The debt pile facing Bitcoin miners? It's exploded into something almost unrecognizable. VanEck's latest estimates paint a wild picture: miner obligations surged roughly 6X between Q2 2024 and Q2 2025, climbing from $2.1 billion all the way to $12.7 billion. What's fueling this borrowing frenzy? The AI pivot—miners are raising serious capital to fund their strategic shifts into artificial intelligence infrastructure.



But here's where it gets even crazier. By mid-October, that debt figure is projected to hit nearly $22 billion. That's more than a 10X jump from where things stood in Q2 2024. The mining landscape is transforming fast, and the financial leverage being deployed tells the story: companies are betting big on diversification beyond pure Bitcoin extraction. Whether this gamble pays off remains the billion-dollar question.
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