Bitcoin Miners Shift Focus Toward AI Infrastructure as Mining Returns Decline
Bitcoin miners are increasingly reallocating resources toward artificial intelligence (AI) infrastructure due to declining mining returns and the higher profitability of high-performance computing. According to CoinShares' Q1 2026 Bitcoin Mining Report, hash prices for Bitcoin fell from $36–$38 per petahash in Q4 2025 to around $29–$30 by early 2026. The report forecasts that AI infrastructure could account for up to 70% of listed miners' revenue by the end of 2026, compared to about 30% today. The shift is driven by a combination of factors including rising operational costs and competition over limited electricity, rack space, and capital. Miners with scalable energy access are finding AI infrastructure more economically viable due to its higher returns and stability. While the U.S. share of global hash rate increased slightly quarter-over-quarter, some miners like Core Scientific and TeraWulf have already secured billions in HPC contracts. The transition is not uniform across all companies; while IREN and Bitfarms are repositioning as full-fledged HPC providers using mining as a bridge, others such as Marathon focus on smaller-scale operations suited for intermittent power. The report also highlights that Bitcoin miners with higher costs may face further consolidation unless the price of bitcoin recovers.
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Topics: AI infrastructure Bitcoin mining energy costs hash rate