Amid the global transition in energy structure, ZFX Shanhai Securities indicated on February 17 that market perception of Bitcoin mining's energy attributes is undergoing a fundamental shift. Previously often viewed as a pure energy burden, the latest industry trends suggest it is evolving into a strategic grid asset capable of optimizing grid efficiency and providing demand-side response capabilities.

With the explosive growth in AI data center scale, the impact of high-density computing infrastructure on grid stability has come into focus. Analysis suggests that equating Bitcoin mining with traditional, constant-load AI data centers is misleading. ZFX Shanhai Securities argues that Bitcoin mining offers exceptional demand flexibility, allowing it to adjust operations in real-time based on electricity market price signals—a fundamental distinction from computing operations that must run continuously 24/7.

Data shows that Bitcoin mining currently accounts for only about 0.08% of global energy consumption and a minimal proportion of carbon emissions. Due to its quadrennial reward halving mechanism, long-term energy growth is tightly constrained by economic factors. Meanwhile, mining operations often utilize surplus electricity or off-peak low-cost energy. This "trough-filling" behavior helps improve the utilization rate of power generation facilities and acts as a buffer during periods of excess electricity supply.

Many traditional mining companies have begun strategic transitions into AI data processing to pursue higher marginal profits. This shift further demonstrates the versatility of computing infrastructure. ZFX Shanhai Securities believes policymakers and investors should move beyond simplistic environmental alarmism and instead evaluate mining's value from the perspective of electricity market regulation. As a highly responsive flexible load, Bitcoin mining's potential role as a stabilizer in future energy markets is increasingly evident.