Public Miners Lose Ground as AI Revenue Takes Over

Public miners are shedding a significant portion of their Bitcoin hashrate as AI revenue accelerates. An analysis by TheEnergyMag found that these companies produced a combined realized hashrate of 368.3 EH/s in Q4 2025, but this declined to 319.0 EH/s in Q2. This represents a 13.4% decline over six months.

The Bitcoin network's quarterly average fell from 1,071 EH/s to 957 EH/s and then to 993 EH/s over the same period, a 10.6% reduction. The public company cohort therefore contracted faster than the network.

Bitdeer is bucking this trend with its own SEALMINER production pipeline, which increased its realized hashrate by 44% from Q4 to Q2, reaching 63.0 EH/s. MARA and American Bitcoin also continued expanding, but their additions were not enough to counter reductions across Cango (NYSE: CANG), Cipher, Keel, Core Scientific, TeraWulf and IREN.

Core Scientific generated $136.7 million of colocation revenue in Q2, almost five times its $27.5 million of bitcoin mining revenue. Colocation supplied 83% of quarterly sales, up from 67% in Q1.