According to external sources, investors seeking to obtain a bitcoin opening through the mining unit are facing changes in the target. The valuation basis for some of the minerals is no longer primarily from mining, but from power access, data centre assets, and AI and high performance computing contracts.
90-day correlation increase
The sorting of the Fundstrat co-founder Tom Lee for 17 only encrypted associated large capitalization shows that Strategy 's correlation with Bitcoin over the past 90 days is 78 per cent, still one of the closest BTC shares. In contrast, Core Scientific is only 16 per cent, while Cipher Mining, TerraWulf and Hut 8 are 17 per cent, 18 per cent and 19 per cent, respectively.
Of the Etherwood-related stocks, Tom Lee, who is the chairman of the board of directors, Bitmine Immersion Technologies, has 80% relevance to ETH and Coinbase 74%. According to the article, Bitmine ' s continued expansion of the ETH reserve is an important reason for its stock price to be closer to the movement of the Taifeng.
The revenue structure of mining companies is changing.
According to the article, mining companies have weakened their association with bitcoin and can be seen in the financial statements. Core Scientific received $164.2 million in the second quarter, of which $136.7 million came from room hosting and only $21.5 million from self-mining. The company is shifting more power from encrypted mining to long-term AI and high performance calculation contracts.
There have been similar changes in TerraWulf. Its high-performance calculation of lease income in the first quarter was $21 million, higher than the $13 million in digital asset operations. Management expects that contracted computing operations will reduce the sensitivity of companies to past currency fluctuations.
IREN is still in the early stages of transition. The company earned $111.2 million in the March quarter of Bitcoin mining and $33.6 million in AI cloud services, or about 23 per cent of total sales. However, the company has identified AI cloud operations as the main growth direction.
The market values power and room resources more.
According to the article, this shift has also changed the way investors price mining companies. For large cloud computing clients, scarce electricity access and data centre sites may be more valuable than the ability of these companies to produce more directly than TT money.
In contrast, the core of Strategy ' s valuation remains the Bitcoin hold. Despite the more flexible way in which its capital operates recently, the price volatility faced by shareholders continues to be largely attributable to the BTC itself. It also continues to be seen as a more direct bitcoin United States equity agent.
The article also mentions that high relevance does not mean lower risk. The business's Bitcoin treasury magnifies the gains and losses, while the correlation itself reflects the degree of synchronization of the movement and is not equivalent to the return on investment.
Overall, the link between the mining unit and Bitcoin may continue to weaken as AI contracts gradually replace mining revenues. In the past, mining stocks, which were seen as “leveraging BTC convertibles”, are increasingly being traded in infrastructure around electricity, GPU and long-term computing contracts.