Wu Blockchain has learned that asset management company VanEck released its latest report, highlighting that as Bitcoin mining companies make a major shift toward artificial intelligence (AI) and high-performance computing (HPC) data centers, the most critical valuation metric in the market right now is total operational power, given the significant differences in financial disclosures among companies and the fact that AI cash flow is not yet mature. VanEck's report outlines three key dimensions for evaluating the prospects of mining companies' transitions: 1. The shift from operational power to actual delivery capacity—currently, the entire industry has delivered only about 25% of leased capacity. 2. Mining companies face extremely severe capital expenditure challenges in transitioning to AI, with a recent funding gap of $50 billion and long-term capital needs approaching $221 billion. 3. Tenant creditworthiness and governance levels determine funding costs. https://www.(wublock123.com)/news/news-62931