CoinShares: By the end of 2026, up to 70% of revenue for publicly listed mining companies may come from AI business.

TechubNews · 2026-03-28T03:12:51+00:00

CoinShares report shows that the cash cost of Bitcoin production for publicly listed mining companies in Q4 2025 is approximately $79,995. Mining companies have announced over $70 billion in AI and high-performance computing contracts, and by the end of 2026, 70% of their revenue may come from AI business, with Core Scientific and TeraWulf accounting for 39% and 27%, respectively.

TechubNews

2026-03-28 03:12:51

Abstract generation in progress

According to Techub News, as reported by CoinDesk, CoinShares’ mining report for the first quarter of 2026 released this week shows that the weighted average cash cost to produce one Bitcoin for publicly traded mining companies has risen to about $79,995 in the fourth quarter of 2025. The CoinShares report indicates that publicly listed mining companies have collectively announced over $70 billion in artificial intelligence and high-performance computing contracts. Just the expansion agreements between CoreWeave and Core Scientific have a total value of $10.2 billion over 12 years. Additionally, TeraWulf has secured $12.8 billion in high-performance computing (HPC) contract revenue. Hut 8 has signed a 15-year AI infrastructure leasing agreement worth $7 billion at its River Bend facility. Cipher Digital has reached a multi-billion dollar agreement with Fluidstack, backed by Google.

By the end of 2026, up to 70% of the revenue for publicly traded mining companies could come from AI business, while the current proportion is about 30%. Core Scientific’s AI hosting revenue currently accounts for 39% of its total revenue. TeraWulf’s share is 27%. IREN currently stands at 9% and is rapidly expanding, with up to 200 megawatts of liquid-cooled GPU capacity under construction.

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