Debt-Fueled AI Pivot Puts Bitcoin Miners to the Test

The boom in share price for artificial intelligence (AI) and high-performance computing (HPC) companies since September has delivered extraordinary returns for bitcoin miners expanding into those industries, but the growth comes at a cost. Bitcoin (BTC) has risen just 10% this year, and with the bubble popping in corporate bitcoin treasuries in recent months, the narrative has shifted toward miners transforming their business models. Miners have been increasingly active in the debt markets as they seek to ...