Major Bitcoin mining companies are modifying their operational structure by allocating part of their computing capacity to artificial intelligence (AI) processing. This change has facilitated or allowed them to access debt markets, a source of financing that was previously out of reach due to the volatility of the mining business.
FactSec firm data show that the debt of listed mining companies, expressed in convertible notes, securities and lines of credit, exceeded $20 billion in October 2025, after accelerated growth since mid-2024. This is seen in the following graph:
Among the mining companies that have gone into debt, MARA Holdings, Riot, HIVE Digital, Hut 8, CleanSpark and Cango stand out, which raised more than $6.37 billion in the last quarter of 2024 through debt financing, CriptoNoticias reported.
The increase in miners’ debt reflects the influx of capital from leases associated with high-performance computing (HPC) services, according to investment firm VanEck. HPCs use advanced infrastructure to process large volumes of data or complex tasks at high speed.
In Bitcoin miners, HPCs allow processing power to be offered to third parties through contracts that guarantee stable profits for mining entities. This, considering that digital mining income is not stable and depend, in large part, on bitcoin’s traditional 4-year market cycle.
VanEck stands out that debt deals related to AI infrastructure are achieving tight spreads and showing good performance in the secondary market. This has reduced companies’ cost of capital and boosted their share values.