TechFlow news, January 7 — As resource competition intensifies, U.S. Bitcoin miners are accumulating cryptocurrency holdings to help withstand tightening profit margins, according to The Financial Times. Companies including Mara Holdings, Riot Platforms, and CleanSpark have leveraged the surge in Bitcoin prices to raise over $3.7 billion from investors since last November, using the funds to purchase Bitcoin. They typically raise capital through zero-interest (or near-zero-interest) convertible bonds.
"It's not as simple as everyone being happy when Bitcoin prices go up," said Russell Cann, Chief Development Officer at Core Scientific. "There are still complex challenges around profitability and grid access." Miners' plans also include expanding artificial intelligence capabilities, marking a dramatic shift in the industry's outlook. The sector has struggled over the past eight months following the Bitcoin mining reward halving. Cann added, "Demand for AI in the United States will greatly influence the scale of Bitcoin mining." He predicts that most of Bitcoin's computing power will come from outside the U.S. in the coming years.
