In the coming years, I personally believe that the core resource at the bottom level is "electricity." Compared to computing power and storage, the entry barrier for electricity is higher, but the demand is the top priority. Without enough electricity, no matter how much storage or computing power there is, it is merely productive capacity on paper and cannot truly translate into effective supply.

This is also why I have always believed that the competition among AI, data centers, Bitcoin mining, industrial reshoring, energy storage, and power grid companies in the future will essentially be a competition for power resources.

This change can also be seen from the difficulty of Bitcoin mining. Normally, as the price of BTC rises, miners' profits increase, leading more computing power to enter the network, and mining difficulty continues to rise.

However, from this chart, we can see that after the mining difficulty of $BTC reached its peak at the end of 2025, there has already been a noticeable decline, and the price has also retraced from its highs. A decline in difficulty essentially represents a decrease in effective computing power across the entire network, reflecting that some miners have exited, shut down, or are no longer willing to continue Bitcoin mining with the same electricity resources.

For many mining companies that possess electricity resources and data center infrastructure, the question is no longer "Can mining BTC make money?" but rather whether the return on the same unit of electricity is higher when used for mining or when allocated for AI computing power.

In the past, miners' core logic was to obtain cheap electricity, buy mining machines, and produce BTC. In the future, the core logic for miners may change to obtaining cheap electricity and determining whether that electricity should be used for BTC mining, AI computing power hosting, HPC data centers, or directly sold to B2B customers. This means that the Bitcoin mining industry is gradually shifting from "computing power competition" to "electricity asset competition."

Therefore, in the coming years, the most important focus should not be the shortage of computing power or storage, but rather the shortage of electricity.

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