Bitcoin miners are undergoing a transformation that could redefine the sector. Companies may shift from cryptocurrency mining to high-performance computing infrastructure. Mining revenue is projected to plummet from around 85% of total revenue in early 2025 to less than 20% by the end of 2026 for companies that have secured AI contracts, according to CoinShares’ 2026 outlook.
The shift represents a move away from volatile, low-margin mining operations toward stable, high-margin data center contracts with major technology companies. Companies that have pivoted can generate 80% to 90% operating margins from these AI deals. The report compares this to the thin margins typically associated with Bitcoin mining operations.
By October 2025, bitcoin miners had announced $65 billion worth of contracts with major technology companies and cloud service providers, according to CoinShares. The AI contracts generate three times the revenue on a per-megawatt basis compared to traditional mining operations.
Six publicly traded mining companies have announced high-performance computing contracts so far: Core Scientific (CORZ), Cipher Mining (CIFR), TeraWulf (WULF), Applied Digital (APLD), Galaxy Digital (GLXY), Iris Energy (IREN), and Bit Digital (BTBT), according to the report.
AI Infrastructure Takes Priority
Despite the pivot to AI, publicly traded mining companies still grew their Bitcoin mining operations during 2025. Listed miners collectively added more mining computing power in the first nine months of 2025 than they did in the same period of 2024, according to CoinShares. Equipment orders placed in 2024 and delivered this year drove much of this growth.
The CoinShares Bitcoin Mining ETF (WGMI) provides exposure to this evolving sector. The actively managed fund invests at least 80% of its net assets in companies that derive at least 50% of their revenue from Bitcoin mining operations or from providing chips, hardware, software or services to mining companies.
WGMI charges an expense ratio of 0.75% and has returned 72.05% over the past year. The fund holds $301.9 million in assets under management and launched in February 2022.
For more news, information, and strategy, visit the CoinShares Crypto ETF Hub.