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.
But that's not all. He starts the other thread by saying they've been with the project for a year and have been self-funded, which I see he's overlooked in the discussion there. With everything he says he's going to do with the $150K, which would be just a first step before more rounds of funding, it seems clear that they've been a year thinking about the project, but little else.
An investor of that level, unless you bring him a great idea that you have patented (and most of the time not even that) to give you a loan of that caliber is going to want to see that you have a business that works, not an idea. How much of your own money you have put into the project, what you have done and what you have achieved. Especially if you have revenue and positive cash flow, which is not in the picture here for a long time.