Hashrate is becoming something institutions can actually underwrite. At @BITMAINtech's WDMS Global in Hong Kong recently, @RootstockLabs Director of Institutional Propositions Tony Dicarlo joined the panel “From Hashrate to Balance Sheet: Bitcoin Mining as an Institutional Asset Class.” Much of the conversation around mining this year has focused on hashrate leaving for AI and HPC. Tony made the other side of the case: when hashrate leaves the network, difficulty adjusts and the miners that remain have an opportunity to capture a greater share of Bitcoin’s fixed daily reward. For a well-capitalised miner, that could make this one of the more interesting windows in years to grow hashrate market share. But the bigger shift is happening in how mining itself can be financed. Tony’s argument: hashrate is becoming real collateral, alongside hardware and Bitcoin, opening up new ways for miners to access credit and expand without selling BTC.