Mining companies are increasingly resembling "high-volatility AI infrastructure companies."

Revenue can still be solid.
But the profit statement looks very bad.
Core Scientific lost $347 million.
However, most of it is accounting impairment ⚠️
Core Scientific's Q1 data this time is quite typical.
Revenue:
$115.2 million.
But net loss is as high as:
$347 million.
At first glance, it looks shocking.
But the key is in the details:
$266.5 million is non-cash impairment.
In other words:
Many losses are not "real cash outflows."
But:
Asset valuation adjustments
Equipment impairments
Accounting treatments
These things make the profit statement look very bad,
but don't necessarily mean the company's cash flow is immediately in trouble.
Now mining companies are actually becoming more divided.
On one side:
BTC price volatility
Hash rate competition
Energy costs
Still influence traditional mining logic.
On the other side:
AI data centers
GPU hosting
High-performance computing
Provide new valuation stories for these companies.
So the market now looks at mining companies,
not just:
"How much BTC they mined."
But at:
Who can transform into an AI infrastructure platform.
That's also why many mining stocks have recently risen along with AI.
Because the capital market is starting to revalue:
Electricity
Data centers
Cooling systems
Computing power deployment capabilities.
So Core's financial report looks more like:
Short-term profits are poor,
but AI and computing narratives are still supporting expectations.
Do you think mining companies will ultimately become more like BTC companies or AI computing power companies? 👀$BTC ‌#Gate广场五月交易分享