Whether measured in exahashes per second or gigawatts, computing has become the essential commodity of the 21st century. Just as crude oil fueled the industrial age, computation now fuels the digital age. I believe savvy investors who recognize this will benefit the most.
Global capital has flowed into artificial intelligence (AI) and data centers. In June, data center construction spending in the United States hit a record $40 billion, up 30% from the same month last year, according to Bank of America.
Governments are not standing idly by. Washington recently took an $8.9 billion stake in Intel, the UK pledged billions for supercomputers and defense budgets around the world are increasing with a focus on AI-based systems – from drones to satellites.
Computing is now a strategic asset, and countries are hoarding it like they do barrels of oil and gold.
Sustainable Bitcoin mining on a global scale
Perhaps nowhere is this more evident than in Bitcoin. The world’s most secure decentralized network relies entirely on raw computing power. Bitcoin miners convert energy into digital scarcity, producing the blocks that support a $2 trillion asset class.
We have seen first-hand how IT fuels growth. Last month we surpassed 20 exahashes per second in global mining capacity, making us responsible for approximately 2% of the Bitcoin network. This translates to approximately nine new bitcoins mined every day, with an efficiency of 18 joules per terahash.
I believe today’s investors want more than just returns: they want sustainable returns. That’s why green energy – powered by low-cost, renewable hydroelectric power across multiple continents – is at the heart of a successful bitcoin mining strategy. As Bitcoin continues to benefit from adoption, institutional investors should consider the asset as part of a broader allocation to digital infrastructure, alongside semiconductors, data centers and AI platforms.
IT emerges as the defining product of the century
It is clear to me that compute is becoming its own asset class. In a recent survey, 95% of major investors told CBRE they plan to increase their exposure to data center investments this year.
In the 20th century, investors who understood energy shaped industries and built enormous fortunes. This century, the product that matters most is computing, whether it’s mining bitcoins or training AI models.
It is the foundation of the digital age and the resource that will define this century. By combining it with sustainable energy, the potential long-term value for investors is unlimited.
