CoinShares: BTC Price Rebound Unlikely to Reverse, Miners Pivot to AI Trend

According to CoinShares’ Q2 Bitcoin Mining Report, even as Bitcoin prices continue to rebound, publicly listed miners that have already pivoted to AI infrastructure are highly unlikely to return to mining operations. The report indicates that AI infrastructure yields approximately $1.5 million in profit per megawatt, roughly triple that of Bitcoin mining (around $500,000), highlighting a stark economic disparity. Currently, at least 35 EH/s of hash rate (representing about 4.7% of the network’s total 750 EH/s) is slated to exit the publicly listed mining sector, with companies such as Core Scientific, IREN, Cipher Digital, and TeraWulf having sequentially announced either full exits or scaling back of mining operations. Given that some AI hosting agreements extend up to 15 years, this transformation is largely irreversible.