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The capex cycle that turned Bitcoin miners into proxy data-center landlords is entering a harder phase.
New analysis finds that AI infrastructure contracts awarded to the sector are growing in both size and profitability, evidence that the underlying business case has strengthened.
Yet equity investors are rewarding $BTC-linked mining stocks less for each successive pivot announcement. The market has absorbed the thesis. It is now asking for delivered capacity.
From re-rating to show-me trade Against the backdrop of structurally tight power capacity and sustained enterprise demand for AI compute, mining operators spent the recent cycle repositioning stranded electricity and physical plant as natural overflow infrastructure for hyperscalers.
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