CoinShares expects publicly listed Bitcoin miners to derive roughly 70% of their revenue from artificial intelligence and high-performance computing by December 2026, up from around 30% earlier this year. Cumulative announced AI and HPC contracts among listed miners now exceed $70 billion. Core Scientific, IREN, TeraWulf and Hut 8 have secured partnerships with CoreWeave, Microsoft and Google-backed Fluidstack representing total commitments exceeding $39 billion. The average cash cost to produce one Bitcoin reached approximately $80,000 in Q4 2025, making traditional mining less profitable. Meanwhile, US spot Bitcoin ETFs recorded $1.9 billion in net inflows for the week ended August 22, 2026, the strongest weekly haul in nearly a year.
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