The development path of American Bitcoin is meticulously divided into four stages, each with clear target computing power and energy efficiency indicators, relying on the synergy with Hut 8's existing resources.

Prices continue to plummet, and the industry is worried, but there is one group that may be even more anxious.

The Bitcoin mining industry is undergoing significant changes, with miners competing to upgrade their mining machines to improve efficiency. UTXO consolidation brings temporary benefits to miners, but the overall health of the industry is poor. The stock prices of publicly listed mining companies struggle to surpass Bitcoin, although some companies perform exceptionally well. Well-funded miners are beginning to acquire the assets of less efficient operators, consolidating industry resources. The durability and industrialization of Bitcoin mining ASICs position them prominently within the proof-of-work ecosystem. The future may be characterized by consolidation, attracting attention from other industries. All miners must pay attention to the future, as the long-term trend of BTC prices remains unpredictable.

With the advantages of electricity resources and equipment, some cryptocurrency mining companies are making significant strides in the AI boom.

The collaboration between cryptocurrency mining companies and AI firms has become a new trend. After Core Scientific partnered with CoreWeave, investors showed recognition of the positive outlook for the mining industry. JPMorgan stated that this trend could also trigger more mergers and acquisitions.

The competition for computing power expansion, business transformation, and mergers among mining companies has already begun.

For those enterprising mining and ASIC companies willing to pave the way in the fields of energy and artificial intelligence, opportunities abound.

By entering the AI sector, mining companies can not only achieve business diversification but also enhance their ability to withstand the cyclicality of the cryptocurrency market.

Essentially, each halving is another dynamic balance of market supply and demand. In this rebalancing process, what trends in market funds are worth paying attention to? What specific pressures does the mining sector face? What is the current situation on the demand side for Bitcoin?

From most indicators, 2023 is a complete reversal of the market crash in 2022.

Miners prefer projects with native tokens, a high proportion of mining in the token model, and projects where computing power is proportional to earnings.

The revival of POW projects is the result of collaborative efforts from multiple parties. Essentially, miners seek new POW projects for their computing power, communities look for low market cap projects with good narratives, and mining machine manufacturers seek projects that can gain community support. At the same time, the rise of AI has elevated computing power to the level of infrastructure in the data era, and POW projects inherently possess computing power, making it easy to combine with AI, resulting in a secondary overlay of narratives.

The significant fluctuations in natural gas prices have severely impacted gas mining companies, and Chris Alfano believes the solution lies in something more volatile: Bitcoin.

Under the assumption of an average energy efficiency of 30 J/TH, Bitcoin miners in the UAE should be able to generate approximately 13 EH/s of computing power, accounting for 3.7% of the total Bitcoin computing power.

Like the entire cryptocurrency industry, the development of mining is also fluctuating and constantly progressing.

In public chains, ZKP mining can be adopted by any ZK series L2, but currently only ALEO allows it on L1. In contrast, ALEO does not require parallel computing, so idle GPU miners can be seamlessly integrated. L2 has more ecological advantages, a larger user base, and lower risks.

Why will the Ethereum POW fork not succeed, and why will it be a very difficult thing?

Various miners selling part of their Bitcoin or mining equipment during a bear market represents a natural, self-correcting characteristic of the Bitcoin network, rather than a bug.

Many listed mining companies are frantically competing to deploy capital for scaling up. Currently, the total market value of 21 listed mining companies exceeds 15.3 billion USD.