PANews reported on January 7 that according to the Money Times, 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 taken advantage of the surge in Bitcoin prices and raised more than $3.7 billion from investors since November last year, and then used the funds to buy Bitcoin. They usually raise funds through zero-interest (or near-zero-interest) convertible bonds.
"It's not as simple as everyone being happy after the bitcoin price goes up," said Russell Cann, chief development officer at Core Scientific. "There are still complex challenges around profitability and grid access." The miners' plans also include expanding artificial intelligence capabilities, marking a sharp reversal in the industry's outlook. The industry has struggled over the past eight months after the bitcoin mining reward was halved. "The demand for artificial intelligence in the U.S. will greatly affect the scale of bitcoin mining," Cann said, predicting that most of bitcoin's computing power will come from outside the U.S. in the coming years.
