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    Home»Bitcoin»Bitcoin Miners Shift To AI Compute As Mining Profits Shrink
    Bitcoin

    Bitcoin Miners Shift To AI Compute As Mining Profits Shrink

    September 17, 20263 Mins Read


    TLDR

    • Bitcoin miners are shifting toward AI computing because it pays far more than mining
    • CoinShares data shows AI compute leases bring in about $1.5 million per megawatt a year, compared to $500,000 for Bitcoin mining
    • Core Scientific paid roughly $42 million to cancel a next-generation mining hardware order
    • Keel and Cipher sold parts of their Bitcoin holdings to help fund AI and data center expansion
    • CoinShares expects 35 exahash of hashpower to leave listed miners by year end, and doubts a Bitcoin price rebound will change that

    Bitcoin miners are shifting toward artificial intelligence computing, and new data shows why. A report from CoinShares found that AI compute leases pay far more than mining Bitcoin does.

    The report says AI leases generate about $1.5 million per megawatt each year. Bitcoin mining, in comparison, brings in roughly $500,000 per megawatt.

    That gap has pushed several publicly traded mining companies to change direction. Some are cutting mining plans entirely, while others are mixing AI work into their existing operations.

    Miners Are Paying To Stop Mining

    Core Scientific paid about $42 million to cancel an order for next-generation mining machines. The company scrapped a deal tied to 15 exahash of mining power.

    Keel, formerly known as Bitfarms, and Cipher have both sold parts of their Bitcoin holdings. They are using the funds to build out AI and data center capacity instead.

    Keel stopped mining Bitcoin completely in June. IREN plans to do the same by December 2026.

    Other companies are taking a slower path. Mara Holdings, for example, has been gradually adding AI work alongside its mining business.

    CoinShares expects the shift to keep growing. The firm estimates that 35 exahash of hashpower will leave publicly listed miners by the end of the year.

    The firm also said a recovery in Bitcoin’s price is unlikely to reverse the trend. Companies have already signed long-term deals, some lasting 15 years, to lease their sites for AI use.

    Strict rules around building new AI and data center sites are also playing a role. Locations with existing power hookups, including old mining sites, have become harder to find and more valuable.

    Why Mining Became Less Profitable

    The cost of mining Bitcoin has risen sharply. CoinShares said the average cost to mine one Bitcoin reached $75,500 in the second quarter of 2026.

    At the same time, Bitcoin’s price fell to a low of $58,400 during that period. That combination made mining unprofitable for many operators.

    Mining revenue reflects the squeeze. Monthly revenue for miners dropped from about $60 million in late 2025 to around $20 million by mid-2026.

    Bitcoin’s price has also fallen from more than $125,000 in October 2025 to under $60,000 in 2026. The drop pushed hashrate down by more than half as miners exited or scaled back.

    CoinShares said the current hashrate decline looks similar to patterns seen after past Bitcoin halvings. The firm suggested hashrate could recover before the next halving event.

    Not everyone agrees. Economist Saifedean Ammous said on social media that mining may have already peaked and could keep declining.

    Ammous pointed to future mining rewards as a reason. The Bitcoin reward per block is set to drop from 3.125 to 1.56 starting in 2028, which he said will make mining less attractive.

    Mara chief executive Fred Thiel has made similar comments in the past about the shrinking appeal of mining alone. For now, AI leasing remains the more profitable option for miners with available power.



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