The idea is still popular, but the stronger sign of long-term growth may be happening somewhere else.
A newsletter from Blockbridge Consulting, called TheEnergyMag, suggested that the more serious expansion is taking place in artificial intelligence (AI) infrastructure.
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Analyst Wolfie Zhao referred to it as a “trillion-dollar build supercycle”, focused on large-scale data centers designed for AI workloads.
Major tech companies support this view through their spending plans. The group often called the Magnificent Seven is expected to invest more than $600 billion in AI this year.
Bitcoin mining firms with AI-related operations are also increasing their investments. Several of them direct more money toward high-performance computing rather than only mining equipment.
One example is IREN, previously known as Iris Energy. The Nasdaq-listed miner reported around $800 million in net spending on buildings, equipment, and other infrastructure last quarter.
According to TheEnergyMag, the company “deployed more capital in a single year, building AI data center infrastructure and procuring GPU hardware than it spent across three years expanding its Bitcoin mining fleet post-IPO”.
Recently, Cango secured $75.5 million in new funding as it prepares to shift its operations toward AI and high-performance computing. What did the company say? Read the full story.
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