Bitcoin price recovery unlikely to lure AI-focused miners back, CoinShares says

CoinShares predicts that the shift of publicly listed Bitcoin miners toward artificial‑intelligence (AI) infrastructure will continue even if Bitcoin prices rise. The firm’s Q2 mining report argues that a Bitcoin price recovery is unlikely to reverse this transition.

Key drivers of the shift

Several miners have already committed resources to AI and high‑performance computing:

• Core Scientific paid nearly $42 million to cancel a contract for 15 EH/s of next‑gen mining hardware.
• Operators have signed AI‑focused leases lasting up to 15 years.
• At least 35 EH/s – about 4.7 % of the network’s 750 EH/s hashrate – is slated to leave the publicly listed mining pool.

Companies exiting Bitcoin mining

• Keel (formerly Bitfarms) stopped mining in June.
• IREN plans to complete its exit by the end of 2026.
• Cipher Digital is likely to leave the sector by the end of 2027.
• TeraWulf is winding down its remaining 145 MW of mining power.

Economic comparison: AI vs. Bitcoin mining

CoinShares estimates current AI profits at roughly $1.5 million per megawatt, compared with about $500,000 per megawatt from Bitcoin mining. A higher Bitcoin price could improve mining profitability, but the firm expects new capacity to be directed toward miners that retain flexibility, such as Riot, Marathon, Hive and Bitdeer.

Cost and revenue metrics

• Average cash cost to produce a Bitcoin in Q2: ~$75,500.
• Bitcoin’s closing price in Q2: ~$58,400.
• Monthly average hash price fell to a low of $27.70 per PH/s per day in June.
• Recovery to ~$77,000 lifted the hash price to around $38 per PH/s per day, moving most operators back above breakeven.

Despite modest improvements, CoinShares expects miners already committed to AI infrastructure to remain on that path.