Wu Says learned that asset management company VanEck has released a recent report indicating that as Bitcoin mining companies have made a major shift toward artificial intelligence (AI) and high-performance computing (HPC) data centers, due to large differences in companies’ financial disclosures and AI cash flows that are not yet mature, the market’s most core valuation metric at present is total power capacity in operation. In the report, VanEck proposes three key dimensions for assessing the prospects of miners’ transition: the shift from power capacity actually put online to real delivery capability—so far, the entire industry has delivered only about 25% of the leased capacity; miners’ AI transition faces extremely severe capital expenditure challenges, with a recent funding gap of $50 billion, and long-term capital demand nearing $2210 billion; tenant credit and governance levels determine the cost of funding.