Public Bitcoin miners would need approximately $50 billion in near-term capital to complete the transition of their infrastructure toward artificial intelligence and high-performance computing (HPC). IREN faces the largest funding gap at $21.1 billion, followed by Riot Platforms at $7.2 billion and HIVE Digital at $4.6 billion. This pivot is driven by the margin compression caused by the 2024 Bitcoin halving, which reduced mining rewards. Only 25% of the contracted AI and HPC capacity has been delivered so far, with three quarters still existing on paper or under construction. Miners will likely need to look beyond traditional crypto-native funding sources, turning to conventional finance, infrastructure investors and possibly AI customers themselves to close such large gaps.
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