Via miningstore.com
Nine public mining companies are rapidly pivoting from Bitcoin to artificial intelligence, with some now earning more from AI than from the thing that made them famous
Nine publicly traded miners have collectively poured more than $5B into AI and high-performance computing infrastructure, and that bet returned $341M in combined revenue during the first half of 2026.
Several of these companies now generate more income from renting out compute to AI workloads than they do from actually mining Bitcoin.
The numbers behind the pivot #
Cumulative AI and HPC contracts across the public mining sector now exceed $70B, with deal structures often spanning 12 to 20 years.
Companies like Core Scientific and TeraWulf now earn more from AI operations than from Bitcoin mining. By the end of 2026, some miners are projected to pull up to 70% of their total revenue from AI-related work.
The combined Bitcoin mining hashrate among public operators has dropped between 13% and 21%. These companies are deliberately reallocating power and rack space away from SHA-256 computations and toward GPU-dense AI inference and training clusters.
Why miners make surprisingly good AI landlords #
Both activities share the same fundamental infrastructure requirements: massive amounts of electricity, industrial-scale cooling, and remote locations where land is cheap and power is abundant.
The 2024 Bitcoin halving made the math more compelling. When block rewards dropped from 6.25 BTC to 3.125 BTC, mining margins compressed sharply for operators without the newest, most efficient hardware.
Miners with secured HPC contracts now trade at roughly 12.3x enterprise value, compared to just 5.9x for Bitcoin-only operators.
Winners and the strategic calculus #
Core Scientific, which went through bankruptcy in 2022 partly due to Bitcoin’s price collapse, has repositioned itself as a major AI infrastructure provider. TeraWulf has followed a similar trajectory, building out its Lake Mariner facility in New York with explicit dual-use capacity. Hut 8 has likewise expanded its AI hosting ambitions, leveraging its existing power and cooling infrastructure to capture demand from machine learning workloads.
The hashrate decline of 13% to 21% among public miners doesn’t necessarily translate to the same reduction network-wide, but it does signal where sophisticated capital allocators see the better risk-adjusted returns.
The $70B in total contracted value across the sector includes multi-decade infrastructure commitments that will outlast several Bitcoin halving cycles.
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