Bitcoin miner with power contract exposure

I think a more reasonable explanation is that companies like CIFR, HUT, and WULF signed off a portion of their electricity through long-term contracts relatively early. However, as AI data centers are increasingly facing electricity shortages and power prices are becoming more valuable, those previously favorable contracts may now appear to have been sold too cheaply. Therefore, the key focus for this sector going forward should be on how many MW these companies have left unsigned. The market is rewarding companies that still retain significant room for expansion and repricing, while penalizing those that locked scarce resources into low-price long-term contracts too early.