Publicly traded Bitcoin miners that have shifted toward artificial intelligence infrastructure are unlikely to return to mining even if BTC prices rise further, CoinShares said in a Q2 mining report published Sept. 15. Researcher Luke Nolan said signed contracts have made the transition structurally irreversible for most operators. At least 35 EH/s of computing power is scheduled to leave the publicly listed mining group, representing about 4.7% of Bitcoin's current 750 EH/s network hash rate. The move is driven by economics: CoinShares estimates AI infrastructure generates roughly $1.5 million in profit per megawatt, compared with about $500,000 for Bitcoin mining. Core Scientific paid nearly $42 million to cancel an agreement covering 15 EH/s of next-generation mining hardware, while other companies signed AI and high-performance computing leases lasting 15 years or more. Keel, formerly known as Bitfarms, ended mining in June 2026; IREN plans to complete its exit by the end of 2026; Cipher Digital is expected to leave by the end of 2027; and TeraWulf is winding down its remaining 145 megawatts of mining capacity. CoinShares said higher BTC prices could support expansion among flexible operators such as Riot, MARA, HIVE and Bitdeer, which have avoided long-duration infrastructure commitments. Mining economics were also strained in Q2 2026, when the average cash cost to produce 1 BTC reached approximately $75,500 against a quarter-end Bitcoin price of $58,400. After the quarter, Bitcoin's recovery to approximately $77,000 lifted hash price from its June low of $27.70 to around $38 per petahash per second per day, taking most operators back above cash breakeven. CoinShares said contract duration and scale, rather than short-term BTC performance, remain decisive for miners already committed to AI infrastructure.