ChainCatcher news, according to the Financial Times, as competition for resources intensifies, U.S. Bitcoin miners are accumulating cryptocurrency funds to help them withstand tightening profit margins. Companies including Mara Holdings, Riot Platforms, and CleanSpark have raised over $3.7 billion from investors since last November, capitalizing on the surge in Bitcoin prices, and then using those funds to purchase Bitcoin. They typically raise funds through zero-interest (or near-zero-interest) convertible bonds.
Core Scientific's Chief Development Officer Russell Cann stated, "Things are not as simple as everyone being happy after the rise in Bitcoin prices. There are still complex challenges regarding profitability and grid access." Miners' plans also include expanding artificial intelligence capabilities, marking a dramatic turnaround in the industry's prospects. The industry has been struggling for the past eight months following the Bitcoin mining reward halving. Cann also noted, "The demand for artificial intelligence in the U.S. will greatly impact the scale of Bitcoin mining." He predicts that in the coming years, most of Bitcoin's computational power will come from outside the United States.
