Because someone has the conviction that Bitcoin fiat price is going to continue going up. And thus spending some CAPEX in fiat to get the equipment and paying electricity for years in fiat as well, just with the hope of getting something more valuable out of it (Bitcoin). Which currently is only true if number go up.

bitcoin_beginners

When a [company announces intention to invest in Bitcoin mining](https://bitbo.io/news/tether-bitcoin-mining-2025/), why is it considered bullish for Bitcoin pricing? 

I understand that unlike Gold/oil, more miners still do not result in higher block subsidy, so the base money inflation rate stays constant. But why would it impact the exchange rate against Fiat? 