Public Bitcoin miners are spending billions chasing artificial intelligence and high-performance computing revenue, though returns have yet to keep pace, underscoring the massive upfront investment required to diversify beyond Bitcoin mining.

In its latest Miner Weekly newsletter, BlocksBridge Consulting reported that a group of 15 Bitcoin miners and AI data-center companies spent a combined $30.7 billion on capital assets in their latest 2026 reporting periods, already 42.6% more than the $21.53 billion they spent throughout 2025.

Among Bitcoin miners specifically, the gap between capital spending and AI revenue remains significant. Nine comparable miners spent $5.11 billion on capital assets during the first half of 2026 while generating just $341.2 million in directly reported AI and HPC revenue — a roughly 15-to-1 capex-to-revenue ratio.

BlocksBridge calculated capital spending based on cash purchases and allocations to hardware, property, equipment and other productive assets, after accounting for proceeds and refunds from asset sales. 

Despite the gap, AI and HPC revenue is accelerating. The nine miners generated $205.8 million from those businesses in the second quarter, up 52% quarter-on-quarter, with Core Scientific, TeraWulf and Bitdeer among the companies reporting gains.

Bitcoin miners’ capital expenditures are vastly outpacing AI and HPC revenue so far. Source: Miner Weekly

Related: Public Bitcoin miners cut hashrate 13.4% as AI infrastructure revenue grows

The steep cost of pivoting to AI

AI and data centers have been touted as a way for Bitcoin mining companies to diversify amid challenging conditions in the mining sector, but BlocksBridge’s data shows that the pivot comes with substantial upfront costs.

“Power contracts and available land may give miners a starting advantage, but converting those assets into AI-ready capacity requires substations, buildings, cooling systems, networking equipment and, in some business models, GPUs,” BlocksBridge said.

It remains to be seen whether Bitcoin’s latest price recovery will provide relief for companies that still maintain sizable mining operations.

Bitcoin has surged more than 13% this week and climbed back above $72,000 after the US Treasury said it would at least double the maximum size of its long-term bond buybacks to $4 billion per operation, a move aimed at improving liquidity in the Treasury market that initially pushed yields lower and boosted risk appetite.

In a sign of the pivot to AI and HPC, CoinShares this week announced a change in strategy for its industry tracking exchange-traded fund.

Now branded the CoinShares Bitcoin Mining and Digital Power ETF (WGMI), with $222.4 million in assets under management, the fund’s universe includes 29 holdings drawn from bitcoin miners, data center operators, AI semiconductors, power generation, and HPC, which Coinshares describes as “the businesses powering the digital economy.”

Related: Crypto Biz: Bitcoin’s $116M self-custody wake-up call

A French couple has been kidnapped from their home in Rion-des-Landes in an alleged crypto extortion attack that left the man injured and led to two arrests.

Actu Landes reported on Aug. 20 that several people entered the couple’s home at around 4 a.m. and allegedly threatened them while seeking access to their Bitcoin and other crypto holdings.

The Bitcoin kidnapping began with an early-morning home invasion

According to the local news outlet, the attackers initially held the two residents inside their home in Rion-des-Landes, a town in the Landes department of southwestern France. The group allegedly tried to force the victims to hand over what the report described as a large amount of Bitcoin and other digital assets.

After the confrontation inside the property, the assailants allegedly removed both victims from the house and transported them to separate locations. Actu Landes did not report whether any cryptocurrency was transferred, how the attackers identified the couple, or how long the two residents remained in captivity.

The man was later found in Solférino, about 20 kilometers from Rion-des-Landes. According to the report, he was naked and had several cuts when authorities located him. No information was provided about the seriousness of his injuries or whether he required hospital treatment.

Several kilometers away, investigators found the woman inside a vehicle in another French department, the outlet reported. Authorities did not disclose the location where she was recovered, her physical condition, or the circumstances that led officers to the car.

Details about the couple have also remained limited. Their names, professions and estimated crypto holdings were not released, while the report did not establish whether either victim worked in the digital asset sector or had publicly discussed owning cryptocurrency.

Two suspects were arrested after a large police response

Shortly after the reported abduction, French gendarmes deployed across the area and began stopping vehicles on the road connecting Rion-des-Landes and Lesperon, according to witnesses cited by Actu Landes.

The operation involved a large number of officers, with the road controls apparently intended to locate the victims and identify vehicles connected to the attack. Investigators returned to the couple’s home the following day to preserve evidence, examine the property and collect fingerprints.

