AI Generates $1.5 Million per MW, Three Times More than Bitcoin Mining

A megawatt dedicated to artificial intelligence generates approximately $1.5 million per year, compared to $500,000 for Bitcoin mining, according to CoinShares' quarterly report. Mining margins are deteriorating, with an average production cost of a Bitcoin at $75,500, while BTC is trading at $58,400, leading to losses for some miners. Core Scientific canceled an order for mining machines worth $41.9 million, while Keel has ceased Bitcoin mining. IREN saw its cloud revenue related to AI reach $70.5 million, surpassing that of mining. The global hash rate has dropped by 27% since October 2025, reaching 850 EH/s. Electrical infrastructure is becoming scarce, with 225 moratoriums on data centers in the United States. Companies transforming their mining sites into AI infrastructure are now more valued, but the transition remains to be realized, with only $1.1 billion in annualized revenue out of $100 billion in announced contracts.

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