VanEck: Bitcoin miners face a $50 billion funding gap in transitioning to AI

According to ChainCatcher, citing a report from CoinDesk, VanEck has published a report stating that Bitcoin mining companies face a short-term funding gap of approximately $50 billion for transitioning to AI infrastructure, with long-term capital needs amounting to about $221 billion. Analysts noted that market focus is shifting from contract signings to execution risks. Currently, only around 25% of the leased AI and high-performance computing capacity has been delivered in the industry, and companies missing construction milestones face “structural downgrades” from investors.

With mining profitability declining, Bitcoin mining companies are turning to AI infrastructure. Core Scientific has signed multi-billion-dollar hosting agreements with CoreWeave, and companies such as TeraWulf, Hut 8, Iren, and Cipher have also announced plans for AI and high-performance computing. VanEck pointed out that the clearest current valuation metric is the available operational power infrastructure, with companies holding AI lease contracts valued at more than ten times their operational power. The report believes that HIV E, Bitdeer, Keel, and IREN have potential upside, whereas MARA, CLSK, and RIOT remain more closely tied to the Bitcoin price.