Traditional assets shine under the spotlight, while Bitcoin quietly gathers strength in the corner. Behind this seemingly uneven contest, there are underlying currents driven by three forces: hash power dominance, geopolitical dynamics, and capital flows.

The capital market in 2025 presents a dramatic scene: gold prices surged over 70% within the year, silver skyrocketed nearly 140%, and the Nasdaq soared 19%. In contrast, Bitcoin experienced a correction of about 6%.

This stark divergence leaves many in the crypto community puzzled. On the surface, Bitcoin appears to be pretending to sleep, but the real story is far more complex—a grand drama revolving around hash power dominance, geopolitical games, and liquidity redistribution is unfolding behind the scenes, quietly rewriting the entire capital landscape.

**Hash Power Power Shift: Miners, AI, and Energy in a Three-Way Battle**

The hash power sector is witnessing a transfer of authority. This year, Bitcoin’s total network hash rate surged to 723.6 EH/s. To put it in perspective, this is equivalent to 30 times the combined hash rate of the top 500 supercomputers worldwide. Sounds impressive, but behind this eye-catching figure lies a silent competition.

The emergence of AI has triggered a massive energy vortex. Leading tech companies are investing billions of dollars to build data centers, essentially competing for the global electricity resource pie. Using the same electricity to train large models versus mining Bitcoin through hash collisions results in vastly different economic values—the former’s returns have already far surpassed the latter.

I’ve noticed many Bitcoin mining farms are being converted into AI computing centers. This change isn’t happening randomly; it’s a direct reflection of capital’s keen sense of opportunity. As the growth curve of artificial intelligence outpaces the rising scarcity of "digital gold," capital naturally flows toward production tools capable of generating exponential returns.

Miners now face a dilemma—continue to hold their ground in Bitcoin mining or plunge into the AI computing wave. This isn’t just about simple profit calculations; it’s a major shift in energy and capital allocation. Bitcoin miners, once monopolizing hash power resources, now have to share the pie.