In my personal opinion, in the coming years, the core resource at the bottom level is "electricity". Compared to computing power and storage, the entry threshold for electricity is higher, but demand is the top priority. Without sufficient electricity, no matter how much storage and computing power there is, it is only a book production capacity and cannot be truly converted into effective supply. That's also why I have always believed that the competition between AI, data centers, Bitcoin mining, industrial recycling, energy storage, and power grid companies in the future is essentially a competition for electricity resources. This change can also be seen from the difficulty of Bitcoin mining. Normally, the higher the BTC price, the higher the miner's income, more computing power will enter the network, and mining difficulty will continue to increase. But from this chart, it can be seen that after the difficulty of BTC mining reached a high level by the end of 2025, there has been a significant decline, and the price has also retreated from the high level. The decrease in difficulty essentially represents a decrease in the effective computing power of the entire network, reflecting the withdrawal, shutdown, or unwillingness of some miners to continue BTC mining with the same power resources. For many mining companies with power resources and data center infrastructure, the question is no longer whether "mining BTC can make money", but whether the return on the same amount of electricity used for mining is higher, or whether it becomes a higher return on AI computing power. The core logic of miners in the past was to obtain cheap electricity, buy mining machines, and produce BTC. The core logic of future miners may become to obtain cheap electricity and determine whether this electricity should be used for BTC mining, AI computing power hosting, HPC data centers, or sold directly to To B customers. This means that the Bitcoin mining industry is gradually shifting from "computing power competition" to "power asset competition". So the most noteworthy issue in the next few years is not a shortage of computing power or storage, but a shortage of electricity.