BLOOMBERG · 2026-11-12 22:00 UTC

Power Landlords Are Highlighting Bitcoin Mining Roots During AI Rout

MARA Holdings CEO Fred Thiel told shareholders that Bitcoin mining remains a core business, and Bitdeer's strategy officer said the company does not want to depend on any single market cycle. Many Bitcoin miners pivoted to AI infrastructure after 2024 halving squeezed margins, but a widening gap between AI capex and revenue, plus public pushback on data centers, has punctured the AI valuation boom. IREN and CoreWeave shares have dropped sharply, CoreWeave's debt yields have reached junk-bond levels, and Bitcoin has fallen since its October 2025 all-time high.

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