AI Kills Miners: “Energy Run” Tears Opens a New Cycle, What Crossroads Are Mining Companies Standing At? | Bee Network

AI Kills Miners: “Energy Run” Tears Opens a New Cycle, What Crossroads Are Mining Companies Standing At? | Bee Network Login Актуальные новости Запуск мемов Агенты искусственного интеллекта DeSci TopChainExplorer Для Ньюби 100-кратное количество монет Игра "Пчелка Основные веб-сайты Must-Have APP Криптознаменитости DePIN Новички насущные Детектор-ловушка Основные инструменты Продвинутые веб-сайты Обмен Инструменты NFT Привет, Выйти Вселенная Web3 Игры DApp Пчелиный улей Растущая платформа AD Поиск Английский язык Монеты для пополнения запасов Вход в систему Скачать Web3 Uni Игры DApp Пчелиный улей AD дом•Анализ•Основной текст AI Kills Miners: “Energy Run” Tears Opens a New Cycle, What Crossroads Are Mining Companies Standing At?Анализ3 минуты назадUpdateУайатт 18 216 2 On November 18, amid a gloomy global financial market, Crypto once again experienced a “Black Tuesday,” with BTC falling below the $90,000 mark during the day. It has fallen by about 30% from its historical high of $126,000 a little over a month ago, entering a technical bear market.

At the same time, discussions about the BTC shutdown price, mining company exits, and cyclical reshuffling have recently emerged. However, unlike in the past, the core assumption of this round of discussions is no longer the internal supply and demand of Crypto, but rather a new, more macro-level fact: AI and Crypto are now competing for electricity in the same energy pool.

It can be said that in the past year, from policy subsidies to energy/land allocation to marginal revenue differences, almost all variables have been forcing mining companies to complete a major transformation from “electricity consumers” to “electricity providers” —and when “electricity training models” are more certain and more profitable than “electricity mining BTC,” capital is also rapidly making new choices.

This means that in the coming years, mining companies will have to make real choices under new structural pressures: continue mining? Lease out electricity and facilities to AI? Or simply transform into general-purpose computing infrastructure?

This is perhaps a far more valuable question than predicting the криптовалютаcurrency market trend.

I. AI Accelerates the “Squeeze” of Crypto
What is the end of AI?

electricity.

Back in 2024, Musk pointed out that the bottleneck in AI development was not computing power or algorithms, but energy supply, especially high-quality, sustainable electricity for data centers that can withstand massive loads. In 2025, warnings about power and transformer capacity issued across the United States have further reinforced this assessment.

As a result, an “energy squeeze” surrounding electricity, land, and factories is actually taking place.

Upon closer examination, it’s easy to see that AI data centers and Crypto mining farms share a high degree of genetic similarity in their engineering implementation . Both rely on dense arrays of computing units (NVIDIA GPUs/ASIC miners), require large scalable campus land/infrastructure facilities, need a high-density, stable, and long-term lockable power supply, and require massive cooling/heat dissipation/redundancy systems.

In other words, the saying “electricity and factories come first, then computing units and customers” applies to both mining farms and AI data centers. The only difference is that one uses electricity to train models and produce AI capabilities, while the other uses electricity to calculate hashes and produce BTC.

This explains why mining companies have become one of the main players in this AI arms race: Crypto mining farms have long prepared a large amount of power supply, land parks, and factory infrastructure. Compared to starting from scratch, tech giants can directly transform existing mining farms into usable AI infrastructure in as little as a few months, providing them with ready-made solutions that can meet their needs immediately.

Of course, this is not the first time Crypto has had a deep intersection with the “era of high computing power”. The last time was when the Ethereum mining craze that started in 2017–2018 “exploded” Nvidia’s graphics card sales (Huang Renxun even got a commemorative tattoo on his left arm when Nvidia’s stock price broke through $100 for the first time).

However, this time the direction is exactly the opposite. Instead of Crypto driving the computing power cycle, AI is squeezing out the energy space that miners depend on for survival.

Source: Xueqiu

According to Morgan Stanley’s calculations, if a mining company were to convert a 100 MW mining farm into a “charged shell” data center (i.e., providing space, power, and cooling, but excluding chips and servers) and then lease it to customers long-term, it could create an equity value of approximately $5.19-$7.81 per watt, far exceeding the current trading levels of many Bitcoin mining stocks.

Even more serious is that, in addition to market forces, the weight of policy is also shifting: the United States has regarded AI energy as a key fulcrum in strategic competition, and subsidies, tax incentives, land quotas and power planning surrounding AI data centers are clearly prioritized over Crypto mining.

Overall, mining companies are currently caught in a fatal “sandwich” situation:

The above is AI’s dimensional reduction attack: Tech giants, holding hundreds of billions of dollars in cash, are willing to pay premiums several times higher than miners to snatch power contracts and transformer capacity. The desire for greater capital returns is driving mining companies to transform. Below is BTC’s own deflationary mechanism: the halving cycle continuously compresses the coin-based income, the network difficulty continues to rise, the output per unit of computing power continues to decline, and the selling pressure brought by price fluctuations further seals off the survival space of small and medium-sized mining farms; In this environment of multiple pressures from AI, whether mining companies can find a new path to survival is evolving into a fundamental question of whether they can weather the economic cycle, thus giving rise to three distinct development paths:

Mining to the death: Keep mining BTC, minimize electricity prices and improve mining machine efficiency, and fight for the remaining space to survive after the halving and the increase in difficulty; Become a “sub-landlord”: Rent out your own power, factory and cooling facilities to AI companies or computing power service providers, transforming into a “power intermediary + data center service provider” to earn stable rent and service fees; A complete transformation of its role: from a single mining company to a general computing power provider, offering long-term computing power and hosting services for AI, cloud computing and high-performance computing (HPC) data centers, truly transforming itself into a new type of “digital infrastructure company”; Going forward, the valuations and fates of US-listed mining companies will largely depend on which path they ultimately choose.

