According to analysts at investment firm VanEck, over the past 12 months, Bitcoin miners’ total debt has surged by 500% — from $2.1 billion to $12.7 billion. The record growth is attributed to the need for heavy investment in new equipment and artificial intelligence infrastructure.

Singapore-based mining company BitFuFu announced that it mined 445 bitcoins in June — an 11.3% increase compared to May. This is the highest figure among all miners for the first month of summer. According to the company, 387 out of the 445 bitcoins were mined through cloud mining.