I've recently been noticing something, and that is the clear shift in the behavior of Bitcoin mining companies. An analyst from VanEck pointed out that mining companies are not only focusing on Bitcoin mining profit margins but are also shifting towards utilizing their electricity resources for AI infrastructure.

I actually think this is a pretty interesting investment opportunity. Compared to data center-related companies, the market capitalization to megawatt ratio of mining companies is still significantly undervalued. Basically, in terms of energy efficiency, the market hasn't fully recognized their value yet.

Core Scientific has announced that they will sell most of their Bitcoin holdings within this year and invest in AI businesses, and the head of Riot Platforms has explicitly stated that 2025 will be a crucial period for their strategic shift. They plan to redirect about 2 gigawatts of electricity to high-demand data centers.

Looking at the performance over the past 12 months, you can see that this strategic shift is reflected in their stock prices. Core Scientific has risen 90%, and Riot has increased 91%, while MARA Holdings has fallen 35% due to rising mining costs and decreasing block rewards. This indicates that the market believes survival can't rely solely on Bitcoin mining.

By the way, VanEck's NODE ETF, introduced last year, has also risen over 30%, reaching a net asset value of $56 million. Seeing this, it’s clear that investors who recognized this shift early on have been able to profit. Given how strained the power grid is right now, the electricity resources of mining companies are actually quite valuable.