In the past six months, 15 public bitcoin miners and AI infrastructure operators have invested $30.7 billion in equipment, a 42.6% increase compared to the entire year of 2025 ($21.53 billion), according to BlocksBridge Consulting.
Nearly three-quarters of this amount was contributed by CoreWeave and Nebius. CoreWeave spent $14.12 billion on property and equipment, including capitalized internal software. Nebius invested $8.13 billion in equipment, intangible assets, and AI data center expansion over the half-year.
Among miners, the largest capital expenditures were recorded by:
- TeraWulf — $1.61 billion;
- Applied Digital — $1.58 billion;
- Core Scientific — $1.18 billion;
- Cipher — $911.5 million.
Nine miners increased their revenue from HPC, AI cloud, and colocation by 52% in the second quarter, reaching $205.8 million compared to $135.4 million in the previous quarter. This group included Core Scientific, TeraWulf, Bitdeer, and IREN.
Over the half-year, nine companies generated $341.2 million in revenue from HPC and AI against $5.11 billion in capital expenditures — a gap of approximately 15 times.
Core Scientific was the main driver of quarterly growth, with colocation revenue increasing from $77.5 million to $136.7 million. TeraWulf’s HPC leasing revenue rose from $21 million to $31.9 million, while Bitdeer’s AI cloud segment grew from $3.7 million to $14 million.
BlocksBridge emphasized that such ratios should not be used to directly assess profitability — capital expenditures create assets for years to come, while revenue appears after capacity is introduced and leased out.
The key risk in miners pivoting to AI, according to the authors, is that expenses are immediate and largely irreversible, whereas monetization depends on construction timelines, network connection, and demand.
Previously, the realized hash rate of a group of public bitcoin miners, excluding Bitdeer, fell by 21.2% over the past nine months.
