Bitcoin miners face a funding gap of 50 billion USD, which is more brutal than the halving of computing power.

VanEck's report highlights a reality: AI transformation is dividing miners into winners and losers, with little room for survival in the middle ground.
The winners are those companies that have already acquired and activated AI infrastructure capacity, as capital is willing to pay for certainty.
The losers are still selling unverified pipeline forecasts, and the market has lost patience with such stories.
Behind this is institutional funding's strict demand for the match between "narrative + implementation" — empty talk is no longer valuable.
But the risks are also real. 50 billion USD is no small amount; even leading mining companies could face liquidity issues due to high financing costs and long payback periods.
Building AI data centers is a heavy asset game, with electricity, chips, and cooling systems each being black holes that burn money.
If AI demand growth does not meet expectations, these transformed miners will face a double blow.
The miner community is shifting from homogeneous computing power providers to AI infrastructure vendors, energy developers, and pure Bitcoin miners.
Investors need to see the actual progress of each company, rather than being blinded by the words "AI transformation."
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