Sell all your Bitcoin, and then what? There is a tradition in the mining circle: hoarding coins is a belief, a testament to the long-term value of Bitcoin.
MARA hoarded 53,250 BTC, Riot hoarded 18,000, and Strategy hoarded 710,000. The more you hoard, the more the market believes you.
Little Bitcoin now is zero.
The official explanation is: selling coins is to provide liquidity for buying land. This statement is not unreasonable. Peers are also moving in the same direction, Riot sold $200 million worth of Bitcoin for AI expansion, and Bitfarms is abandoning its positioning as a "Bitcoin company," while MARA is also laying out HPC.
But there is something more fundamental than identity iteration here.
Since day one, the mining industry has been betting on the same thing: that some future commodity will be more expensive than today’s cost. Ten years ago, mining was a bet that coin prices would rise. Now, buying land is a bet that demand for computing power will explode.
The object has changed, but the logic of time arbitrage has never changed.
What Wu Jihan really bought is the position of "no matter who wins, I must be paid for electricity."
Not betting on the track, but just blocking the entrance of the track. Amazon did not bet on which internet company would win, it just rented servers to everyone. AT&T does not care what you talk about on the phone, it only cares whether you made a call.
From selling products, to selling services, to collecting rent, the direction of industrial evolution has always been this one path.
The difference lies in whether you walk over proactively or are pushed over by others.
Wu Jihan bought this window with over ten billion dollars. He is waiting for AI money, catching up with the speed of debt.
