Mining is no longer profitable, but the electricity held by mining companies has become valuable

【Plain Language Guide】 After the fourth Bitcoin halving in 2024, mining company revenues were cut in half, but they unexpectedly ushered in new growth. They did not fall, but instead signed hundreds of billions of dollars in AI cloud service contracts, transforming into "digital landlords" for Microsoft and Nvidia. Transitioning from volatile mining to stable, high-profit AI hosting per megawatt of electricity offers enormous valuation potential.
From extensive air-cooled mining farms to liquid-cooled supercomputing clusters, mining companies are investing heavily in infrastructure upgrades. Some leading companies are betting on AI for high-value contracts, while others benefit from reduced computing power. In the future, the optimal solution may be a hybrid model of stable AI leasing combined with flexible Bitcoin absorption—who controls the electricity, who becomes the landlord of the new era.
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