I’ve recently noticed that Bitcoin mining companies are making a major shift in direction. According to remarks made by the head of digital assets at VanEck on CNBC, they say that mining-related stocks are one of the most attractive investment opportunities in the crypto asset sector.

What’s interesting is that these companies are currently shifting their hash power to AI infrastructure services. Compared with other data center companies, their market-cap-to-megawatt ratio remains quite undervalued. In other words, while the power grid has been facing supply shortages for decades, it is now dealing with multiple demand shocks—and mining companies spotted the value of this transition early on.

Core Scientific has announced that it plans to sell the majority of its Bitcoin rewards this year and invest in its AI business and high-performance computing infrastructure. The CEO of Riot Platforms also said that 2025 will be a crucial turning point for its strategy, aiming to increase shareholder value by allocating about 2 gigawatts of power to data centers.

Looking at stock performance over the past year, Core Scientific is up 90% and Riot is up 91%, while MARA Holdings is down 35% due to rising mining costs and reduced block output. This is the gap—indeed—arising in an environment where mining rewards are getting tougher.

By the way, VanEck’s NODE ETF, introduced last year, has risen more than 30%, with net assets reaching $56 million. It’s clear that demand for investment in mining-related assets is steadily increasing. With power and computing capacity required at this level right now, this transition trend is likely to continue for the foreseeable future.