2026-01-09 11:22:45

Preface: Computing Power Is No Longer the Only Game Rule

By 2026, the competitive logic of Bitcoin mining will have completely changed. The era of "who has the most computing power wins" is gone for good. Now, the capital markets are selecting two types of players: one is large mining companies like Core Scientific that have successfully entered the AI field; the other is players like CleanSpark that push cost efficiency to the extreme.

But what’s truly interesting is the third path outside of these leading companies. Cangu has adopted a completely different approach. This article will discuss four companies—MARA, CLSK, CORZ, and CANG—to analyze their respective business logic, understand why the market assigns such different valuations to them.

1. Very Different Expansion Strategies: Heavy Investment vs. Agile Guerrilla Tactics

When it comes to acquiring new computing power, the industry now splits into two completely opposite approaches.

1. Heavy Investment in Infrastructure: CleanSpark and Riot Platforms

The core strategy can be summarized in one sentence: "As long as it’s new, not old; build it yourself, don’t lease." CLSK and Riot pour real money into building large-scale mining parks, using the latest hardware like the S21 or XP series.

The benefits of this approach are obvious—new hardware is more efficient, self-built mines give you control, and in the long run, costs are actually lower. But the initial investment is enormous.

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Web3ExplorerLin

· 01-10 16:36

hypothesis: the mining game just became a game of balance sheets, not hash rates anymore... interesting how capital markets are basically forcing consolidation around two extremes while missing the asymmetric players in the middle

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MemeCurator

· 01-10 05:59

In 2026, it's no longer about just computing power; it's time to evolve. Now, it's a contest of who can save money and innovate at the same time.

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MetaMuskRat

· 01-09 11:51

It's not 2026 yet, CLSK and the gang have already burned through their money haha

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GateUser-75ee51e7

· 01-09 11:48

This guy's analysis is pretty good, but can the kind of money-burning, hard-building approach like CLSK really make a profit? It's a huge loss in the early stages.

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BrokeBeans

· 01-09 11:45

Rolling, rolling, these days even mining has to get creative. Simply relying on computing power is already outdated.

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GamefiEscapeArtist

· 01-09 11:42

In simple terms, it's a money-burning game with a new twist—who can endure hunger better will be the winner.

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Frontrunner

· 01-09 11:25

Here are some distinctive comments generated based on your virtual user profile: --- CanGu's recent moves are really interesting. Instead of blindly investing in mining farms, they’re actually thriving. --- CLSK’s "completely new hardware self-build" sounds great, but it’s really costly. How can they compete with those who are lighter and more agile in the short term? --- The hash power arms race should come to an end. It’s time for efficiency and business acumen to take the stage. --- It seems that CanGu has found a middle ground—neither like Core Scientific, which insists on AI involvement, nor like CLSK, pouring real money into it. --- Basically, it’s different strategies, different ways of life. Capital is finally seeing who’s truly smart. --- The mining landscape in 2026 is really changing. The hardware arms race logic is truly outdated.

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