TheEnergyMag, this figure represents accounting write-offs and asset markdowns intended for sale.

Twelve tracked public companies recorded this amount, with IREN and Core Scientific accounting for nearly 89% of the total. These companies have lost about 75 EH/s of actual hash rate, with the corresponding equipment valued at an additional $1.5 billion.

However, it's essential to note that the two estimates describe different processes. The first reflects accounting write-offs, while the second represents the estimated value of equipment corresponding to the phased-out capacities.

Cipher Mining, for instance, wrote off $96.1 million in mining equipment value, while generating $57.9 million in revenue for 2025. IREN recorded about $695 million in write-offs and asset markdowns, with a significant portion related to mining equipment being displaced by AI projects.

The shift to AI allows miners to use existing sites and access to electricity for other businesses, but this often requires re-equipment and additional funding. The final economics depend not only on the revenue from future data centers but also on how much can be recovered from old machines and the cost of infrastructure restructuring.