#Gate广场五月交易分享 #加密矿企加速布局AIDC From mining to AI computing power, this migration at least reveals five levels of market conditions: 1. Bitcoin mining has entered a "capital efficiency trap"

After the 2024 halving, the block reward is only 3.125 BTC, and the total network hash rate once surpassed 1 ZH/s in 2025, with difficulty peaking at 155.9 trillion. Even if difficulty drops to about 135 trillion in early 2026 and mining profitability recovers somewhat, fundamentally— the capital efficiency of mining has been structurally compressed: investing the same electricity and funds yields volatile and unpredictable returns (dependent on BTC price), whereas AI/HPC returns are locked in long-term contracts and predictable.
Capital always chases certainty; this is the underlying logic of the transformation.
2. AI computing power is experiencing an "infrastructure bottleneck"
GPU data center construction cycles are 3–5 years, data center GPU delivery wait times are 36–52 weeks, and HBM and advanced packaging capacities are severely insufficient. Five major tech companies are expected to spend over $600 billion on GPU/data center capital expenditures by 2026. The bottleneck is not in the chips themselves but in power, land, and cooling— precisely the core assets accumulated by mining companies over ten years. Their power contracts, existing data centers, and operations teams make them the only entities capable of "skipping the 3-year construction period" in AI expansion.
3. The valuation system of capital markets has undergone a "paradigm shift"
CoinShares predicts that by the end of 2026, the share of mining revenue from transforming mining companies will drop from 85% to less than 20%. IREN rose from a yearly low of $31.62 to about $52; Starboard Value estimates Riot’s AI/HPC transformation valuation could reach $21 billion, far exceeding pure mining valuations. Morgan Stanley has given buy ratings to CIFR and WULF, while downgrading MARA (slower to transform) to underperform. The market is clearly signaling through prices: the pricing power of AI infrastructure is far higher than that of crypto mining.
4. Two "power-intensive infrastructure industries" are competing for resources
The core competitive elements of Bitcoin mining and AI computing power are exactly the same—who can acquire the maximum scale of power and infrastructure at the lowest cost. When AI’s power demand growth far exceeds mining, power resources naturally flow toward higher marginal returns. This is not simply "riding the AI wave," but a reallocation of two trillion-dollar tracks competing for the same scarce resources. As Crucible Capital partner Meltem Demirors said: "Bitcoin mining has created a blueprint for the prosperity of AI computing power and modern data centers."
5. The Bitcoin network security model faces latent risks
Large-scale exit of mining companies means a decline in total network hash rate. By early 2026, hash rate has fallen from its peak to about 900–948 EH/s. If more miners shift their mining hardware’s power to AI businesses, the security margin of the BTC network will be compressed. This is a long-term contradiction—AI’s competition for electricity may continue to squeeze mining hash rate supply, while the security of the Bitcoin network fundamentally depends on the scale of hash rate.

This migration reflects a core market condition: the crypto industry is entering a phase of normalized low returns, the AI industry is facing infrastructure bottlenecks, and capital has made a clear priority choice—shifting power and infrastructure from serving BTC hash rate to serving GPU floating-point computations. This is not a short-term trend change but a structural reallocation of two trillion-dollar tracks competing for the same scarce resources.