Bitcoin mining companies are moving to Wall Street as AI drives the reshaping of the industry.

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The largest Bitcoin mining companies in the world are changing their business models. From solely focusing on “mining” cryptocurrencies, they are now becoming providers of data infrastructure for artificial intelligence (AI). After the “halving” event in 2024, which halves the mining reward, miners have shifted towards AI – a field that consumes computational power similar to encryption.

More than 11 billion USD has been raised through convertible bonds, instead of issuing shares as before. Names like Marathon Digital and TeraWulf each raised around 1 billion USD. Although total debt has increased to 12.7 billion USD, leading to many risks, the combination of AI, electricity, and cryptocurrency is helping them become a new pillar of digital infrastructure. The race is no longer about “mining coin” but about gaining control over computing power.

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