Two men were arrested soon after the incident, the report said, although officials have not released their identities, ages, or suspected roles. Authorities have also not said where the arrests occurred, whether the suspects remain in custody, or whether officers recovered weapons, vehicles or digital devices.

Contacted by the outlet, France’s National Anti-Organized Crime Prosecutor’s Office, known as PNACO, confirmed that the Specialized Interregional Jurisdiction in Bordeaux was handling the case. The Bordeaux office had not responded to the publication’s questions when the report was released.

French authorities assign specialized interregional jurisdictions to complex organized crime cases that may require work across several departments. PNACO’s involvement and the transfer to the Bordeaux jurisdiction indicate how prosecutors have classified the investigation, but neither office has publicly announced charges against the two arrested men.

No official statement has confirmed the value of the cryptocurrency allegedly sought, whether the attackers obtained wallet credentials, or whether investigators traced any transactions. The available account also does not establish a link between the two suspects and any other crypto-related attacks in France.

France has recorded 77 crypto-linked violent cases in 2026

The Landes incident follows a series of kidnappings, home invasions, and extortion attempts involving French crypto holders and their relatives.

As crypto.news reported in July, Interior Minister Laurent Nuñez said France had recorded 77 kidnappings, unlawful detentions, extortion cases or attempted offenses connected to the crypto sector during 2026. Authorities recorded 45 comparable cases in 2025.

Nuñez also said that about 200 people had been arrested after attacks or during operations intended to prevent them. During a June 30 address to the Association for the Development of Digital Assets, the minister said 724 industry participants had registered with rapid-identification platforms used to help authorities respond when someone considered at risk contacts police.

The Interior Ministry’s security plan included more intelligence sharing, coordination with the digital asset industry group Adan, and cooperation with countries where suspected organizers may be located. Nuñez said some people directing the attacks appeared to operate from outside France, while lower-level recruits carried out the violence.

A separate Chainalysis report found that France recorded 30 publicly known violent crypto incidents through the first half of 2026, up from 19 during all of 2025. The analytics company used a narrower dataset than the French government, which explains why its public-incident count differs from the 77 cases cited by Nuñez.

According to Chainalysis, criminals stole more than $30 million through successful physical attacks worldwide during the first half of 2026. The company counted 12 successful attempts among 46 documented incidents through late June, producing a 26% success rate compared with 49% in 2025 and 67% in 2024.

Home invasions represented 37% of documented attacks through mid-2026, up from 14% in 2025, while kidnappings remained the most common category. Chainalysis said family members or other people connected to crypto holders accounted for around 25% to 30% of known incidents by early 2026.

Within France, more than 40% of cases involved a relative or associate rather than the identified holder, according to the firm. Local residents made up 93% of French victims whose residency was known, a pattern Chainalysis linked to advanced research using leaked information, social media activity, blockchain records, or knowledge supplied by insiders.

The company cited an alleged 2024 theft of French tax records containing names, addresses, holdings, telephone numbers and tax information associated with wealthy crypto owners. It also referred to crypto tax platform Waltio’s January disclosure that unauthorized access had affected information tied to around 50,000 users, while noting that no direct connection had been established between either exposure and a specific attack.

US cases show similar home-invasion tactics

Physical attacks against crypto holders have also resulted in federal prosecutions in the United States, where Chainalysis said home invasions have accounted for a larger share of incidents than in many other countries.

In May, a US wrench attack case involved three Tennessee men accused of targeting cryptocurrency holders in San Francisco, San Jose, Sunnyvale, and Los Angeles. Federal prosecutors alleged that the defendants posed as delivery workers to enter or attempt to enter homes before using firearms, duct tape, and zip ties to restrain victims.

According to the U.S. Department of Justice, one victim was forced at gunpoint to sign in to cryptocurrency accounts, allowing an alleged accomplice to transfer about $6.5 million in digital assets to a wallet controlled by the group.

The indictment was filed on March 31 and unsealed after the arrests of Elijah Armstrong, Nino Chindavanh, and Jayden Rucker. The Justice Department said the charges were allegations and that each defendant remained presumed innocent unless proven guilty in court.

Grayscale Research sees the SEC’s proposed Regulation Crypto Assets as a potential reset for U.S. token-based fundraising. The framework could give issuers new capital routes while directing more activity toward established public blockchain networks. Ethereum, Solana, and BNB Chain could benefit if companies move token launches back into the United States.

