Bitcoin miners pay a rising price for the pivot to AI data centers
- —IREN borrowed $3.65 billion at 6% in June and $2.4 billion at 9% in August
- —A 3-point rate gap on $2.4 billion costs about $72 million a year
- —Google backstopped $1.4 billion of Cipher leases for warrants on 5.4% of the company
- —Funding gaps: IREN $21.1 billion, Riot $7.2 billion, HIVE $4.6 billion
Why it matters: Rising debt costs and shareholder dilution could erode the multi-year AI revenue miners are counting on and weigh on mining stocks.
Source: Newsbit