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According to CoinShares’ Bitcoin Mining Report | Q2 2026, publicly listed Bitcoin miners continued to redirect power and data center resources toward AI and high-performance computing (HPC). The report estimates annualized profit at approximately $1.5 million per MW for AI computing, compared with about $500,000 per MW for Bitcoin mining. Companies with contracted AI/HPC capacity trade at an average enterprise value to next-twelve-month sales (EV/NTM Sales) multiple of 12.9x, versus 3.7x for miners without such contracts. The shift is already reflected in operating results: IREN’s AI Cloud revenue exceeded its mining revenue for the first time; HPC lease revenue accounted for 71% of TeraWulf’s total revenue; and Core Scientific paid $41.9 million to cancel orders for approximately 15 EH/s of next-generation Proto mining hardware.
CoinShares reported that publicly listed Bitcoin miners’ weighted-average pre-tax cash mining cost was approximately $75,500 per BTC in the second quarter of 2026, above Bitcoin’s quarter-end price of roughly $58,400. The hash price also fell to a record low of $27.7 per PH/s per day in June. The industry is accelerating its shift toward AI/HPC data centers, with some miners canceling hardware orders, scaling back operations, or exiting Bitcoin mining altogether. CoinShares believes miners’ valuations will increasingly depend on the value of their power resources and data center infrastructure, rather than hashrate alone.
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CryptoQuant data shows that shares of Bitcoin miners pursuing AI businesses have risen 21% year to date, while those of miners without AI businesses have fallen 8%, reflecting a growing divergence in their stock performance. Meanwhile, Core Scientific sold approximately 3,136 BTC worth about $271 million year to date, reducing its Bitcoin reserves by more than 90%. MARA disclosed that it sold 23,093 BTC worth approximately $1.63 billion in the first half of the year. In addition, Bitcoin’s network-wide realized hashrate fell 18.3%, from a peak of approximately 1,101 EH/s in November 2025 to 899 EH/s in early August 2026, before recovering to around 934 EH/s. CryptoQuant believes some miners are redirecting capital and infrastructure toward AI and high-performance computing businesses.
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JPMorgan analysts said Bitcoin briefly rose above their estimated production cost of approximately $85,000 this week, after trading below that level for 280 consecutive days. If the price remains above production cost, pressure on miners’ profitability could ease, reducing the risk of forced BTC sales. The analysts said production cost has historically served as a “soft floor” for Bitcoin’s price. A prolonged period below that level could force higher-cost miners to sell more BTC, shut down mining equipment, or exit the market.
Meanwhile, mining companies are redirecting some of their operations, power, and data center resources toward AI computing. Bitcoin’s network-wide hashrate has fallen approximately 19% from its high last October, while mining difficulty has declined about 15%. JPMorgan believes this trend could help curb excessive hashrate growth and slow the rise in Bitcoin production costs, excluding the impact of halvings.
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According to Bloomberg, El Nino has reduced water inflows to Ethiopia’s hydropower plants, prompting the country to cut electricity supply to Bitcoin miners by approximately 75%. Bitcoin miners previously accounted for about 35% of Ethiopian Electric Power’s revenue in the last fiscal year and consumed nearly one-third of the country’s roughly 9,730 MW of total power generation.
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According to Euronews, Kazakhstan is seeking to have crypto miners generate electricity from excess associated gas at oil fields to power their mining facilities. The plan aims to reduce gas flaring, ease pressure on the power grid, and attract miners back to the country. Miners would fund the necessary infrastructure, while oil fields could earn revenue by selling gas that would otherwise be flared. The arrangement could also ease constraints on increasing oil production caused by the need to dispose of associated gas. Kazakhstan’s Energy Ministry said associated gas is currently flared at approximately 40 to 60 oil fields. The ministry and the Ministry of Artificial Intelligence and Digital Development are jointly developing a legal framework for the plan.
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According to Swedish public broadcaster SVT, the Swedish Tax Agency (Skatteverket) has decided to seek nearly SEK 540 million (approximately $58 million) in back taxes from six crypto companies operating in Boden. The agency said some of the companies under investigation obtained tax benefits they were not entitled to by describing their crypto mining operations as other types of business.
