Introduction: Who Owns Power, Who Owns 2026

On March 16, 2026, with the 20 millionth Bitcoin entering circulation, the survival rules of the computing power industry have been completely rewritten. Yesterday, Core Scientific ($CORZ) signed a $2 billion contract, which is not just a business move but a declaration for the industry: the endgame for mining companies is no longer merely a "hash rate competition," but rather utilizing controlled power resources to construct a perfect hedging balance between AI cash flow and BTC reserves.

1. The Premium of Energy Sovereignty: The Underlying Logic of Cloud Giants "Buying Power" from Mining Companies

The strong support for CORZ's stock price yesterday stemmed from its approved power capacity of 500 megawatts. In 2026, the core bottleneck faced by traditional AI giants is not chip computing power, but "grid-connected power indicators." The assets accumulated by mining companies over the past decade through establishing substations, distribution networks, and securing green energy indicators, have now become the “digital land” of the AI era.

This $2 billion long-term contract provides ample fiat cash flow, allowing mining companies to fully cover their operational expenses. This ability to generate “fiat blood” enables CORZ to disregard price fluctuations and implement a stable “zero sales” policy, locking every mined BTC into a long-term sovereign treasury.

2. The Revolution of Performance Metrics: Why "BTC Yield" has Become the Core of Institutional Pricing?

The 1.4% semi-monthly yield disclosed by Strategy ($MSTR) yesterday addressed the challenge investors face in measuring the management level of holding companies. In 2026, merely holding coins is no longer sufficient to attract top asset management firms; the market has started to demand "holding stocks also increases coins."

MSTR has demonstrated that through precise credit leverage (such as STRC preferred shares) and market timing, the amount of coins per share can automatically grow. The normalization of disclosing this metric marks the entry of companies into the "active management yield" era. In the future, companies that do not disclose “BTC Yield” will face serious valuation discounts because institutions cannot assess their capital operation efficiency.

3. Utility Transformation: The Drift of Mining Companies' Valuation Anchor from "Cyclic" to "Infrastructure"

JPMorgan's latest report pointed out a shift in valuation anchors: mining companies are transitioning from being "high risk" cyclical stocks to "very stable" infrastructure stocks. With the halving effect and the crossing of the 20 million Bitcoin threshold, the uncertainty of Bitcoin output is declining, and the industry has entered a "stock game" phase.

The fixed income brought by AI contracts makes the balance sheets of mining companies resemble those of power plants or telecom tower companies. When the valuation multiples double in the second half of 2026, these companies with underlying power control will become the most hardcore resource holders in the new digital financial system. This logic driven by “power assetization” is becoming the preferred channel for major funds entering crypto concept stocks.

The dynamics confirmed on March 15, 2026, establish a fact: the game of listed companies in the crypto field has been fully industrialized. When mining companies begin to sign $2 billion power rental agreements, and when holding giants start assessing returns on a “semi-monthly” basis, a digital imperial system supported by “energy” and “algorithms” has already formed.

Data Source: https://bbx.com/ Information repository for crypto concept stocks, organized based on yesterday's announcements from global listed companies and SEC/TSE disclosure documents.

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