VanEck estimates a $50 billion near-term and $221 billion long-term capital need as public Bitcoin miners, led by IREN’s projected $21.1 billion shortfall, try to convert power-heavy sites into AI and HPC infrastructure.
Bitcoin miners expanding into AI infrastructure face steep financing demands, with VanEck estimating a roughly $50 billion short-term funding gap and about $221 billion in longer-term capital needs. Among public miners, IREN has the largest projected shortfall at $21.1 billion. The report said only about 25% of leased AI and HPC capacity has been delivered, highlighting the difficulty of turning mining sites into data centers, and added that investors are increasingly focused on execution risk. VanEck also said miners that have secured AI leases trade at more than 10 times operating power infrastructure.