Markets· ★★★· neutral· October 13, 01:57

Bitcoin miners face borrowing costs from 6% to 9% for AI expansion

—IREN raised $3.65 billion at 6% for GPUs tied to its Microsoft contract
—A separate $2.4 billion IREN package carries a fixed 9% rate
—Google received warrants for about 5.4% of Cipher's equity for backing $1.4 billion
—Public miners need roughly $50 billion to complete planned AI infrastructure

Why it matters: Rising rates and pickier lenders constrain miners' ability to fund AI expansion, affecting their shares and hashrate.