Bitcoin Miners' Q2 Performance Highlights Growth in AI Data Center Revenue

In the Q2 performance of Bitcoin mining companies, the AI and high-performance computing (HPC) data center business has emerged as a new source of revenue. However, the scale of long-term contracts did not immediately translate into quarterly revenue, leading to significant differences in performance among companies. Core Scientific reported total revenue of $164.2 million in Q2, with $136.7 million coming from high-density colocation revenue, accounting for approximately 83% of total revenue. Terawulf's Q2 revenue was $44.73 million, with HPC rental revenue reaching $31.93 million, making up about 71% of the total. Riot Platforms had total revenue of $174.2 million in Q2, with data center revenue at $23.2 million. MARA mined 2,422 BTC in Q2, but revenue fell to $174.9 million, a 27% decrease compared to the previous year. Bitdeer mined 2,694 BTC in Q2, but its cost of revenue exceeded its revenue, resulting in a gross loss of $8.5 million. AI data center contracts are structured as long-term leases, and the speed of revenue recognition may vary depending on project delays and customer compliance.

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