Bitcoin Mining's AI Transition Enters Crucial Test Phase Amid Cooling Market Reaction

The story of Bitcoin mining companies transitioning to AI is no longer new and has become an industry standard. However, as more mining companies enter this space, Wall Street is beginning to reduce the valuation premium it assigns to the AI transition narrative.

According to Blocksbridge Consulting, market reactions to these transformation narratives are noticeably cooling down. Early AI business announcements often triggered significant stock price fluctuations, with the average absolute price movement reaching 24.1% following announcements; recently, this has declined to approximately 10.2%.

The commercial value of AI/HPC hosting services continues to rise. Data shows that the annualized revenue per megawatt for related leases has increased from approximately $1.67 million initially to about $1.9 million.

For Bitcoin mining companies, the key to AI transformation has shifted from 'telling stories' to 'proving the business model.' As second-quarter earnings reports are released, the AI transformation of Bitcoin mining companies is entering a new phase of evaluation.