Over the past 6 months, 15 public Bitcoin miners and AI infrastructure operators invested $30.7 billion in equipment — 42.6 % more than in the entire year of 2025 (21.53 billion). This estimate was provided by BlocksBridge Consulting. CoreWeave and Nebius accounted for almost three‑quarters of the amount. The first company spent $14.12 billion on property and equipment, including capitalized internal software. The second company invested $8.13 billion in equipment, intangible assets, and the expansion of data centers for AI over the six‑month period.

Among miners, the largest capital expenditures were recorded by: TeraWulf – $1.61 billion, Applied Digital – $1.58 billion, Core Scientific – $1.18 billion, and Cipher – $911.5 million. In the second quarter, 9 miners increased their revenue from HPC, AI cloud, and colocation by 52% – to $205.8 million, compared to $135.4 million in the previous quarter. The sample included, among others, Core Scientific, TeraWulf, Bitdeer, and IREN..

Over the six‑month period, 9 companies generated $341.2 million in revenue from HPC and AI, while spending $5.11 billion on capital expenditures — the gap was approximately 15 times. Core Scientific was the main driver of quarterly growth: revenue from colocation increased from $77.5 million to $136.7 million. TeraWulf’s revenue from HPC leasing increased from $21 million to $31.9 million; Bitdeer’s AI cloud segment grew from $3.7 million to $14 million.

BlocksBridge emphasized that such ratios cannot be used to directly judge payback — capital expenditures create assets for years to come, while revenue appears after the capacity is commissioned and leased out. At the same time, the authors see the key risk of miners switching to AI in the fact that the costs arise immediately and are largely irreversible, while monetization is constrained by construction timelines, network connectivity, and demand. Let us recall that over the past 9 months, the realized hashrate of the group of public Bitcoin miners, excluding Bitdeer, has fallen by 21.2%.