Publicly listed Bitcoin (BTC) miners are on track to generate roughly 70% of their combined revenue from artificial intelligence infrastructure by December, up from about 30% today.
Mining Pivot Accelerates
The projection comes from digital asset manager CoinShares, whose Q1 2026 mining report was cited by Bloomberg.
More than $70 billion in cumulative AI and high-performance computing contracts have been announced across the public mining sector.
The shift follows a brutal quarter for miners.
Hashprice, the measure of daily revenue per petahash, fell to around $29, levels last seen after the April 2024 halving. Bitcoin mining gross margins have dropped to roughly 60%, down from above 90% during the 2021 bull run.
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Industry Reshape
James Butterfill, CoinShares head of research, said AI offers structurally higher and more stable returns than mining, with cloud margins near 85%.
Matthew Kimmell, investment strategist at CoinShares, told Business Today the transition could mark the end of an era for large US miners. He added that margins are thin and hashprice is hitting bottoms.
Companies have moved aggressively. Core Scientific expanded its CoreWeave deal to $10.2 billion over 12 years, while TeraWulf has $12.8 billion in contracted HPC revenue and Hut 8 signed a $7 billion lease. MARA Holdings sold over $1 billion in Bitcoin to fund the transition, abandoning its long-held HODL strategy.
Bitcoin has fallen about 50% from its October peak near $126,000, with the token trading around $76,610 on April 19.
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