CoinShares’ quarterly Bitcoin mining report reveals that one megawatt dedicated to artificial intelligence generates approximately $1.5 million in annual profits, compared to just $500,000 for BTC mining. In the second quarter, large publicly traded miners spent an average of $75,500 to produce one bitcoin, while BTC ended the quarter at $58,400, meaning some were effectively mining at a loss. Core Scientific paid $41.9 million to cancel an order for 15 EH/s of mining machines, while Keel completely ceased Bitcoin mining at the end of June. Global hashrate dropped 27%, falling from 1,160 EH/s in October 2025 to 850 EH/s in early February, and former mining sites, already connected to large amounts of electricity, are now highly sought after for hosting AI data centers.
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