Гиганты горнодобывающей отрасли делают ставку на инфраструктуру ИИ: стратегический поворот и скрытые риски за выводом 1,6 миллиарда долларов

【Coin World】A recent financial report has attracted industry attention — a leading Bitcoin mining company sold 1,818 BTC in December 2025, raising $161.6 million in one go. The money didn’t flow back into coin holdings accounts; instead, it became a springboard for financing: the company immediately completed equity financing exceeding $600 million, with a total of $600.53 million.

Seems impressive? But behind this lies a profound strategic shift. Mining companies used to operate simply: mine, hold coins, wait for appreciation. Now the rules have changed — they’re eyeing the new AI data center opportunity and deciding to invest heavily in infrastructure. The financial reporting format has also changed accordingly, shifting from traditional monthly reports to quarterly updates, with the clear intention: no longer emphasizing mining output to the market, but rather highlighting progress in infrastructure expansion.

Here’s the problem. This capital-intensive expansion sounds grand, but capacity utilization risks are surfacing — especially without tenant contracts as safeguards. Newly built data centers have a significant probability of becoming idle assets, which is a hidden risk for both financiers and investors. On one side is the allure of the AI boom; on the other is the reality of capacity constraints. Mining companies are walking a tightrope.