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Bitcoin miners are entering a structural transformation as power replaces hashrate as the key driver of value. Following the latest halving and record network difficulty, margins have compressed sharply, accelerating a pivot towards high-performance computing (HPC). Miners controlling cheap, scalable, grid-connected megawatts are evolving into critical infrastructure providers. This shift is redefining valuations, from legacy EV/Hashrate multiples to EV/MW and HPC cash-flow potential. Leaders such as IREN, Core Scientific, TeraWulf, and Cipher are capitalizing through colocation and cloud contracts, positioning the sector at the intersection of AI infrastructure