GM ☀ @ bcgame Trump's' Electricity Auction 'Proposal Riot mutiny? No, this is called 'computing power arbitrage'. 1/Phenomenon: The end of the miners is the landlord Riot sells big cakes to buy GPUs, don't just look at the surface. In conjunction with Trump's proposal for an "electricity auction," the logic is clear: Previously, miners begged for electricity from the grid, but now it's AI kneeling down to ask miners for a share of the electricity. Riot is not at all distrustful of BTC, it has found that its "power contracts" are more valuable than its "mining machines". 2/Valuation: From Blue collar to Gold collar Why do we need to switch? Just see how Wall Street gives money. Mining logic: It's hard to force the manufacturing industry, and PE is giving 10 times the sky high, but it still depends on the coin price. AI logic: High tech infrastructure, PE can offer up to 50 times, OpenAI is a customer who doesn't hesitate to pay. This wave of Riot is a typical "valuation arbitrage". Transforming heavy asset mining sites into AI data centers for printing money. 3/Macro: Trump is collecting "tolls" Trump's electricity auction essentially declares the end of the 'era of cheap electricity'. The game rules have changed in the future: Whoever has ready-made transformers and grid connection permits is the master. Whether you're mining BTC or running AI, you have to pay rent to these 'energy landlords'. 4/Conclusion: Don't focus on computing power anymore The logic has changed. In the future, evaluate a mining enterprise based on how many EH/s it has, regardless of whether it is impressive or not. It depends on how much MW of electricity capacity it holds in its hand. BTC is still the king, but the person controlling the circuit breaker is the king's landlord. BTC Riot AI RealTalk