Nine public Bitcoin miners spent $5.11 billion on capital assets in the first half of 2026 while generating only $341.2 million in AI and HPC revenue, resulting in a roughly 15-to-1 capex-to-revenue ratio. The 15 largest Bitcoin miners and AI data center companies spent a combined $30.7 billion on capital spending in 2026, already 42.6% more than their 2025 total. AI and HPC revenue is accelerating, however, having grown 52% quarter-on-quarter in Q2 2026 to reach $205.8 million. Core Scientific, TeraWulf and Bitdeer are among the companies reporting gains in this sector.
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