The Bitcoin mining industry in 2025 is witnessing a shift in evaluation metrics, moving beyond mere hash rate scale. The market now favors two types of companies: giants like Core Scientific transitioning into AI, and miners like CleanSpark focusing on operational efficiency. A third model, represented by Cangoo, emphasizes cost-effective strategies and AI transformation. CleanSpark and Riot Platforms adopt a heavy asset approach, investing in new mining farms and machines, while Cangoo leverages low-cost expansion by acquiring used machines, offering a cost-effective alternative. In AI transformation, Core Scientific builds large data centers, whereas Cangoo focuses on a decentralized AI network, catering to small and medium enterprises with rapid response capabilities. Market perception varies, with MARA and IREN being popular among institutional investors, while Cangoo remains undervalued despite its significant computing power. As Cangoo's AI business gains recognition, it presents a high-reward opportunity for value investors seeking both downside asset support and upside potential.