Preface: Computing Power Is No Longer the Only Game Rule
By 2026, the competitive logic of Bitcoin mining has completely changed. The era when "whoever has the most computing power wins" is gone forever. Now the capital market is selecting two types of players: one is large mining enterprises like Core Scientific that successfully entered the AI field; the other is players like CleanSpark that have pushed cost efficiency to the extreme.
But what's truly interesting is actually the third path beyond these leading enterprises. Canggu has taken a completely different approach. This article will compare four companies—MARA, CLSK, CORZ, and CANG—to see how their business logic differs, and why the market has given such different valuations.
I. Expansion Strategies Differ Greatly: Heavy Investment Construction VS. Flexible Guerrilla Tactics
The cost of acquiring new computing power now splits the industry into two completely opposite paths.
1. Large-scale Deployment: CleanSpark and Riot Platforms
The core strategy in one sentence: "Only new, never old; self-built, never leased." CLSK and Riot pour real money into building large mining farm parks, with hardware using only the latest S21 or XP series.
The benefits of this approach are obvious—new hardware has high efficiency, self-built mining farms give control, and long-term costs are actually lower. But the upfront investment is enormous.
Preface: Computing Power Is No Longer the Only Game Rule
By 2026, the competitive logic of Bitcoin mining has completely changed. The era when "whoever has the most computing power wins" is gone forever. Now the capital market is selecting two types of players: one is large mining enterprises like Core Scientific that successfully entered the AI field; the other is players like CleanSpark that have pushed cost efficiency to the extreme.
But what's truly interesting is actually the third path beyond these leading enterprises. Canggu has taken a completely different approach. This article will compare four companies—MARA, CLSK, CORZ, and CANG—to see how their business logic differs, and why the market has given such different valuations.
I. Expansion Strategies Differ Greatly: Heavy Investment Construction VS. Flexible Guerrilla Tactics
The cost of acquiring new computing power now splits the industry into two completely opposite paths.
1. Large-scale Deployment: CleanSpark and Riot Platforms
The core strategy in one sentence: "Only new, never old; self-built, never leased." CLSK and Riot pour real money into building large mining farm parks, with hardware using only the latest S21 or XP series.
The benefits of this approach are obvious—new hardware has high efficiency, self-built mining farms give control, and long-term costs are actually lower. But the upfront investment is enormous.