II. New Valuation Logic for Mining Companies: Focusing Only on GW/MW, Ignoring EH/s
As mentioned above, mining companies seem to be forced to face a “three-choice” question: continue mining and sell electricity to AI, or undergo a complete transformation?

However, in reality, under the impact of the massive infrastructure wave driven by AI, there is only one ultimate solution to this problem: regardless of which path is chosen, all parties must complete the role transition from “electricity consumer” to “electricity supplier” within the next few years, or they will be forced out of the market before the next cycle arrives.

The reason is very simple—the power shortage is rigid over the next three years. Morgan Stanley’s model shows that the power demand of US data centers is expected to reach 65GW between 2025 and 2028. However, the current grid can only provide 15GW of near-term access capacity. Adding the approximately 6GW of data centers under construction, there is still a huge power shortage of about 45GW.

With AI energy consumption curves rising rapidly, the ability to control electricity directly determines survival.

Fred Thiel, CEO of MARA Holdings (MARA), bluntly stated: “By 2028, you will either be a power generator yourself, be acquired by a power generator, or be deeply tied to a power generator. Mining companies that rely solely on the power grid are already on their death countdown.”

To put it simply, the value of mining companies in the future will no longer depend more on the scale of computing power (EH/s) or the reserves of mining machines/Bitcoins, but will begin to be anchored to the energy infrastructure (GW/MW) they own. Whoever controls electricity can control costs and thus control the future direction of business—whether it is to continue mining or to power AI.

The market has already reacted to the shift in valuation logic for mining stocks transforming into AI. For example, Iris Energy (IREN), a landmark example of mining companies transforming into AI, saw its stock price rise from around $6 to $76.87 this year, an increase of over 1200%.

The key factor was that it benefited from the early strategic transformation. For example, in 2023, while traditional mining companies were still expanding their ASIC computing power, IREN began to separate its own power from its mining business and gradually upgraded the entire park into an AI/HPC data center. In 2024, it was the first to obtain the title of NVIDIA’s preferred partner, ensuring that it could obtain a more stable GPU quota, lock in key customers earlier, and enter the upstream position of the AI energy market.

This month, IREN also signed a $9.7 billion, 5-year AI cloud computing power contract with Microsoft, further escalating its transformation story. According to the agreement, Microsoft will prepay approximately 20%, meaning the annualized revenue from the contract could reach $1.94 billion, a significant boost to IREN’s existing revenue.

Of course, while IREN’s ideal transformation path is enviable, it is not a path that all mining companies can replicate. This is because not all mining companies choose to bet everything on AI like IREN. Ultimately, not all mining companies are qualified to transform or surrender, since the prerequisite for transformation is not willingness, but infrastructure elements such as (own) electricity, scalable land and parks.

Mining companies without these resources, even if they want to surrender to AI, will find it difficult to become valuable suppliers of computing power infrastructure. In a sense, it seems that “mining companies are choosing AI”, but in reality it is closer to “AI is choosing mining companies”.

This is also the most fundamental change in the entire mining industry.

III. The “Arms Race” of Transformation: Ambition, High-Stakes Gambles, and Complacency
This article also provides a brief overview of the basic information of eight US-listed mining companies: IREN, CIFR, RIOT, CORZ, MARA, HUT, CLSK, BTDR, and HIVE, aiming to showcase the diverse choices and challenges faced by different mining companies in the transformation of AI infrastructure.

Judging from the transformation paths of these companies, the transformation “arms race” among US-listed mining companies is accelerating. Whether it is IREN taking the lead in shifting from traditional mining to AI data centers, or CORZ, CIFR, and MARA making large-scale investments in their own power and land layouts, these companies are striving to become digital infrastructure providers.

Meanwhile, mining companies such as CIFR and BTDR are gradually expanding their power and computing resources, extending their business boundaries into the AI industry. However, not all companies are advancing at the same pace in this race.

For example, companies like HUT and HIVE, due to insufficient power infrastructure, lack of determination to transform, or insufficient resource accumulation, have adopted a more conservative transformation path, still relying on traditional Bitcoin mining operations. As a result, the fates of mining companies are showing a clear stratification:

Resource-based mining companies have the potential to evolve into “energy-like companies” or “AI data centers”; Light-asset mining companies: At most, they act as “sub-landlords,” subletting electricity or data centers to AI and earning service fees; Small mining farms that are highly dependent on the power grid: As electricity prices rise and mining difficulty increases, they will most likely be the first to be eliminated in the next upward cycle;

The historic wave of AI is sweeping across the globe, not only changing the direction of global internet development and power structure, but also driving a new round of reshuffling in the global energy industry. The transformation struggle among mining companies is a microcosm of this macro trend.

It can be said that when AI giants begin to directly seize resources such as electricity and land, the valuation logic of mining companies has been permanently changed. Mining farms are no longer mirror assets of BTC, but are being repriced as part of AI energy infrastructure. Their market value elasticity is no longer directly linked to the scale of computing power and the price of Bitcoin, but is determined by the GW/MW scale they control.

In the coming years, as electricity demand continues to rise, competition for data center resources will intensify, and mining companies must find their place in this battle for power and computing power.

This is the real competitive advantage in the future cycle.

Эта статья взята из интернета: AI Kills Miners: “Energy Run” Tears Opens a New Cycle, What Crossroads Are Mining Companies Standing At?Recommended Articles

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