According to CoinMeta, Bitcoin mining companies are accelerating their transition towards high-performance computing. Compared to pure mining companies, these transitioning firms receive higher valuations and more stable revenue expectations. Over the past year, the stock prices of Terrawulf, Iren, and Cipher Digital have more than doubled, while Mara Holdings has fallen by about 40%. The hash rate price for Bitcoin mining has dropped from around $63 per PH/s last July to about $31.8 per PH/s, and the computing power of the Bitcoin network has decreased from 1.14 ZH/s to about 900 EH/s. CoinShares data shows that mining companies with AI/HPC contracts have an average enterprise value of 12.3 times, while pure Bitcoin mining companies have an average value of 5.9 times. The total scale of AI/HPC contracts signed across the industry has reached $70 billion. Riot Platforms and Anthropic have signed a 20-year lease agreement worth approximately $9.1 billion. If the price of Bitcoin returns to around $126,000, the hash rate price could rise back to about $59 per PH/s.