CoinShares: Miners Won't Return from AI Even as BTC Recovers

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On September 15, CoinShares published its second-quarter 2026 Bitcoin mining report, expressing the view that even if the Bitcoin price recovers, the shift of listed miners toward AI infrastructure will not reverse. According to the report, in the second quarter the listed mining sector as a whole fell below its cash-based break-even point, with the average cash production cost per BTC at about 75,500 dollars, while BTC had fallen to 58,400 dollars by the end of the quarter. By the firm's estimates, AI brings these companies about 1.5 million dollars in annual profit per megawatt, while mining yields only about 500,000 dollars. Author Luke Nolan cited examples including Core Scientific paying 41.9 million dollars to cancel contracts for next-generation mining rigs. New data center construction itself has also become more difficult, with at least 225 construction halts or regulatory interventions seen across 30 U.S. states. Although BTC has recovered to around 77,000 dollars and many miners are once again above break-even, the firm believes it is unlikely that miners who have committed power and infrastructure to AI through long-term leases and the like will return to mining.

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