Many of the NeoCloud companies we know today transitioned from Bitcoin mining. APLD, formerly a mining company, changed its name from "Applied Blockchain" to "Applied Digital" during the 2022 Bitcoin bear market and began stockpiling GPU chips in 2023. IREN, also a former mining company, began stockpiling GPUs before the 2024 Bitcoin halving and currently supplies half of its performance to AI computing power. RIOT, one of the previous three major mining companies, began transitioning to data centers in 2026. However, it doesn't stockpile GPUs itself but leases its facilities and electricity to other AI companies. CRWV, the largest player in NeoCloud, also started as a Bitcoin miner. The remaining companies that haven't transitioned: CLSK, a die-hard Bitcoin BTC enthusiast, insists on focusing solely on mining. MARA, a veteran miner, made a huge strategic mistake in 2025. The booming Bitcoin ecosystem (inscriptions, runes, Bitcoin Level 2, etc.) of 2024-2025 misled MARA, leading it to position itself as the epitome of the Bitcoin ecosystem. However, the Bitcoin ecosystem vanished in 2026, and MARA missed its optimal transformation opportunity, only beginning its AI transformation in the second half of 2026. Currently, MARA has 1.9GW of grid-connected power, and its AI transformation strategy involves learning from Riot Games, collaborating with other AI companies, and leasing out factory space and power.