Between 2024 and 2026, nine crypto companies in Sweden were assessed additional taxes totaling more than SEK 500 million. Several companies have appealed the tax decisions. Bikupan Datacenter, a HIVE Digital subsidiary, entered restructuring proceedings because it could not repay the related debt and has taken the dispute to Sweden’s Supreme Administrative Court. HIVE disputes the agency’s findings, saying the company sold computing capacity and that the actual crypto mining was carried out by independent external mining pools.
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According to CoinPost, the U.S. House Ways and Means Committee plans to consider two cryptocurrency tax bills on September 16. The Mining and Staking Tax Clarity Act, introduced by Rep. Mike Carey, would allow miners and stakers to defer tax on newly created tokens until they sell or otherwise dispose of them. The proceeds would still be taxed as ordinary income. However, Republican lawmakers are reportedly considering removing the deferral provision, while another proposal would limit the deferral to five years.
The Applying Existing Tax Anti-Abuse Rules to Digital Assets Act, introduced by Rep. Jodey Arrington, would extend the wash-sale rule and the constructive-sale anti-avoidance rule that apply to stocks to digital assets. Digital assets received through mining, staking, or other transaction validation activities, as well as U.S. dollar stablecoins that meet regulatory requirements, would be exempt. If approved by the committee, both bills would advance to the full House for consideration.
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Bitdeer reported its August 2026 operating results. AI Cloud annual recurring revenue (ARR) was approximately $86 million. The company had deployed 4,328 GPUs at a 92% utilization rate, with 3,998 subscribed by external customers. Its 9.5 MW A102 project in Malaysia has contracted 100% of its GPU capacity, with long-term contracts representing more than $800 million in expected revenue. Bitdeer also signed a 10-year data center services agreement for the A202 project at its Johor campus, adding 65.1 MW of capacity and bringing the campus’s total AI Cloud capacity to 86.8 MW. In addition, it signed a non-binding letter of intent with Bhutan’s Gelephu Mindfulness City to develop an AI data center with an initial capacity of 30 MW, potentially expanding to 500 MW.
In Bitcoin mining, Bitdeer produced 1,310 BTC in August, up 249% year over year. Its self-mining hashrate rose to 79.9 EH/s, while its joint-mining hashrate stood at 21.6 EH/s.
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Bitcoin miner CleanSpark (Nasdaq: CLSK) reported unaudited operating results for the period ended August 31, 2026. The company mined 593 BTC in August and 4,903 BTC year to date. Its operating hashrate reached 50 EH/s, the peak efficiency of its deployed mining fleet was 16.07 J/TH, and its total contracted power capacity stood at 1.8 GW, of which 808 MW was in use.
CleanSpark held a total of 13,703 BTC in its treasury at the end of August. During the month, it sold 821 BTC through spot transactions, call option exercises, and delta-neutral basis trades, at an average realized price of $65,420. The company is also accelerating development of its high-performance computing data center campus in Sandersville, Georgia. The campus has signed a 20-year lease agreement worth $6.6 billion with a highly rated technology tenant.
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According to a filing by MARA, the company amended its agreement to acquire a data center campus in Texas and paid a $100 million deposit to a utility company for a proposed 2,000 MW of power capacity at the site. Under the amended agreement, certain payments are tied to milestones including project reviews, interconnection studies, and power supply approvals. The total purchase price remains $600 million if all agreed conditions are met. MARA plans to use the campus for Bitcoin mining or high-performance computing, but the amount of power ultimately available and the project’s development remain subject to further approvals and progress.
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According to a HIVE announcement, the company plans to gradually wind down Bitcoin mining at its facilities in Sweden while evaluating whether to repurpose the infrastructure for high-performance computing and AI operations. HIVE said its Swedish mining operations contributed less than 5% of its daily global revenue in August. The company also disclosed that its global operations have produced an average of approximately 12 BTC per day since August 21. The proposed change applies to the Swedish facilities; the announcement did not indicate that HIVE would stop mining Bitcoin in other regions. The shutdown and potential repurposing of the Swedish facilities remain plans at this stage.
