Bitcoin Miners Turn to AI Infrastructure and Diverse Energy Strategies Ahead of 2028 Halving

Bitcoin mining margins have tightened since the network’s April 2024 halving cut the block reward to 3.125 BTC, leaving operators more exposed to bitcoin prices, network difficulty and power costs. Public miners have responded by repurposing grid connections, land and data-center capacity for artificial intelligence and high-performance computing, where multiyear hosting contracts can provide steadier cash flow. The shift is recasting listed miners as digital-infrastructure companies rather than pure proxies for bitcoin production.

BlocksBridge Consulting said in an analysis published Aug. 13, 2026, that aggregate hashrate among publicly traded bitcoin miners fell 13.4% over six months as capacity moved toward AI and HPC. TeraWulf’s second-quarter HPC leasing revenue rose 52% from the prior quarter to $31.9 million, accounting for 71% of total revenue, while bitcoin-mining revenue dropped 73% year on year to $12.8 million. Core Scientific also generated most of its revenue from non-mining operations, underscoring the sector’s accelerating pivot.

AI training and inference are driving a surge in data-center electricity demand, but building new substations and securing grid connections often takes years. Bitcoin miners already control large-scale power contracts, land, substations and fiber connectivity, allowing them to take on AI and high-performance computing workloads faster than projects built from scratch. Success still depends on cooling systems, building retrofits and long-term customers.

A June 30 report said mining sites' grid connections had evolved from a cost of Bitcoin production into an AI asset. On February 26, 2025, Core Scientific expanded its CoreWeave contract to 590 MW, with estimated revenue of $10.2 billion over 12 years. On January 16, 2026, Riot Platforms signed a 10-year, $311 million lease with AMD, beginning with 25 MW and offering expansion to as much as 200 MW.

Bitcoin completed its fourth halving on April 20, 2024, cutting the block reward from 6.25 to 3.125 Bitcoin. Combined with high energy and equipment costs, the reduction has continued to squeeze mining margins. Large miners are therefore converting their existing power capacity, facilities and cooling systems into AI and high-performance computing data centers in pursuit of more stable, long-term revenue.

Shares of miners making major bets on AI have recently far outperformed Bitcoin, but valuations have begun to diverge based on power capacity, financing capabilities and progress in delivering data centers. Nvidia’s plan to issue $20 billion in bonds to fund its AI expansion underscores strong demand for computing infrastructure. It also highlights the substantial capital spending and execution risks miners still face in making the transition.

After Bitcoin's April 2024 halving, mining rewards shrank while network hashrate and electricity costs climbed. CoinShares estimates that listed miners' average cash cost per BTC reached $79,995 in the fourth quarter of 2025, above Bitcoin's roughly $68,000–$70,000 price in March 2026. Miners can repurpose their existing power capacity and data centers for AI computing, making the shift consequential for both corporate finances and Bitcoin network security.

As of March 2026, listed miners' combined BTC holdings had fallen by more than 15,000 coins from their peak. Core Scientific sold about 1,900 BTC worth $175 million in January, while Bitfarms cut its holdings from a peak of 3,301 BTC to 1,827 BTC. The industry has signed more than $70 billion in AI and high-performance computing contracts, including Core Scientific's 12-year, $10.2 billion agreement with CoreWeave.