Bitcoin miners reported $5.11 billion in capital expenditures during the first half of 2026 while generating $341.2 million in artificial intelligence and high‑performance computing revenue, according to a BlocksBridge Consulting analysis released August 20. The spending-to-revenue ratio was about 15 to 1 across nine publicly disclosed miners. AI and HPC revenue rose to $205.8 million in Q2, a 52 % increase from the prior quarter, implying roughly $135.4 million in Q1 revenue. Core Scientific reported $136.7 million in Q2 colocation revenue, up from $77.5 million the previous quarter, and disclosed $797.5 million in capital expenditures; it also announced agreements with AMD covering about 530 megawatts of capacity. TeraWulf noted HPC revenue overtook Bitcoin mining revenue in Q1 2026, with HPC leasing representing most of its quarterly revenue. The company’s planned facilities depend on construction milestones, tenant demand and delivery of contracted computing capacity. BlocksBridge examined fifteen miners and AI data‑center firms that collectively spent $30.7 billion on capital assets in their latest 2026 reporting periods, a 42.6 % increase from 2025. The transition remains capital‑intensive, requiring miners to secure creditworthy tenants, meet construction schedules and convert power contracts into recurring revenue.