Core Viewpoint - The article emphasizes that the AI revolution is shifting from an algorithmic competition to a fundamental battle over energy conversion efficiency, with China's electricity assets being redefined as a new form of global hard currency in the digital economy [1][2]. Group 1: Energy Transformation - China's industrial electricity price is approximately 0.7–0.8 yuan per kilowatt-hour, which is significantly lower than that of major economies like Europe and the U.S. [5] - The transformation of electricity into digital assets, such as Tokens, allows for a value increase from 0.8 yuan per kilowatt-hour to over 16 yuan through data centers [1][3]. - The concept of "digital packaging" of electricity enables it to be sold as API calls to global developers, eliminating transportation costs and inventory issues [3][5]. Group 2: Market Dynamics - The Token market is likened to a digital container, standardizing the delivery of intelligence and allowing for global flow without geographical constraints [6][8]. - The shift from "mining-based computing power" to "industrial inference computing power" marks a significant transformation in China's computing structure [11]. - The demand for Tokens is expected to grow exponentially as AI applications become more integrated into business processes, shifting focus from model capability to cost efficiency [7][13]. Group 3: Historical Context and Future Implications - China's past experience with Bitcoin mining, where cheap hydropower supported over 70% of global Bitcoin hash rate, serves as a precursor to the current financialization of electricity [9][10]. - The article draws parallels between the rise of South Korea's semiconductor industry and China's current efforts to capitalize on electricity and computing power, suggesting that the latter could lock in the cost base for AI applications [14][15]. - The potential for a long-term energy financial revolution is highlighted, indicating that countries with the lowest electricity costs will gain pricing power in the digital age [15].