Bitcoin miners repriced as AI infrastructure plays, AI-focused stocks up 21% YTD
- —AI-integrated miners are up roughly 21% year-to-date, with RIOT +94% and TeraWulf +73–74%
- —Realized hashrate across public miners fell about 13.4% from Q4 2025 to Q2 2026
- —AI cloud services generate an estimated median $940 per MWh versus $113–179 for Bitcoin mining
- —Announced AI/HPC contracts total $70–100 billion, but only ~550 MW of ~4 GW is billing
Why it matters: Miners are becoming power infrastructure for AI, but a $50 billion funding gap between contracts and revenue risks dilution and debt.
Source: Crypto Briefing