Publicly listed Bitcoin miners are expanding into artificial intelligence and high-performance computing as post-halving economics tighten and demand for data-center power rises. CoinShares projects that AI and HPC could account for roughly 70% of listed miners’ revenue by December 2026, compared with around 30% earlier in 2026; newer reporting describes the increase as rising from approximately 30% at the start of 2025. Announced AI and HPC contracts have at times exceeded $70 billion, including TeraWulf’s more than $12.8 billion in contracted HPC revenue and reported significant contracts with Google and FluidStack, Core Scientific’s roughly $10.2 billion, 12-year CoreWeave partnership, IREN’s approximately $9.7 billion, five-year Microsoft GPU cloud contract and Hut 8’s roughly $7 billion, 15-year FluidStack lease backed by Google. The April 2024 halving reduced Bitcoin’s block reward from 6.25 BTC to 3.125 BTC, while the average cash cost of producing one Bitcoin among listed miners reached approximately $80,000 in Q4 2025. Miners are repurposing power capacity, cooling systems and data-center shells for AI workloads, but must manage higher uptime requirements, substantial retrofit costs and competition from Amazon Web Services and Microsoft Azure. Investor focus is shifting from hashrate toward data-center capacity, megawatt power availability, contracted backlog and customer concentration risk. US spot Bitcoin ETFs recorded approximately $1.9 billion in net inflows in the week ended August 22, 2026, while CoinShares rebranded its WGMI ETF as the CoinShares Bitcoin Mining and Digital Power ETF. HIVE Digital Technologies reported $79.1 million in Q1 FY2027 revenue, including $7 million from HPC and AI infrastructure, and projected mining margins of 36% at $60,000 Bitcoin, 45% at $70,000 and 52% at $80,000 using electricity costs of 5 cents per kilowatt-hour.