Bitcoin mining companies' AI capital expenditure in the first half of the year exceeded revenue by 15 times

Comparative news, according to Cointelegraph, the latest report by BlocksBridge Consulting shows that nine listed Bitcoin mining companies had AI and high performance computing (HPC) business capital expenditure of 5.11 billion US dollars in the first half of 2026, with related revenue of only US$340 million during the same period, with an input-output ratio of about 15:1. This highlights the large upfront investment required for transformation. In a sample of 15 mining companies and AI data center companies, the total capital expenditure for the 2026 reporting period reached US$30.7 billion, an increase of 42.6% over the full year of 2025.

Despite investment far exceeding revenue, AI and HPC revenue continued to grow at an accelerated pace, with nine mining companies rising 52% month-on-month to $206 million in the second quarter, led by Core Scientific, TeraWolf, and Bitdeer. BlocksBridge points out that although mining companies have power and land advantages, conversion to AI-ready production capacity still requires significant investment in substations, cooling systems, network equipment, and GPUs.