Key Highlights
Public miners’ average cost to produce one Bitcoin reportedly reached about $79,995 last quarter, above the spot price of about $70,000.
Miners are signing major AI and HPC infrastructure deals and funding the buildout with debt and Bitcoin treasury sales.
Some listed miners could get up to 70% of revenue from AI by the end of 2026, up from about 30% now.
Bitcoin miners are increasingly turning to AI infrastructure as mining margins tighten. Reported average production costs for public miners reached about $79,995 per BTC last quarter, while Bitcoin traded near $70,000, leaving many operations under pressure and forcing companies to look beyond mining for growth.
For a growing number of firms, that means AI and high-performance computing. Miners have been signing large data-center and hosting agreements, with some reports putting total AI and HPC commitments across the sector above $70 billion.
They are funding that shift with debt and Bitcoin treasury sales. Public miners have already cut holdings from prior peaks, and several companies are using BTC sales to support AI expansion or reduce leverage.The business model is starting to change fast. One report says listed miners could generate as much as 70% of revenue from AI by the end of 2026, up from roughly 30% today. Core Scientific, TeraWulf, Cipher, and Hut 8 are among the companies pushing hardest into AI-related hosting and compute.
