📰 Key Summary

Publicly traded Bitcoin mining companies are accelerating the shift of their power and data center capacity toward AI and high-performance computing (HPC), marking a clear structural shift in mining economics. According to BlocksBridge Consulting’s latest Miner Weekly report, a cohort of public Bitcoin miners saw actual hashrate drop from 368.3 EH/s in Q4 2025 to 319 EH/s in Q2 2026, a 13.4% decline. Excluding Bitdeer, which continues to expand its mining business, this group’s hashrate decline was even steeper — falling from 324.6 EH/s to 255.9 EH/s over six months, a 21.2% drop. Bitdeer itself, by contrast, grew its hashrate 44% to 63 EH/s. For comparison, the Bitcoin network’s average hashrate declined by only 10.6% over the same period, showing that public miners are cutting production far faster than the network as a whole. Behind this trend is a rising share of non-mining revenue: Core Scientific’s colocation revenue hit $136.7 million in Q2, well above its $27.5 million in mining revenue, while TeraWulf’s HPC leasing revenue reached $31.9 million versus $12.8 million from mining — both companies now generate over half their revenue from non-mining business. Riot Platforms and Bitdeer, in contrast, have been slower to pivot, with mining still accounting for the bulk of their revenue last quarter. BlocksBridge frames this capacity contraction as a reversal of the expansion cycle that began after China’s 2021 mining ban, when North American miners raised capital to expand and snapped up power sites en masse. Now, squeezed between weakening mining profitability and surging AI infrastructure demand since 2022, some public miners are moving their sites and power capacity out of Bitcoin mining entirely.

💬 JudyAI Lab Take

Bitcoin miners are redirecting their power capacity toward AI compute, and this trend reveals just how fast mining economics are being rewritten.

Per BlocksBridge Consulting’s report, a cohort of public Bitcoin miners saw hashrate fall from 368.3 EH/s in Q4 2025 to 319 EH/s in Q2 2026, a 13.4% drop — and excluding Bitdeer, which kept expanding, the decline hits 21.2%, well outpacing the network’s 10.6% average drop. The reason is straightforward: non-mining revenue is overtaking mining revenue. Core Scientific’s colocation revenue came in at $136.7 million, dwarfing its $27.5 million from mining, and TeraWulf’s HPC leasing revenue also surpassed its mining income. That’s an interesting signal for AI builders — when the infrastructure itself (power, facilities, cooling systems) becomes more valuable than any single use case, smart capital bets on the flexibility of the underlying resource rather than betting on how long one business model can hold up.

Worth thinking about: is the tech asset you’re building locked into one use case, or can it be reallocated as the market shifts?

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