US-listed Bitcoin mining companies have raised over $3.7 billion since last November to purchase Bitcoin

As competition for resources intensifies, US 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 are using these 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, 'It's not as simple as everyone being happy after the Bitcoin price goes up. There are still complex challenges regarding profitability and grid access.' Miners' plans also include expanding AI capabilities, marking a sharp turnaround in the industry's prospects. The industry has struggled over the past eight months following the Bitcoin mining reward halving. Cann also stated, 'The demand for AI in the US will greatly impact the scale of Bitcoin mining.' He predicts that much of Bitcoin's computing power will come from outside the US in the coming years.