By early May 2026, the latest Bitcoin halving has occurred, halving the block subsidy again. Under the reality where computing power and energy consumption are difficult to decrease synchronously, the revenue per unit of computing power for the leading listed mining companies in the United States is passively shrinking, and profitability is generally under pressure. After the halving, miners have to quickly make choices regarding electricity price locking, balance sheets, and business structures. Whether to continue to bet on a single mining model has become a question that must be answered. During this window, Core Scientific announced the acquisition of the mining company Polaris DS LLC in Oklahoma for approximately $421 million, securing about 440 megawatts of electricity contracts and about 40 acres of park assets in one go. It is clear that this portion of energy will be used more for expanding AI and high-performance computing hosting businesses rather than simply expanding Bitcoin mining capacity. On the other hand, CleanSpark produced 640 Bitcoins in April 2026 but sold 748 in the same month, meaning it sold more than it mined that month, reducing its holdings to 13,453 BTC, and publicly emphasized that Bitcoin mining will play a larger role as a "cash machine" in the future to provide funding for expansions related to AI data centers and large-scale computing power customers. One locks in long-term power assets through mergers, while the other actively reduces Bitcoin holdings to convert them into cash. Although the paths seem different, they are both converging towards a consensus on transforming from single mining to comprehensive computing power and AI hosting services. Considering that miners have historically been the main source of new Bitcoin supply as well as important holders, this new model of "shifting computing power to AI, and lightening balance sheets of Bitcoin" raises a core question: How will it reshape the industry landscape for mining companies and change the supply rhythm, market liquidity, and pricing expectations for Bitcoin over the longer term?

Profit Pressure After Halving: Mining Companies No Longer Just Look at Coin Prices

The Bitcoin protocol halves the block subsidy approximately every four years, and the latest halving has been completed before April 2026, resulting in the direct consequence that miners receive half the amount of Bitcoin for every block mined at the same level of computing power and energy consumption. Unit revenue per unit of computing power is passively "halved," while electricity and hardware depreciation remain the two hardest costs on mining companies' balance sheets. Electricity prices do not automatically decrease due to the halving, and machine depreciation will not slow down, significantly compressing the overall profitability of the industry. After the halving, even maintaining original scale operations, many mining farms’ cash flow has shifted from "high sensitivity following coin price fluctuations" to "approaching the breakeven line with slight price corrections," making the purely speculative operational model of hoping for continued Bitcoin price increases ineffective.

In this environment, leading mining companies in the United States are forced to rewrite their business logic: no longer viewing themselves as single mining companies "leveraging high bets on Bitcoin prices," but actively seeking smoother and more predictable cash flow sources through diversified revenue structures to hedge against the uncertainties brought by the halving. Listed mining companies in the United States, like Core Scientific and CleanSpark, are beginning to carve out differentiated paths under such pressure, but their directions both point towards higher value-added services in computing power hosting, AI, and high-performance computing. Accompanying this is a repricing of low-cost energy and land resources—research reports indicate that Oklahoma's low electricity prices and abundant land resources are becoming a new hotspot for accommodating both Bitcoin mining and AI data center needs, providing practical support for mining companies to implement a "mining + AI data center" combination strategy within the same geographic unit.

Core Scientific Acquires Polaris

In the process of repricing Oklahoma as a "computing power asset," Core Scientific chose the merger route. Between early April and May 2026, the company announced its acquisition of the local mining firm Polaris DS LLC for approximately $421 million, with core assets not being the machines or factories, but the approximately 440 megawatts of electricity contract capacity and about 40 acres of park land. This transaction is essentially a "bundle purchase of electricity + land": by taking over existing electricity contracts and park planning rights, Core Scientific has locked in the energy and physical space needed to support ultra-large-scale computing operations at once, reserving enough flexibility for subsequent data center and computing park development.

More crucially, the direction of electricity usage has shifted from "mining a bit more Bitcoin" to "selling a bit more high-value computing power." In the company’s public plans, the newly added 440 megawatts of electricity is viewed as a strategic chip for expanding AI and high-performance computing hosting businesses, rather than simply adding Bitcoin mining capacity. Compared to building parks, which often requires several years for land acquisition, approval, and connection to power, Core Scientific has directly shortened construction time and reduced uncertainties in early capital expenditures by acquiring existing power infrastructure. This has allowed a quicker entry into the higher return computing power hosting track during the window of falling mining revenues post-halving, and is thus seen by industry observers as a typical example of mining companies accelerating their transformation into AI hosting business.