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According to The Energy Mag, Bitdeer (Nasdaq: BTDR) acquired approximately 200 acres of land in Milam County, Texas, for about $100 million in cash. The site is adjacent to its existing Rockdale facility and is intended for an AI and high-performance computing (HPC) data center, while the company will retain its existing Bitcoin mining operations.
Following the acquisition, Bitdeer holds approximately 255 acres in Milam County. Its existing grid-connected power capacity is about 563 MW, and its planned total capacity will increase to 742 MW. Including this project, Bitdeer’s global pipeline of operating and developing power capacity stands at approximately 3.0 GW.
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According to TheEnergyMag, Cango (NYSE: CANG) reported unaudited results for the second quarter of 2026. Revenue was $50.8 million, down approximately 50% quarter over quarter. Its net loss from continuing operations narrowed to $81.6 million from $261.1 million in the first quarter. Results included a $42.9 million impairment charge on mining machines and an $8.5 million loss on equipment disposals. The adjusted EBITDA loss narrowed to $10.7 million.
Cango ended the quarter with an operating hashrate of 27.58 EH/s, comprising 19.84 EH/s of self-mining capacity and 7.74 EH/s of leased hashrate. It mined 656 BTC during the quarter, while its average cash cost per BTC fell to $73,313. The company held 1,056 BTC as of the end of June.
On AI infrastructure, Cango completed the conversion of its 3 MW site in Georgia in early July. It plans to offer bare-metal GPU hosting and data center colocation services, with initial revenue expected to be recognized in the third quarter. The company has also deployed test nodes in Texas and on the U.S. West Coast.
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Bitcoin mining equipment manufacturer Canaan reported total revenue of $31.9 million for the second quarter of 2026, down from $62.7 million in the first quarter, and a net loss of $97.6 million. Self-mining revenue was $17.7 million for the quarter, during which the company mined 243 BTC. As of June 30, Canaan held 1,915.5 BTC, a record quarter-end balance.
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According to BitFuFu’s operating data, the company mined 174 BTC in August, up approximately 55.4% from 112 BTC in July. Of the August total, 88 BTC came from self-mining and 86 BTC from its cloud mining business. By the end of August, total hashrate under management had risen to 20.6 EH/s from 14.2 EH/s a month earlier, including 3.8 EH/s of self-owned hashrate. Power capacity under management increased from 255 MW to 344 MW, while the mining fleet’s average efficiency improved from 18.0 J/TH to 16.7 J/TH. BitFuFu said the hashrate increase was mainly driven by the gradual deployment of additional capacity it had previously secured.
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Canaan said it mined 44 BTC in August and sold all 3,952 ETH and 54 BTC it held at the end of the month at average prices of approximately $2,400 and $79,000, respectively. The sales generated about $13.9 million in cash, of which approximately $5.4 million was used to repurchase 13.6 million American depositary shares (ADSs). As of the end of August, the company still held 1,868 BTC and said it would continue to maintain a strategic digital asset reserve.
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U.S.-listed green data center developer and operator Soluna Holdings and Bitcoin miner Bitdeer amended their existing agreement, increasing Bitdeer’s planned Bitcoin mining deployment at Project Kati 1, a wind-powered data center in Texas, from approximately 28 MW to approximately 35 MW. Under the prior agreement, Soluna provides the site, power, and operational services, while Bitdeer supplies and owns the mining equipment. The two companies share the mining revenue.
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According to TheEnergyMag, Zcash miner Fortitude Mining said its parent company, Digital Currency Group (DCG), increased its existing credit facility from $26 million to $50 million, adding a $24 million commitment. Including the remaining availability under the original facility, Fortitude currently has approximately $31 million available to borrow and expects the full amount to be advanced in ZEC. Fortitude may sell the ZEC it receives on the market and use the proceeds to pay for 9,000 Zcash ASIC miners and fund capital expenditures, including the construction and acquisition of data centers and power infrastructure.