Ethereum Could Gain From Expanded Token Issuance

Ethereum could capture additional network activity because many token projects already use its infrastructure for issuance and settlement. Grayscale identified Ethereum among the major networks positioned to benefit from renewed U.S. token fundraising. More domestic offerings could increase transactions, smart-contract use, and applications built around Ethereum’s existing ecosystem.

The SEC proposed Regulation Crypto Assets on August 18 and targeted certain investment contracts involving newly issued crypto assets. The proposal creates two exemptions from standard Securities Act registration requirements for qualifying token offerings. One exemption allows issuers to raise to $5 million during four years.

The second exemption would permit eligible issuers to raise to $75 million in any 12 months. However, those issuers would face financial statement requirements and continued reporting obligations under the proposed framework. Federal antifraud and market-manipulation requirements would also continue to apply to offerings made under the exemptions.

Solana Could Attract New Fundraising Activity

Solana could also gain activity because its network supports token launches, payments, decentralized applications, and other blockchain services. Grayscale included Solana among networks that could receive additional usage if U.S. fundraising rules become clearer. More token issuance could therefore create new demand for transactions and applications operating through the Solana network.

The proposed regulation focuses on newly issued crypto assets rather than blockchain representations of existing securities. That distinction separates Reg Crypto from tokenized stocks, which link digital assets with shares already issued elsewhere. Instead, the SEC wants a dedicated framework for companies raising capital through certain crypto-related investment contracts.

The SEC also proposed a conditional safe harbor addressing when crypto assets remain linked to investment contracts. An issuer could qualify after completing or permanently ending the essential managerial work originally promised under the contract. Qualified assets would then fall outside investment-contract treatment under federal securities definitions covered by the proposal.

BNB Chain Could Benefit From More U.S. Token Launches

BNB Chain represents another major network that Grayscale believes could gain from expanded token-based capital formation. The network already hosts applications, digital assets, and decentralized finance services requiring frequent blockchain transactions. New U.S. token offerings could therefore expand network use if issuers select BNB Chain for distribution.

Reg Crypto follows years of uncertainty surrounding U.S. token offerings after the initial coin offering boom. That uncertainty pushed many projects toward overseas structures or offerings that excluded participation from the United States. The SEC said its proposal aims to reduce incentives for issuers to establish and operate offshore.

The framework still requires completion of the SEC rulemaking process before issuers can use its proposed exemptions. The SEC opened a 60-day public comment period following publication of the proposal in the Federal Register. Meanwhile, Congress continues work on broader digital asset legislation that could further define federal market oversight.

Where U.S.-Iran negotiations stand

The CLARITY Act has stalled ahead of a Sept. 15 procedural vote requiring 60 senators, as Senate Banking Committee Chairman Tim Scott accused Elizabeth Warren’s team of trying to drive crypto activity from the United States.

SALT Conference footage from the Wyoming Blockchain Symposium showed Scott blaming Warren and her allies for holding up the Digital Asset Market Clarity Act during his Aug. 18 appearance.

“Elizabeth Warren’s team wants to run Bitcoin and crypto out of the country,” Scott said.

Addressing the remaining negotiations, the South Carolina Republican also accused Democrats of repeatedly moving the “goalposts” for political reasons. Scott argued that the bill would not advance unless Republican lawmakers applied direct pressure and forced a Senate vote.

His remarks place Warren, the Banking Committee’s ranking Democrat, at the center of the dispute over the most extensive digital asset market structure proposal considered by Congress. Warren and other Democrats have sought stronger investor safeguards, financial-crime controls and restrictions covering crypto businesses tied to elected officials.

Scott’s criticism came one day before Democratic Sen. Ruben Gallego warned that taking the bill to the floor too quickly could damage bipartisan negotiations. Gallego, one of two Democrats who supported the Banking Committee’s version, said lawmakers still needed to resolve several parts of the proposal before a vote.

CLARITY Act faces a 60-vote Senate test

Senate Majority Leader John Thune filed cloture on the motion to proceed to H.R. 3633 before the Senate began its August recess, according to the Senate Daily Press.

The cloture motion will ripen at 2:15 p.m. on Sept. 15, one day after senators return to regular business. Approval would allow the chamber to begin formally considering the legislation, but it would not constitute final passage.

Senators could still debate the proposal, offer amendments, and vote on the resulting text. Any Senate version that differs from the measure approved by the House would also require further action from the lower chamber before reaching President Donald Trump.

Supporters need at least 60 votes to overcome the Senate’s cloture threshold. Republicans cannot reach that number alone, leaving Scott dependent on Democrats and independents even as he criticizes Warren’s role in the negotiations.

