Bitcoin miners have raised $11 billion in convertible debt over the past year, with companies like MARA and Cipher Mining each raising $1 billion. The industry pivoted to AI data centers after the 2024 halving, facing revenue shortfalls and rising costs. Convertible bond deals surged from $200-400 million to over $1 billion.

Miner debt has surged by 500% to $12.7 billion, reflecting heavy capital expenditures on mining hardware. VanEck analysts note a fundamental problem in the industry, with significant hardware costs needed to stay competitive. Bitcoin’s network hashrate is rising, forcing miners to expend more resources and energy to keep up with demand.

US Energy Secretary proposes a regulatory change to allow data centers and miners to connect directly to energy grids, balancing and stabilizing electrical infrastructure during peak demand. This move would help energy-intensive applications meet their needs while supporting the energy grid. Bitcoin mining continues to face challenges with costs and energy consumption.

Read more at Cointelegraph: Struggling Mining Industry sees $11B Boom in Convertible Debt Offerings