In the first half of the year, publicly traded Bitcoin miners reduced their operational hashrate by 56 EH/s, which translates to a 15% decrease. Most of this capacity has not been entirely lost but redirected towards upgrading AI infrastructure, according to a report from TheEnergyMag.
Source: TheEnergyMag.During the second quarter, the total disclosed revenue from high-performance computing (HPC) and AI surged by 52% compared to the first quarter.
Some companies have shifted approximately 10% of their resources into AI infrastructure. For several players, revenue from HPC colocation and cloud services has, for the first time, exceeded earnings from declining mining operations.
However, this transition comes with significant costs. TheEnergyMag estimates that companies have spent over $30 billion on infrastructure transformation.
"Among the six infrastructure providers reporting regular revenue from high-performance computing, their overall corporate capital expenditures were nearly 15 times their combined revenue during this period," the study noted.
The publication reports that for six infrastructure providers with consistent HPC revenue, the rates ranged from $86 to $300 per MWh, with a median value of about $180.
Source: TheEnergyMag.For AI cloud services, the average price reached $940.74 per MWh.
As a benchmark, TheEnergyMag highlighted figures related to Bitmain hardware. The Bitmain Antminer S23 generates approximately $179.13 per MWh, while the S21 Pro yields $113.45.
Source: TheEnergyMag.The report emphasized that the revenue models in these cases operate differently. HPC colocation is typically tied to long-term contracts and sometimes allows for the transfer of electricity costs to the client. In contrast, Bitcoin mining relies on asset prices, network difficulty, and transaction fees.
Furthermore, the authors observed that Zcash mining is currently temporarily outpacing HPC colocation in revenue per unit of energy, with the Z15 Pro device generating around $585.61 per MWh. However, this profitability is considerably more volatile than that of infrastructure contracts.
It is also worth noting that the largest American mining company, MARA Holdings, reported a net loss of $611.3 million in the second quarter, compared to a profit of $808.2 million during the same period in 2025.