Basically to think that you are going to get $150K for a mining project, which is nothing special, not a new invention that you have patented, is to have no idea how loans work at that level or to be a scammer.
Mining itself is not the most profitable business too. It might become profitable depending on the price of the miners you pay for and the bitcoin prices but it is still not a foolproof business.
Imagine the stuff he could do with $40m and it decides to spend it on mining and what... he still needs $150k, our $150k to begin this shitty project.
Out of everything he could do with that kind of money, he decides to create a mining farm.
Even buying VOO makes more sense.