Recently, many people have asked me why I don't do shorting Bitcoin. Here, I will discuss my judgment from three dimensions.

**Technical Aspect: The Mathematical Moat Has Yet to Be Breached**
I agree with a viewpoint that Musk had before – no matter how powerful AI is, it cannot change the underlying rules of mathematics. The most advanced quantum computers are still far from breaking the SHA-256 algorithm; conservatively estimating, they are not a threat at all within the next five years. Since the technological foundation is quite stable, the logic of shorting does not hold.

**Policy Background: The Ruling Family's Deep Involvement**
The Trump family is now openly betting on making money with Bitcoin. Eric has set up a mining farm in Texas with 35,000 liquid-cooled devices, capable of mining nearly 9 coins a day, accounting for about 2% of the global daily output. This is not just a hobby—it's an industry with real money invested, and the more they earn, the more they will maintain this market. The regulatory environment for these people is, quite frankly, the most comfortable it has ever been.

**Mining Landscape: Decentralization Remains the Main Theme**
Many people think that American Bitcoin has a large scale, but in fact, its current computing power is only around 24 EH/s. Let's compare:
- MARA has reached 60 EH/s.
- CLSK also has 47 EH/s, and the expansion speed is extremely fast.

Leading mining companies are more efficient and have lower costs. The network's computing power landscape is still quite decentralized; a single player trying to monopolize? Basically impossible. Instead, it is the mining giants with strong operational capabilities that benefit.

**My operational thinking**
The short-term technology has no major flaws, mid-term policies and capital endorsements are in place, and the long-term mining ecosystem is robust—under these circumstances, the risk-reward ratio for shorting is too poor. Therefore, I will continue to hold onto mining concept stocks like MARA, CLSK, and HUT, benefiting from the elastic space brought by computing power expansion and policy dividends.

The market is risky, the above is only a personal opinion and does not constitute investment advice.