Bitcoin miners spend $30.7B on AI as capex outpaces revenue

BlocksBridge Consulting reported that a group of 15 bitcoin miners and AI data-center companies invested $30.7 billion in capital assets in their 2026 reporting periods, an increase of 42.6% from $21.53 billion in 2025. Among nine publicly reporting miners, capital spending was $5.11 billion in the first half of 2026 while those firms reported $341.2 million in AI and high-performance computing revenue, a roughly 15-to-1 capex-to-revenue ratio.

BlocksBridge calculated capital spending from cash purchases and allocations to hardware, property and equipment, with adjustments for proceeds and refunds from asset sales. The firm reported AI and HPC revenue is rising: the nine miners recorded $205.8 million in the second quarter, up 52% from the prior quarter, with Core Scientific, TeraWulf and Bitdeer reporting gains.

BlocksBridge noted power contracts and available land can give miners an initial advantage, but converting sites into AI-ready facilities requires additional infrastructure. “Power contracts and available land may give miners a starting advantage, but converting those assets into AI-ready capacity requires substations, buildings, cooling systems, networking equipment and, in some business models, GPUs,” the firm wrote.

CoinShares renamed an industry exchange-traded fund to the CoinShares Bitcoin Mining and Digital Power ETF (WGMI) and listed 29 holdings across bitcoin miners, data-center operators, AI semiconductor makers, power generation and high-performance computing companies. The fund had $222.4 million in assets under management.

Bitcoin rose more than 13% in a week to trade above $72,000 after the U.S. Treasury said it would raise the cap on long-term bond buybacks to $4 billion per operation, a policy aimed at improving Treasury market liquidity. Market participants attributed the price move to lower yields and a rise in risk appetite.

The figures show capital expenditures have so far exceeded directly reported AI and HPC income for many miners, leaving a large gap between spending and reported revenue as companies build facilities and acquire equipment.