The Four Step Ladder That Decides a Bitcoin Miner's AI Upside

Every operator with land and a power contract is now being told to "do AI." Almost all of them are asking the wrong question. The choice was never whether to run GPUs, it's where you sit on the infrastructure value chain, and what the next step up actually buys you. Bitcoin mining is a ladder of four business models, and the one you're standing on already decides how much AI revenue you can credibly underwrite. Why Most Miners Are Asking the Wrong AI Question Four Models, Four Positions on...