According to VanEck, miner debt has surged 500% YoY: from $2.1B to $12.7B. This increase is due to miners investments into AI infrastructure and new-generation rigs to stay competitive in the global hashrate war. Post-halving, many miners are blending $BTC operations with AI and HPC hosting, creating more stable, contract-based cash flows. Firms like Bitfarms ($588M) and TeraWulf ($3.2B) are leading this hybrid pivot. How close are we to a unified Bitcoin–AI infrastructure economy?