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By: www.tokenpost.kr|2026/09/06 11:46:57
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<a href="https://xpertsstudio.com/7-satoshi-era-bitcoin-btc-miners-wake-up-after-16-5-years/” title=”7 Satoshi-Era Bitcoin (BTC) Miners Wake Up After 16.5 Years”>Bitcoin (BTC) listed mining companies have reduced their mining computational power in the first half of this year, while revenues from AI and high-performance computing (HPC) have rapidly increased. The market’s focus, which was previously centered on mining profitability, is shifting towards power, land, cooling, and long-term lease contracts.
The Energy Mag reported on the 3rd that the realized hash rate of a sample of listed mining companies decreased to 56 EH/s in the first half of 2026. This represents a 15% reduction based on the sample, which is greater than the overall decrease of 10% in the Bitcoin network during the same period. The directly reported HPC and AI revenues from the same sample increased by 52% compared to the first quarter of 2026.
This figure is not a simple sum of company disclosures but an estimate by The Energy Mag. However, individual disclosures confirm the direction of the transition. IREN announced AI cloud service revenues of $128.8 million (approximately 173.9 billion KRW) and Bitcoin mining revenues of $578.2 million (approximately 780.6 billion KRW) for the 2026 fiscal year. The company stated in a document as of June 30 that it has begun dismantling Bitcoin mining hardware and reallocating power, aiming to complete a significant portion of the transition to AI cloud services by December 31, 2026.
Bitdeer reported that its AI cloud annual recurring revenue (ARR) was approximately $76 million (about 102.6 billion KRW) as of June 2026, with a GPU utilization rate of 95%. It also announced that a lease contract had been signed for the Tydal site in Norway under certain conditions. HIVE also reported that its active and contracted GPU cloud ARR was approximately $110 million (about 148.5 billion KRW), and the HPC and AI ARR pipeline, including a long-term colocation investment intention letter for Big Boden in Sweden, was approximately $155 million (about 209.3 billion KRW).
Core Scientific showed a structure that is more directly close to data center operators. The company reported that its leased customer power capacity increased to approximately 1.1 GW as of the second quarter of 2026, with potential contract revenues exceeding $24 billion (about 32.4 trillion KRW). Second-quarter colocation revenues were $13.667 million (about 1.845 billion KRW), surpassing the digital asset self-mining revenue of $21.54 million (about 291 million KRW).
This change is an extension of the previously confirmed trend of decreasing hash rates among listed mining companies. The key point at that time was the actual reduction in the computational capacity of miners. The current data has made the process of reduced power and equipment shifting towards AI cloud, GPU leasing, and high-density colocation more evident.
Hash rate refers to the computational power used in Bitcoin mining. Miners typically see profitability vary based on Bitcoin prices, mining difficulty, power costs, and equipment efficiency. In contrast, HPC and AI clouds are influenced by power and cooling facilities, GPU operations, and long-term contracts with customers.
The transition of listed mining companies is closer to a change in asset utilization rather than a simple industry change. Even with the same power assets, connecting to ASIC miners generates mining revenue, while connecting to GPUs and long-term lease contracts generates data center revenue. CoinShares mentioned in its first-quarter 2026 report that the expansion of AI and HPC contracts by publicly listed miners could lead to changes in revenue structures.
CoinShares also reported in its first-quarter 2026 report that the cumulative amount of AI and HPC contracts by publicly listed miners exceeded $70 billion (about 94.5 trillion KRW). The report projected that some listed miners could generate up to 70% of their revenues from AI by the end of 2026. This is an estimate based on the report, and actual revenue realization may vary depending on power input, cooling, equipment procurement, and customer contract fulfillment.
The analysis by The Energy Mag also pointed out the same point. Recurring HPC revenues were estimated to be about $86 to $300 per MWh, with a median of about $180. The rental model gathered around $140 to $200/MWh, and the density of AI cloud revenue was higher, including GPU, software, and network operations. However, there are limitations to comparisons due to differences in accounting methods and equipment operation timing among companies.
Industry reactions are mixed with both expectations and caution. Mining companies that accelerate their AI transition are seen as capable of securing recurring revenues and long-term contracts. On the other hand, the transition involves issues such as large capital expenditures, equipment procurement, power licensing, and customer concentration.
The market interpretation suggests that it has become difficult to evaluate mining companies solely based on Bitcoin prices and difficulty. Even if mining revenues decrease, colocation and AI cloud revenues can increase, and if contracts are delayed, the costs of equipment transition may be reflected first, which is considered a variable.
For domestic investors, this change is not just a short-term material for overseas mining stocks. AI data centers are an industry where power, cooling, and GPU supply chains are combined, intersecting with the demand structures of domestic semiconductor, power infrastructure, and cloud companies. However, the figures confirmed in this data are limited to disclosures related to overseas listed mining companies.
IREN’s proposed transition target date is December 31, 2026. After that, changes in the business structure of mining companies will be confirmed through actual AI cloud revenues, colocation contract fulfillment, and the pace of existing mining equipment reduction.
— Price
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