Public Bitcoin miners cut about 75 exahashes per second of active mining power during the first half of 2026 as operators redirected electricity toward artificial intelligence infrastructure. Miner Weekly estimated the displaced capacity represented roughly USD 1.5 billion in mining equipment, using an assumed purchase price of USD 20 per terahash per second.
The figure measures equivalent hardware investment rather than a confirmed cash loss. Separately, TheEnergyMag identified about USD 1.1 billion in asset impairments and markdowns across 12 companies during the same period.
Miner Weekly reported that public miners reduced their Bitcoin mining output while directly reported revenue from high-performance computing and AI rose 52% from the previous quarter. Much of the reduction followed decisions to allocate power to AI operations.
The USD 1.5 billion estimate covers mining machines alone. It excludes buildings, electrical systems, cooling equipment and installation costs. It also does not measure how much companies received from selling equipment or moving machines to other sites.
The report described the valuation as “equivalent hardware investment,” distinguishing the estimated purchase cost of displaced machines from accounting charges recorded in company filings.
The reductions followed a recent spending cycle. A March 2025 Miner Weekly review reported almost USD 5 billion in equipment and infrastructure spending across the preceding reporting period. Companies that disclosed mining equipment purchases separately spent more than USD 3 billion on machines during 2024.
Operators added capacity and bought more efficient equipment during that expansion. Bitcoin's total network computing power subsequently reached the zetahash range in 2025, according to the report.
IREN and Core Scientific represented almost 89% of the USD 1.1 billion in accounting charges identified by TheEnergyMag. The review included asset impairments and reductions in the recorded value of assets designated for sale.
IREN recorded approximately USD 695 million in related charges between January and June 2026. The company had reached 50 exahashes per second of mining capacity in June 2025. A large portion of its subsequent charges involved mining assets displaced by AI conversions.
Core Scientific, meanwhile, attributed its main mining impairment to weaker mining economics. The review also covered other asset categories, so the full USD 1.1 billion cannot be classified as equipment losses caused by AI conversions.
Cipher's Black Pearl site provides an earlier example. The facility began mining in mid-2025. Following an agreement to convert it for computing services, Cipher recorded a USD 96.1 million markdown on its mining machines by the end of that year.
Black Pearl's machines generated USD 57.9 million in revenue during 2025. Its markdown fell outside the first-half 2026 total and the comparison does not establish the site's lifetime profit or loss.
Accounting markdowns do not require a cash payment when companies record them. Construction spending and interest payments, however, continue while operators prepare facilities for their replacement businesses.
TeraWulf generated about USD 53 million in computing lease revenue during the first half of 2026, according to TheEnergyMag. During the same period, the company paid USD 131 million in cash interest across its operations.
The figures cover different parts of TeraWulf's finances. Computing lease revenue represents one income stream, while the interest figure covers the company as a whole. Cash reserves and other income also supported its obligations during the reporting period.
ALSO READ: Crypto News Today: Bitcoin Falls Below USD 85K, NEAR Recovers USD 3.8M, Blast Plans Closure