大摩认为，比特币矿企拥有约6.3吉瓦的已运营大型站点，以及另外2.5吉瓦在建产能，是AI公司"最快获得电力、执行风险最低"的选择。若将矿场改造 为数据中心，所创造的股权价值可达每瓦特5至8美元，远高于许多比特币矿企当前的交易水平。 报告分析，即使将天然气涡轮机交易（约15-20吉瓦）、Bloom Energy的燃料电池（约5-8吉瓦）以及利用现有核电站的方案（约5-15吉瓦）等所有创 新措施都考虑在内，并假设它们都能顺利执行， 到2028年，美国数据中心开发者仍将面临约5至15吉瓦的电力短缺。 施耐德电气最近的一份调查报告 也印证了这一挑战，指出"获取电力"已成为数据中心项目延期的首要原因。 人工智能的爆发式增长正引发对电力的空前渴求，而能够立即满足这一需求的供给却极为有限。 根据摩根士丹利21日的研究报告， 2025年至2028年间，仅美国就面临高达45吉瓦（GW）的数据中心电力缺口。 即便考虑到天然气、核能等其他创新 解决方案，缺口依然存在。 与需要数年才能并网的新项目不同，比特币矿企拥有现成的、已接入电网的大型场地和电力容量。报告指出， 美国比特币矿企拥有约6.3吉瓦的已运营 大型站点，以及另外2.5吉 ...

Group 1 - The core point of the article highlights the unprecedented demand for electricity driven by the explosive growth of artificial intelligence (AI), with a significant power shortfall projected in the U.S. data center sector from 2025 to 2028 [1][2] - Morgan Stanley's report estimates that the electricity demand for U.S. data centers will reach 65 gigawatts (GW) by 2028, while the grid can only provide 15 GW of immediate capacity, resulting in a shortfall of approximately 45 GW [2][5] - Even with innovative solutions like natural gas turbines and fuel cells, the projected shortfall remains between 5 to 15 GW by 2028, indicating a critical power bottleneck for data center developers [2][4] Group 2 - Bitcoin mining companies possess significant advantages in this context, as they have existing large-scale power supply capabilities and approved grid connections, making them a viable option for AI companies seeking immediate power access [1][4] - U.S. Bitcoin mining firms currently operate approximately 6.3 GW of large-scale sites, with an additional 2.5 GW under construction and 8.6 GW in development with grid access permits [5][8] - The potential economic value of converting Bitcoin mining sites into AI data centers is substantial, with estimates suggesting that such conversions could create equity values ranging from $5.19 to $7.81 per watt, significantly higher than current trading levels of many mining companies [8]