CleanSpark Reduces Bitcoin to Fund AI

Compared to locking in power assets through acquisitions, CleanSpark chose to directly utilize its Bitcoin holdings to create space for transformation. In April 2026, the company mined 640 Bitcoins but sold 748 in the same month, with the sale exceeding production, which means it not only "sells new coins" but also draws on its inventory. After the transaction, by the end of April, its holdings decreased to 13,453 BTC, proactively reducing exposures related to Bitcoin prices on its balance sheet, leaving more abundant cash and potential borrowing space for the next capital expenditure arrangements.

More importantly, the company provided a clear logic for the use of funds: Bitcoin mining will be positioned as a continuous cash flow and financing tool, providing "fuel" for future AI data center construction and expansions aimed at ultra-large-scale computing power customers. This indicates that CleanSpark has shifted from a past bias towards "holding coins to increase balance sheet assets" to prioritizing "selling coins for reinvestable cash flows." In the context of pressure on industry profitability post-halving, this strategy not only altered its own holding curve but also changed market expectations on the roles of miners—transforming miners from long-term net holders to asset managers who actively liquidate and reallocate around AI infrastructure cycles. For the Bitcoin market, if this shift from "holding coins" to "selling coins" continues to spread among leading mining companies, the new output and existing inventory being monetized at a higher ratio will reshape the marginal selling pressure structure and long-term supply expectations on the miner side post-halving.

From Mining to Computing Power Services: Two Companies Diverge Yet Align

In the context of profit compression post-halving, Core Scientific and CleanSpark have taken two seemingly divergent but fundamentally aligned paths. Core Scientific chose to acquire Polaris DS LLC in Oklahoma for approximately $421 million, directly transferring around 440 megawatts of electricity contracts and about 40 acres of park land onto its balance sheet, with a clear goal of expanding into AI and high-performance computing hosting businesses; whereas CleanSpark, while producing 640 Bitcoins in April 2026, sold 748, converting part of its inventory from Bitcoin into cash and cash equivalents, publicly emphasizing that mining will still serve as a source of funding for future expansions of AI data centers and ultra-large-scale computing power customers. One locks in heavy assets like energy and land through mergers, then layers high value-added hosting services on top; while the other reinforces cash flow flexibility by actively reducing Bitcoin holdings, transforming what could have been further "held" Bitcoin into expansion capital. Both paths are betting on the long-term upward demand for AI and high-performance computing.

From a financial structure perspective, these two models contrast in terms of capital occupancy, risk exposure, and sensitivity to Bitcoin prices. Core Scientific makes a significant pre-emptive bet on future computing power demand through high-value acquisitions, leading to an obvious short-term increase in capital occupancy, heavier asset structures, and greater execution risks for shareholders, but creditors and long-term capital gain a clearer story on collateral and cash flows; CleanSpark, on the other hand, balances "financing" and "retaining exposure" by selling more than its monthly Bitcoin production while still retaining 13,453 in holdings: when Bitcoin prices rise, it remains an important holder and supplier; when prices decline, having locked in some cash in advance reduces the passive dependency on prices. At the same time, one hedges against block subsidy reductions with locked-in power and parks, while the other hedges through active management of holdings and cash flows, but they both release the same signal to the market: leading mining companies no longer define themselves solely as "Bitcoin producers," but are transforming into "comprehensive computing service providers," with Bitcoin's weight in their business model gradually shifting from a core revenue source to a financial resource providing funding and options exposure for AI and high-performance computing expansion.

After Reductions and Mergers: Where Does the Miner’s AI Narrative Go?

After the halving, Core Scientific secured about 440 megawatts of power and park resources by acquiring Polaris for approximately $421 million, while CleanSpark, in April 2026, produced 640 but sold 748 Bitcoins, monetizing its inventory. These two paths point in the same direction: leveraging power assets and Bitcoin positions to pave the way for AI and high-performance computing hosting. For the Bitcoin market, this indicates a shift for miners from "incremental output providers" to "cash flow managers," with holdings resembling a financing tool that can be actively adjusted. Mid-term selling pressure will depend more on the capital expenditure rhythm of AI and hosting businesses rather than solely on price fluctuations; simultaneously, in areas like Oklahoma with low electricity prices, if more power is secured for AI and high-performance computing, reallocating computing resources between mining and AI could change future network-wide growth and supply expectations. Currently, there is a lack of public, verified data to quantify the share and growth path of AI hosting business in total revenues of mining companies, leaving long-term performance elasticity highly uncertain. Investors need to focus on three sets of data: first, the Bitcoin inventory and monthly selling proportions of leading miners; second, changes in the revenue proportion from AI and high-performance hosting in financial reports; third, the pace of mergers, electricity contracts, and park expansions in low electricity price regions like Oklahoma. These will collectively determine whether the "miner-centric AI narrative" is a source of valuation premium or a risk amplifier in a new cycle of capital expenditures.

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