In the past six months, 15 publicly traded Bitcoin miners and AI infrastructure operators have invested a staggering $30.7 billion in equipment, marking a 42.6% increase compared to the entire year of 2025, which saw investments of $21.53 billion. This assessment comes from BlocksBridge Consulting.

Source: MinerWeekly.

A significant portion of this investment was made by CoreWeave and Nebius, with CoreWeave spending $14.12 billion on property and equipment, including capitalized internal software. Meanwhile, Nebius allocated $8.13 billion over the half-year period on equipment, intangible assets, and the expansion of data centers for AI purposes.

Among the miners, the largest capital expenditures were reported by:

  • TeraWulf — $1.61 billion; 
  • Applied Digital — $1.58 billion;
  • Core Scientific — $1.18 billion;
  • Cipher — $911.5 million.

In the second quarter, nine miners saw their revenue from HPC, AI cloud services, and colocation increase by 52%, reaching $205.8 million compared to $135.4 million in the previous quarter. This group included Core Scientific, TeraWulf, Bitdeer, and IREN.

Over the six-month period, these nine companies generated $341.2 million in revenue from HPC and AI against capital expenditures of $5.11 billion, highlighting a substantial gap of about 15 times.

The primary driver of quarterly growth was Core Scientific, which saw colocation revenue rise from $77.5 million to $136.7 million. TeraWulf's HPC leasing revenue increased from $21 million to $31.9 million, while Bitdeer's AI cloud segment grew from $3.7 million to $14 million.

BlocksBridge emphasized that such ratios should not be used to directly assess profitability, as capital expenditures create assets that provide value over many years, while revenue materializes only after facilities are operational and leased out.

However, the authors noted that a key risk in miners pivoting to AI lies in the fact that expenses are incurred upfront and are largely irreversible, while monetization depends on construction timelines, network connectivity, and demand.

It is also worth noting that in the last nine months, the realized hash rate of the group of public Bitcoin miners, excluding Bitdeer, has decreased by 21.2%.