AI Pivot Sends Bitcoin Miners Deep Into Debt

[bonk]

IREN isn’t alone.
Across the sector, miners are piling into debt and convertible notes to reposition themselves as AI compute providers.
Data from The Miner Mag shows:

$4.6B in miner debt in Q4 2024

$200M at the start of 2025

$1.5B in Q2 2025
AI is reshaping mining economics—and companies are racing to adapt or get left behind.

[Nahid Hossen]

The AI rush is costing miners more than expected.

[Abdul Khan]

Massive capital shifts show how brutal the mining industry can be.