According to CoinShares' *Bitcoin Mining Report | Q2 2026*, publicly listed Bitcoin mining companies are continuing to shift their electricity and data center resources toward AI/HPC. The report estimates that annualized profits from AI computing are around $1.5M per MW, compared to Bitcoin mining at approximately $500K/MW. Companies with signed AI/HPC capacity contracts have an average EV/NTM Sales multiple of 12.9x, while those still focused on mining without such contracts average only 3.7x. This transition is already reflected in operational data: IREN's AI Cloud revenue surpassed its mining revenue for the first time, TeraWulf's HPC leasing revenue accounted for 71% of total revenue, and Core Scientific paid $41.9M to cancel orders for approximately 15 EH/s of next-gen Proto mining machines. https://(wublock123.com)/news/coinshares-ai-profit-per-mw-3x-bitcoin-mining-higher-valued-ai-hpc-miners-68447