Долг биткоин-майнеров вырос на 500% в погоне за хешрейтом

cryptonews.ruОпубліковано о 2025-03-22Востаннє оновлено о 2025-10-23

За год совокупный долг добытчиков первой криптовалюты вырос в шесть раз — с $2,1 млрд до $12,7 млрд. Аналитики VanEck связали это с одновременной необходимостью инвестировать в майнинг-оборудование и выполнения заказов в сфере ИИ.

График долговой нагрузки биткоин-майнеров. Источник: VanEck.

Нейтан Франковиц и Мэтью Сигел объяснили, что без постоянных инвестиций в современные устройства для добычи криптовалют доля майнеров в глобальном хешрейте снижается. Это приводит к уменьшению вознаграждения.

Исторически они финансировали капитальные затраты через выпуск акций, но теперь активно используют долговые инструменты.

Согласно The Miner Mag, совокупный объем обязательств 25 публичных майнинг-компаний составил $4,6 млрд в четвертом квартале 2024 года, $200 млн — в начале 2025 и $1,5 млрд — во втором квартале

Переход в ИИ-сегмент

Последний халвинг состоялся в апреле 2024 года. Вознаграждение за добытый блок в сети биткоина сократилось до 3,125 BTC.

Только в сентябре этого года рентабельность добычи первой криптовалюты упала более чем на 7%. На этом фоне майнеры начали диверсифицировать бизнес.

В основном компании переориентировали энергомощности на искусственный интеллект и высокопроизводительные вычисления. Одной из крупнейших сделок стала покупка в июле ИИ-гиперскейлером CoreWeave оператора майнинг-центров Core Scientific за $9 млрд.

В августе корпорация Google увеличила долю в TeraWulf до 14% через расширение финансовых гарантий до $3,2 млрд. В сентябре майнер объявил о привлечении $3 млрд на строительство дата-центров.

Ранее в ИИ-вычисления также инвестировала фирма IREN — сумма сделки составила $193 млн.

Угроза сети биткоина?

Тем не менее в VanEck уверены, что переход майнеров в сферу ИИ не угрожает безопасности блокчейна крупнейшей криптовалюты. По мнению Франковица и Сигела, «приоритетное потребление электроэнергии для искусственного интеллекта в конечном счете приносит пользу биткоину».

«Майнинг цифрового золота остается простым способом быстрой монетизации избыточной электроэнергии на удаленных или развивающихся рынках, фактически субсидируя развитие дата-центров, которые изначально были спроектированы с возможностью конвертации под нужды ИИ и HPC», — добавили они.

Спрос на вычисления для искусственного интеллекта также имеет циклический характер в течение суток и зависит от человеческой активности. Это создает естественный баланс между двумя направлениями, заключили эксперты.

Напомним, производитель ASIC-майнеров Canaan представил экологичное решение для добычи биткоина.

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