According to CoinMeta, viabtc CEO Yang Haipo stated that since 2021, Bitcoin mining power has declined, and mining companies are transitioning towards AI / HPC. High-quality locations and electricity supply have become core competitive factors. He pointed out that what AI is competing for are sites with efficient and stable power supply and capital investment, while mining can make use of surplus electricity, photovoltaic energy, and other flexible power sources to form a decentralized pattern. The difficulty adjustment will rebalance mining power with economic efficiency. With the halving expected in 2028 and future regulations still uncertain, mining companies and small miners will coexist, and resources will focus on more efficient energy sources and connectivity capabilities.