Public Bitcoin miners are pouring large sums into artificial intelligence and high-performance computing (HPC) infrastructure as part of a broader push to diversify beyond pure mining revenue. But new data compiled by BlocksBridge Consulting suggests the transition is still dominated by upfront capital spending, with returns lagging far behind.

In its latest Miner Weekly newsletter, BlocksBridge reports that a group of 15 Bitcoin miners and AI data-center companies spent a combined $30.7 billion on capital assets in their most recent 2026 reporting periods. That figure is 42.6% higher than the $21.53 billion these companies spent over all of 2025. The figures help quantify just how expensive it is to build capacity for AI workloads—often in parallel with continuing mining operations.

Key takeaways

• $30.7B: Total capital asset spending by 15 Bitcoin miners and AI data-center companies in their latest 2026 reporting periods, per BlocksBridge.
• Capex far exceeds AI/HPC revenue: Nine comparable miners spent $5.11B on capex in the first half of 2026 while reporting only $341.2M in directly reported AI/HPC revenue.
• Revenue growth is accelerating: AI/HPC revenue from those nine miners rose to $205.8M in Q2 2026, up 52% quarter-on-quarter.
• Pivot requires more than power and land: BlocksBridge highlights the need for substations, buildings, cooling, networking, and often GPUs.
• Industry funds are reframing the thesis: CoinShares rebranded its strategy ETF to include companies supplying digital power beyond mining alone.

Capex surge highlights the cost of scaling AI-ready capacity

AI and data centers have been widely discussed as diversification paths for Bitcoin mining companies facing a challenging industry backdrop. BlocksBridge’s analysis adds a granular cost lens to that narrative, showing how quickly capital needs expand when miners attempt to convert existing infrastructure advantages into AI-ready computing environments.

According to BlocksBridge, spending was calculated based on cash purchases and allocations to hardware, property, equipment, and other productive assets—after taking into account proceeds and refunds from asset sales. Even with those adjustments, the gap between investment and revenue remains large.

Among Bitcoin miners specifically, the mismatch looks particularly stark. BlocksBridge identifies nine comparable miners that collectively spent $5.11 billion on capital assets during the first half of 2026, generating just $341.2 million in directly reported AI and HPC revenue. That equates to roughly a 15-to-1 capex-to-revenue ratio for the period covered.

Q2 revenue growth suggests demand is building, even if profits lag

While the early spending burden is clear, BlocksBridge also reports signs that AI and HPC revenue is gaining momentum. For the same group of nine miners, total AI and HPC revenue increased to $205.8 million in the second quarter—a 52% quarter-on-quarter rise.

BlocksBridge notes that companies including Core Scientific, TeraWulf, and Bitdeer were among those reporting gains tied to their AI/HPC efforts. The acceleration matters because it indicates the investments are beginning to translate into recognizable business performance, even if the scale of capex still overwhelms what is currently booked as revenue.

For investors and analysts, the immediate implication is that the diversification story is shifting from “planned buildout” to “commercialization,” but with significant timing risk. The cost is already on the balance sheet or cash-flow path; the payoff appears to be arriving later and in uneven increments across companies.

From mining advantage to AI infrastructure: what still must be built

BlocksBridge frames the pivot challenge in practical terms. While miners may have initial advantages—such as access to power contracts and available land—those assets do not automatically become AI-capable capacity. In its reporting, BlocksBridge says that converting such advantages into AI-ready infrastructure typically requires additional components, including substations, buildings, cooling systems, networking equipment, and—depending on the business model—GPUs.

This matters because it clarifies why AI/HPC commercialization can be slower than headline narratives imply. Mining operations can often run with relatively straightforward operational continuity, but AI workloads involve different infrastructure requirements and more intensive engineering to achieve reliability, scalability, and performance.

BlocksBridge also leaves open a key question for the near term: whether any broader improvement in Bitcoin’s price environment will reduce financial pressure on companies still operating large mining fleets. Bitcoin’s price moves can help sentiment and—depending on each firm’s leverage and hedging—may influence how much runway companies have while AI projects ramp.

Earlier this week, Bitcoin rose more than 13% and moved back above $72,000, following a statement by the US Treasury that it would at least double the maximum size of its long-term bond buybacks to $4 billion per operation. That decision was described as aiming to improve liquidity in the Treasury market, initially pushing yields lower and boosting risk appetite.

ETF strategy shifts mirror the broader “digital power” rebrand

In parallel with the infrastructure buildout, parts of the investment industry are adjusting how they package exposure. CoinShares, this week, announced changes to the way its industry-tracking ETF is positioned and branded.

The fund is now called the CoinShares Bitcoin Mining and Digital Power ETF (WGMI). CoinShares reports that the ETF has $222.4 million in assets under management, and that it draws from a broader set of businesses than a pure mining basket. Its “universe includes 29 holdings” spanning bitcoin miners, data center operators, AI semiconductors, power generation, and HPC companies, which CoinShares describes as “the businesses powering the digital economy.” The fund’s details are listed on CoinShares’ site: https://coinshares.com/us/etf/wgmi/.

For market participants, the ETF shift signals that investors are increasingly seeking exposure to the infrastructure layer around compute—not only the economics of mining blocks. Still, BlocksBridge’s capex-to-revenue figures emphasize that this infrastructure layer is currently expensive to build. The critical test will be whether rising AI/HPC revenue can eventually narrow the investment gap as projects move from construction into sustained operating contracts.

Over the next few reporting cycles, readers should focus on whether the revenue ramp continues for individual miners and whether capex intensity begins to cool relative to AI/HPC income. The data already shows acceleration in Q2, but the core uncertainty remains timing: how long it takes for heavy infrastructure spend to convert into durable, scalable returns.

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