The House passed its version in July 2025 by 294 votes to 134, with 78 Democrats joining Republicans. In May, the Senate Banking Committee advanced its section of the legislation by 15 votes to nine.

Democratic Sens. Gallego and Angela Alsobrooks supported the committee measure. Their votes gave Scott a bipartisan result but fell well short of the Democratic support needed on the Senate floor.

The Sept. 15 proceeding would therefore measure whether negotiators have secured enough support to open debate. As crypto.news previously reported, Solana Policy Institute CEO Miller Whitehouse-Levine placed the bill’s chance of passing before the November midterms at 10%, while prediction markets remained somewhat more optimistic.

Polymarket traders assigned about a 20% probability to the bill becoming law during 2026 as of Aug. 19. Whitehouse-Levine’s estimate covered passage before the midterms, while the Polymarket contract allows lawmakers until Dec. 31.

What the CLARITY Act would change

H.R. 3633 would divide authority over digital assets between the Securities and Exchange Commission and the Commodity Futures Trading Commission.

Under the proposal, the CFTC would receive primary authority over spot markets for qualifying digital commodities. The SEC would continue regulating securities and certain investment contracts, while both agencies would receive responsibilities tied to registration, disclosure, and market conduct.

Crypto exchanges, brokers, and dealers covered by the legislation would have to register under new federal rules. The bill also contains provisions addressing customer asset protection, anti-money laundering requirements, and disclosures for digital asset businesses.

Developers of certain non-custodial software could receive protection from being treated as money transmitters solely because they publish or maintain software. Law enforcement groups previously objected to parts of the language, arguing that it could limit investigations involving decentralized finance.

Several organizations later changed their positions after lawmakers revised the relevant provisions. The National Fraternal Order of Police, which represents more than 382,000 members, endorsed the updated language in July after concluding that it preserved authorities used in digital asset investigations.

A separate coalition of police chiefs also backed the revised proposal, while other prosecutors and enforcement organizations continued seeking changes. The disagreement has made the developer provisions one of several issues that senators must manage before securing enough floor votes.

Lawmakers released a 616-page merged draft in late July, combining work completed by the Banking and Agriculture committees. Each committee oversees different parts of the proposed regulatory structure because the SEC falls under Banking jurisdiction and the CFTC falls under Agriculture jurisdiction.

Ethics and stablecoin rewards divide negotiators

Restrictions involving elected officials and their crypto interests remain among the hardest issues for senators to settle.

Democrats have sought rules addressing digital asset ventures connected to the president, senior officials, and their families. Their concerns include Trump-linked crypto businesses and whether a sitting president should be allowed to issue, promote, or profit from digital assets while influencing federal policy.

Republican Sen. Thom Tillis has worked on a bipartisan ethics proposal intended to address some of the objections. Industry executives have also pointed to negotiations with the White House as a possible route to an agreement, but lawmakers had not released a final compromise as of Aug. 20.

Stablecoin rewards have created another divide. Banks have pushed for restrictions preventing crypto platforms from paying yield or rewards on payment stablecoins, warning that such products could draw deposits away from regulated financial institutions.

Crypto companies argue that a sweeping restriction could limit competition and extend beyond the rules Congress adopted for stablecoin issuers. Negotiators have not publicly confirmed final language that satisfies both groups.

Financial-crime controls and the treatment of decentralized protocols also remain under discussion. Warren and aligned Democrats have pressed for stronger measures covering illicit finance and national security, while crypto advocates have warned against applying obligations designed for financial intermediaries to software developers who do not control customer funds.

A July report on the Senate’s delayed vote found that disputes over ethics, DeFi protections and stablecoin rewards persisted even after major law enforcement groups supported revised provisions.

Scott’s criticism meets Democratic resistance

Scott presented the dispute in Wyoming as a choice between passing federal rules and allowing crypto businesses to leave the country. His accusation against Warren’s team went further than earlier Republican appeals for bipartisan cooperation.

Warren has argued that digital asset legislation must contain sufficient consumer protections and prevent public officials from using their positions for personal financial gain. Democrats aligned with her have also questioned whether the current enforcement provisions would adequately cover money laundering and national security risks.

Not every Democrat opposing an immediate vote has rejected market structure legislation. Gallego said on Aug. 19 that rushing the process could weaken the chance of reaching a bipartisan deal, according to a recent report.

Gallego also said the White House had not supplied detailed feedback on bipartisan ethics language sent by Senate negotiators. Along with the ethics dispute, he identified stablecoin rewards and unresolved Agriculture Committee provisions as matters requiring further work before the legislation advances.

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