Miners Cut Bitcoin Production by 23.3%, Increasing AI Revenue

Twelve major public miners reduced their Bitcoin production by 23.3% in the first half of 2026. The majority of their capacity was redirected to support artificial intelligence, leading to a 52% increase in revenue from AI services in the second quarter compared to the first. Analysis showed that the hash rate of the 13 largest miners decreased by 56 EH/s, with the largest losses at Cango (-29.5%) and IREN (-21.9%). Bitdeer, which became the largest miner this year, increased its production by 19.4% and funds its AI activities through the sale of previously mined Bitcoins. Revenue from high-performance computing and AI for companies further along in the transition exceeded income from halted mining capacities. However, the costs of transitioning to AI significantly outweigh revenues, with capital expenditures nearly 15 times greater than the total income of six companies. Rental income ranges from $140 to $200 per MWh, while the sale of computing resources can exceed $300. Full-cycle operators such as IREN, HIVE, and Bitdeer report revenues from cloud AI technologies ranging from $807 to $1213 per MWh. Meanwhile, the median cost per MWh in the AI sector is around $940, while Bitcoin mining generates about $179 per MWh.

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