A surge in capital spending by Bitcoin miners and AI data-centre firms has outpaced revenue growth, raising questions about the long-term viability of their dual focus on cryptocurrency mining and artificial intelligence infrastructure.
Fifteen Bitcoin miners and AI companies spent $30.7 billion on capital assets in 2026, a 42.6% rise from $21.53 billion in 2025. However, nine miners generated just $341.2 million in AI and high-performance computing (HPC) revenue during the first half of 2026, resulting in a 15-to-1 capital expenditure-to-revenue ratio.
The second quarter of 2026 saw AI/HPC revenue climb to $205.8 million, a 52% increase from the previous quarter, though this remains far below the scale of investment. Core Scientific, TeraWulf, and Bitdeer reported gains in AI/HPC revenue, according to BlocksBridge Consulting, which analysed spending and revenue trends.
BlocksBridge highlighted that converting mining infrastructure into AI-ready capacity requires significant additional investment in substations, cooling systems, and networking equipment. CoinShares, the digital-asset firm, adjusted its ETF strategy to include AI, data centres, and HPC businesses, with its WGMI ETF managing $222.4 million in assets across 29 holdings.
The disparity between spending and revenue raises concerns about profitability, particularly as Bitcoin’s recent price recovery may not be enough to offset the financial strain on companies with large mining operations.
Written by Oliver Grant
Markets Desk