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A Grayscale research report said strong token price performance has made Zcash mining highly profitable, encouraging more mining activity and strengthening network security. Grayscale estimates that daily mining rewards per Zcash mining machine are approximately twice those of a Bitcoin mining machine, while rewards per megawatt-hour are about four times as high. The machines used to mine the two cryptocurrencies are not interchangeable. Other sources also indicate that Zcash mining currently generates more revenue per megawatt-hour than some AI and high-performance computing cloud services.
Measured by standardized hashrate, total Zcash mining activity has risen more than 2.5-fold this year. This could create a virtuous cycle in which a higher token price drives mining activity, strengthens network security, and potentially supports the price.
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According to The Miner Mag, Fortitude Mining, Digital Currency Group’s (DCG) Zcash mining subsidiary, appointed former Hut 8 CEO Jaime Leverton as its new CEO as it seeks to advance its planned public listing through a reverse merger with Nasdaq-listed medical technology company HeartSciences. Leverton is set to take office on September 21 and lead the publicly listed company after the merger is completed. Current CEO Andrea Childs will become COO.
The all-stock transaction was announced in June. The combined company plans to adopt the Fortitude name and trade on Nasdaq under the ticker TUDE, with DCG expected to own approximately 95% of its shares. Fortitude was spun out of Foundry’s self-mining division in January 2025 and mined a total of 72,696 ZEC in the first half of 2026.
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TheEnergyMag noted that as some Bitcoin miners repurpose their infrastructure for HPC hosting and AI cloud services, publicly listed miners have cut their active Bitcoin hashrate by approximately 23%. Among companies actively shifting their businesses, HPC hosting and AI cloud revenue has surpassed mining revenue. However, cumulative spending on these conversions is still about 15 times the revenue generated so far. Meanwhile, Bitcoin’s price rise in late August and a decline in competing network hashrate eased profitability pressure on miners using efficient machines.
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According to Digital Asset, Bitcoin’s seven-day average hashrate stood at approximately 915.8 million TH/s as of September 26, down about 34.86 million TH/s from a week earlier and at its lowest level in roughly three weeks, since September 3. Over the same period, CryptoQuant data showed that miners held approximately 1.1928 million BTC, a decline of 1,530 BTC over the week.
Bitcoin’s Puell Multiple stood at 1.13, up 0.24 from a week earlier. The metric measures miners’ revenue relative to historical levels by comparing the daily value of newly issued BTC with its 365-day moving average. The figures cover September 20 through September 26.
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According to a Canaan announcement, its Avalon A1566HA hydro-cooled Bitcoin miners have been deployed in a district heating project of approximately 8 MW in Northern Europe. The miners produce hot water at around 80°C during operation, and the heat is delivered to an existing heating network. Canaan said that, as of September, the project had supplied heat to approximately 2,800 households. The company said a local heating service provider selected the mining equipment to replace its previous heating solution.
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U.S.-listed data center company Hyperscale Data (GPUS) announced plans to establish a new subsidiary, Patriot BTC, and transfer its Montana data center, Bitcoin miners, and related mining infrastructure to the new entity. This would allow its Bitcoin mining business to operate separately from its Michigan AI data center project.
Hyperscale Data said management is evaluating whether Patriot BTC could become a publicly traded company through a spin-off or another transaction. The new subsidiary has not yet been formally established, and no specific transaction structure has been approved.
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According to a Hyperscale Data announcement, the company shut down all Bitcoin miners at its Dowagiac, Michigan, facility on September 1 to free up power, space, and staff for the deployment of AI data center infrastructure for a customer. The change is related to an AI data center services agreement the company signed earlier. The mining shutdown applies only to the Michigan facility and does not mean Hyperscale Data has exited Bitcoin mining entirely. Media reports indicate that the company continues to mine Bitcoin in Montana.
