Долги биткоин-майнеров выросли на 500% — VanEck

cryptonews.ruPublished on 2025-10-21Last updated on 2025-10-23

Задолженность биткоин-майнеров выросла за год на 500%, до $12,7 млрд. Причина — гонка майнеров за оборудованием и растущий спрос на услуги работающих с искусственным интеллектом центров обработки данных, сообщили аналитики компании VanEck.

По мнению главы отдела исследований цифровых активов Мэттью Сигела (Matthew Sigel), без постоянного притока капитала в новое оборудование доля майнеров в глобальном хешрейте снижается, что приводит к снижению вознаграждения.

«Мы называем эту динамику проблемой тающего льда. Исторически майнеры для покрытия серьезных капитальных затрат полагались на фондовый рынок, а не на долговое финансирование», — объяснили эксперты.

Причины объясняются особенностями майнингового бизнеса. Доходы компаний, добывающих биткоины, трудно оценить кредиторам, ведь затраты напрямую зависят от колеблющейся стоимости первой криптовалюты. Кроме того, сейчас выпуск акций для привлечения капитала, как правило, обходится дороже, чем долговое финансирование, заявили представители VanEck.

В последние месяцы большинство майнинговых компаний старается диверсифицировать источники прибыли, направляя часть энергетических мощностей на обслуживание проектов, связанных с искусственным интеллектом и высокопроизводительными вычислениями. Такой тренд усилился после апрельского халвинга 2024 года, когда вознаграждение за блок сократилось до 3,125 BTC, что заметно снизило общую рентабельность майнинга.

В VanEck уверены: расширение деятельности майнеров на рынок ИИ не несет угрозы для безопасности сети Биткиона. Использование энергии для работы искусственного интеллекта в итоге способствует развитию экосистемы первой криптовалюты и делает инфраструктуру более устойчивой.

Ранее специалисты инвестиционного банка Jefferies заявили, что рентабельность майнинга биткоина снизилась на 7%. Причины: падение курса первой криптовалюты на 2% за последний месяц и увеличение вычислительных мощностей сети на 9%.

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