Miner Weekly: Bitcoin Mining Debt Set for New Records — But This Time It’s Different
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最新报道：Bitcoin miners are accelerating debt financing, with public miners raising a record $4.6 billion in Q4 2024, dipping to under $200 million early in 2025, and rebounding to $1.5 billion in Q2. In Q3, Cipher, MARA, and TeraWulf alone raised about $3 billion via convertible bonds, while Bitfarms, CleanSpark, and Soluna added credit lines, potentially setting a new quarterly record. For Q4, TeraWulf plans a $3.2 billion private placement of senior secured notes—the largest single offering by a public miner—IREN closed a $1 billion convertible bond offering, and Bitfarms proposes $300 million in convertible notes. This cycle's financing focuses on equity-linked instruments like zero-coupon convertibles to fund AI and high-performance computing expansions, reducing reliance on hardware-collateralized loans and attracting a broader investor base amid tight mining margins.
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