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PowerCompute announced that its subsidiary fully repaid and terminated its Bitcoin-backed credit facility with Arch Lending on September 24, settling approximately $22.45 million in debt and recovering about 39.6 BTC pledged as collateral. The company said none of its Bitcoin is now pledged. Its secured debt has fallen by approximately 94%, from about $19.4 million at the end of June to around $1.25 million.
PowerCompute also plans to expand its mining facility in Mississippi and upgrade its mining equipment in Oklahoma. It expects these changes to increase its active mining hashrate by approximately 25% to 964 PH/s.
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According to an incident report published by Classix, Ethereum Classic recently experienced a social engineering incident involving the Core-Geth client. An ethereumclassic/core-geth v1.13.0 release that had not been reviewed by the existing maintainers was published on September 14. It was promoted as a “security update” through @ETC_Network, CoinMarketCap community posts, and email, encouraging node operators to switch to it.
The report said a small number of mining pool nodes briefly switched to that version but have since returned to the long-maintained etclabscore/core-geth v1.12.23. The incident caused no lost blocks, chain reorganizations, loss of funds, or service disruptions. Classix warned that the unreviewed release changed critical logic governing chain selection and peer discovery, creating a potential risk of a network split.
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According to Protos, Coinmint shareholder Mintvest Capital alleged in an amended complaint that Coinmint CEO Ashton Soniat misrepresented when mining machines began operating and transferred 448.7193 BTC produced by the facility during a purported “testing period” to a personal wallet. The complaint also alleges securities fraud and violations of the Racketeer Influenced and Corrupt Organizations Act (RICO). Mintvest claims Coinmint generated more than $570 million in cumulative profits. Citing its 18.2% ownership stake, it seeks at least $104 million in undistributed profits and $47.1 million in damages for the BTC it alleges was misappropriated.
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According to Reuters, Mexican authorities discovered a concealed cryptocurrency mining facility in the mountains of Tlaola, northern Puebla, suspected of being used for illicit money laundering. Law enforcement seized 300 GPU mining machines, 80 medium-voltage electrical terminals, and eight satellite antenna systems. Authorities are investigating whether the facility stole electricity directly from a nearby hydroelectric plant to power its mining operations. It is the fourth such clandestine mining facility found in the area since early last year.
Blockchain intelligence firm Chainalysis said major Latin American drug trafficking groups are increasingly expanding beyond traditional smuggling into financial crime and on-chain assets. According to Chainalysis, they use stolen electricity within areas under their control to mine cryptocurrency at almost no power cost, generating high margins while laundering and transferring illicit funds.
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According to CriptoNoticias, Paraguayan authorities recently raided two cryptocurrency mining facilities in the Alto Parana department, seizing a total of 35 mining machines. At one facility raided on September 17, operators were drawing electricity illegally through an unmetered connection. Authorities seized 10 ASIC miners, and the associated charges and fines totaled approximately $30,000. A separate operation on September 12 resulted in the seizure of 25 mining machines.
Paraguay’s Chamber of Deputies has passed a resolution requesting that the national electricity utility submit a report on the cryptocurrency mining industry’s electricity consumption, power rates, and regulatory oversight.
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According to The Star, police in Perak, Malaysia, discovered a site in Seri Iskandar suspected of using an illegal electricity connection to mine Bitcoin and detained two local men to assist with the investigation. In a joint operation with national power utility Tenaga Nasional Berhad (TNB), police seized 30 Bitcoin mining machines, a router, a network switch, and a roll of electrical cable.
The case is being investigated under Section 427 of the Penal Code and Section 37(1) of the Electricity Supply Act 1990. Police said cryptocurrency mining involving electricity theft is suspected of violating the law and could cause substantial losses for the power supplier and increase the risk of fire.
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According to Bitcoin com, a solo Bitcoin miner using Braiins Solo successfully mined block 966,351 and received the full block subsidy and transaction fees, totaling 3.147 BTC worth approximately $244,900. This was the first block mined by a solo miner on the Bitcoin network in nearly 40 days. The previous instance occurred on August 2, when a Solo CKPool miner earned 3.1569 BTC.
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