Nine miners reported $341.2 million in AI and HPC revenue in H1 2026, far below $5.11 billion in capital expenditures.
Public Bitcoin miners have allocated over $5 billion to artificial intelligence and high-performance computing infrastructure in the first half of 2026, yet generated only $341.2 million in revenue from these operations. The 15-to-1 capex-to-revenue ratio highlights the steep upfront costs of diversifying beyond cryptocurrency mining.
Capital spending by 15 miners and AI data-center firms reached $30.7 billion in their latest reporting periods, a 42.6% increase from the $21.53 billion spent in all of 2025. Among nine comparable miners, AI and HPC revenue rose 52% quarter-on-quarter to $205.8 million in Q2 2026.
Despite the spending surge, returns remain limited, with firms like Core Scientific, TeraWulf, and Bitdeer leading the push into AI-driven revenue streams.