Public Bitcoin miners have cut their hashrate by 15%, redirecting capacity towards AI infrastructure, amid rising operational costs.
Publicly traded Bitcoin miners have decreased their operational hashrate by 56 EH/s, equating to a 15% reduction in the first half of the year. This shift is not entirely a loss; much of this capacity has been redirected towards enhancing AI infrastructure, as reported by TheEnergyMag.
In the second quarter, revenue from high-performance computing (HPC) and AI saw a remarkable 52% increase compared to the first quarter. Approximately 10% of resources have been allocated to AI infrastructure, with some companies experiencing HPC colocation and cloud services revenue surpassing their earnings from mining operations for the first time.
However, this transition is costly. TheEnergyMag estimates that miners have invested over $30 billion in infrastructure upgrades. The report highlighted that for six infrastructure providers with regular HPC revenue, their corporate capital expenditures were nearly 15 times their combined revenue during this period.
The rates for these infrastructure services ranged from $86 to $300 per MWh, with a median of about $180. In contrast, the average price for AI cloud services reached $940.74 per MWh. The report also noted that the Bitmain Antminer S23 produces around $179.13 per MWh, while the S21 Pro yields $113.45.
Revenue models differ significantly between HPC colocation and Bitcoin mining. HPC contracts often involve long-term agreements that can transfer electricity costs to clients, whereas Bitcoin mining revenue is more susceptible to fluctuations in asset prices and network difficulty.
Interestingly, Zcash mining has temporarily outperformed HPC colocation in revenue per energy unit, with the Z15 Pro device generating approximately $585.61 per MWh. Yet, this profitability is significantly more volatile compared to infrastructure contracts.
Additionally, MARA Holdings, the largest American mining company, reported a net loss of $611.3 million in the second quarter, a stark contrast to a profit of $808.2 million during the same period in 2025.
