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Bitcoin miners spend $5.11B on AI, far outpacing revenue

Nine public miners generated $341.2M in AI and HPC revenue in the first half of 2026 after investing $5.11B in capital assets, implying about a 15-to-1 capex-to-revenue ratio.

Reported · Written up by our desk · Market Structure

Public Bitcoin miners are investing heavily in AI and high-performance computing, but early financial returns still lag their spending, according to Cointelegraph citing BlocksBridge Consulting’s Miner Weekly newsletter.

BlocksBridge reports that a group of 15 Bitcoin miners and AI data center companies spent a combined $30.7B on capital assets in their latest 2026 reporting periods, which is 42.6% more than the $21.53B spent across all of 2025.

Focusing on Bitcoin miners, nine comparable companies spent $5.11B on capital assets during the first half of 2026 while generating $341.2M in directly reported AI and HPC revenue, a roughly 15-to-1 capex-to-revenue ratio.

The data also shows momentum, with those miners generating $205.8M from AI and HPC businesses in the second quarter, up 52% quarter-on-quarter, with Core Scientific, TeraWulf, and Bitdeer among the companies reporting gains.

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