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Bitcoin miners pour billions into AI as capex outpaces revenue 15-to-1
Nine publicly listed bitcoin miners collectively earned $341 million from AI and high-performance computing (HPC) operations in the first half of the year, while spending more than $5 billion on capital assets — a capex-to-revenue ratio of 15-to-1. The figures highlight a massive industry bet on future AI infrastructure profitability. The sector is rapidly repurposing its mining hardware and facilities for AI workloads.
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