Major public miners have significantly reduced their total hashrate over the past six months. The network's realized capacity has fallen fifteen percent since the beginning of the year. A review by TheEnergyMag explains the reasons behind this serious drop in capacity. A large share of energy has been redirected toward upgrading artificial intelligence infrastructure. Companies are actively adapting their data centers to meet the demands of neural networks. In the second quarter, revenue from high-performance computing rose notably. The figure increased by fifty-two percent compared to spring.
A number of players have redirected around ten percent of their capacity to AI. Cloud services revenue exceeded mining revenue for the first time. However, such a transition comes at a very high cost for companies today. The publication calculated the total expenses companies have incurred transforming their entire infrastructure. Total spending surpassed thirty billion US dollars over the period. Capital expenditures of six providers were nearly fifteen times higher than revenue. Revenue figures ranged from eighty to three hundred dollars per megawatt. The median value stood at approximately one hundred eighty dollars per megawatt. For AI cloud services, the valuation reached nine hundred forty dollars.
The publication cited calculations for Bitmain equipment as a benchmark. The Antminer S23 generates approximately one hundred seventy-nine dollars. The S21 Pro brings in just over one hundred thirteen dollars. The revenue models in these cases work in entirely different ways. Colocation is typically tied to multi-year contracts with large clients. Bitcoin mining depends directly on the asset's price and difficulty. The authors noted a temporary advantage of Zcash mining over colocation. The Z15 Pro brings in approximately five hundred eighty-five dollars. However, such returns are considerably more volatile than infrastructure contracts.
The largest American company, MARA Holdings, closed the quarter with a loss. The net loss reached six hundred eleven million, compared to a profit in the prior year. The global mining market is currently undergoing a period of deep structural transformation. Infrastructure contracts provide stable income without significant price fluctuations. Miners are forced to seek new revenue streams to keep their businesses viable. Artificial intelligence is creating enormous demand for computing power today. Traditional cryptocurrency mining is gradually giving way to new technological trends. Investors are closely monitoring the financial performance of major public miners. The shift to a new footing requires massive upfront financial investment. Successful companies will be able to claim leading positions in the computing market.