CryptoWorld News reports that Wu said he learned that the asset management firm Vaneck released its latest report stating that as Bitcoin mining companies are making a major shift to artificial intelligence (AI) and high-performance computing (HPC) data centers, the market’s most core valuation metric is total power generation. The report proposes three key dimensions for assessing the prospects of mining companies’ transformation: shifting from power generation to actual delivery capability—at present, the industry has only delivered about 25% of the leased capacity. Mining companies’ transition to AI faces extremely severe capital expenditure challenges; the recent funding shortfall is $50 billion, and long-term capital demand is close to $221 billion. A tenant’s creditworthiness and governance level determine the cost of capital.