Power Mining Analysis

Bitcoin holds near 90K as miners rally and hyperscalers chase megawatts. We dig into Meta’s nuclear plans, real power pipelines from miners, capital strategies, and why partnerships and execution decide who wins the HPC shift.

• Meta’s nuclear sourcing plan and its 2035 timing
• Bitdeer’s gigawatt-scale Ohio footprint
• Bitfarms’ North America pivot and pipeline
• Conference takeaways and rising investor interest
• BitFufu’s profitability and cloud hosting traction
• Quantum FUD versus Bitcoin security claims
• MARA’s debt, equity, and Bitcoin funding levers
• Power ownership, gas generation, and ROI choices
• IREN’s Childress and Sweetwate...

We track Bitcoin’s bounce, then dive into the numbers that actually decide who survives: liquidity, leverage, and the gap between net assets and market value. Site visits, insider buys, and a wind-powered HPC pilot show where the real edge is forming.

• Bitcoin price momentum and miner beta
• Why current ratios signal real liquidity
• Debt ratios as a map of funding strategy
• NAV vs market cap to spot mispricing
• NAV vs enterprise value for debt-adjusted value
• Soluna’s Siemens pilot for behind-the-meter HPC
• DMG, Bit Digital, MARA as value standouts
• Terawulf’s contracts...

We map how Bitcoin miners are evolving into AI and HPC infrastructure players while parsing MSCI’s guidance on digital asset treasury companies. We share updates onMARA, BitFuFu, Hive, and Bit Digital, and why power access sets the winners apart in 2026.

• AI and HPC framed as the next growth engine for miners
• MSCI’s DAT stance and passive buying implications
• MARA’s operating model vs treasury classification
• Energy supply as the core AI-era bottleneck
• BitFuFu’s December output, curtailment discipline, efficiency
• Hive’s Paraguay expansion, 25 EH, rising HPC ARR
• Bit Digital’s ETH holdings, staking yi...

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We track Bitcoin’s push above 93k, a broad miner rally, and a bigger story: how stock-based compensation is being redesigned to drive the pivot from pure Bitcoin mining to HPC and AI infrastructure. We compare filings from Riot, Terawulf, Cipher, MARA, and IREN to show where incentives align with real performance and where shareholder patience is thinning.

• Two-year performance context for major miners
• Rising stock comp versus revenue benchmarks
• Shareholder voting trends and dilution risk
• Riot CFO shift and HPC-focused incentive metrics
• Terawulf RSUs and PSUs amid site expansion
• Cypher Form 4, tax disposals...

We mark the new year with a rebrand to power analysis and a clear thesis: miners with cheap power, ready sites, and strong partners will lead the HPC shift while Bitcoin stabilizes near $90k. We cover portfolio moves, capital plans, and long-term contracts that change the game.

• Bitcoin price action, whale buys, and tax dynamics
• Miners’ rally and positioning into 2026
• Bitfarms’ Latin America exit and North America focus
• Hive’s Paraguay growth and low-cost hydro power
• BitFuFu’s cloud hashrate and hosting margins
• Riot’s $500m ATM and HPC buildout runway
• IREN’s early HPC strateg...

We break down how MARA uses scale, site control, and a deep Bitcoin treasury to pivot from pure mining toward high margin compute. The story centers on power: owning it, pricing it, and routing it to wherever returns are highest, from blocks to inference.

• Bitcoin price holding near 87k and supply dynamics
• 2025 miner returns and why MARA underperformed
• 60+ EH capacity, 18 sites, 19 J/TH efficiency
• Granbury flagship, modular designs, onsite repair
• HODL growth and treasury value vs market cap
• Capital levers: BTC-backed loans and zero-coupon converts
• HPC AI strategy with inference focus and grid limit...

We break down why Riot Platforms is our top pick for 2026, focusing on operational turnaround, Texas-scale power, strong capital levers, and a measured pivot into AI and HPC data centers. The result is a strategy that values optionality, speed to market, and durable margins.

• operational delivery improvements and top-tier efficiency
• demand response credits and lower all-in power costs
• engineering division as revenue and uptime advantage
• Corsicana and Rockdale gigawatt-scale power access
• Kentucky site expansion potential
• realistic halving math and mining margin pressure
• capital reserves, HODL strategy, and financing options
• disciplined HPC roadmap, she...

We break down Bitdeer’s 2026 plan across custom SEAL miners, soaring self-mining growth, a global power pipeline nearing 3 GW, and a focused AI compute strategy that blends CSP and co-location. Field notes from Rockdale and deep dives on Bhutan, Washington, Knoxville, and Clarington round out a data-rich review.

• Bitcoin market context and miner performance
• SEAL Miner roadmap from A1 to A4 and efficiency gains
• Self-mining hashrate growth and hosting stability
• On-site operations at Rockdale and repair capacity
• Global footprint across Bhutan, Norway, Texas, Ethiopia
• Power in operation and development approaching 3 GW
• AI strategy span...

We share Q4 and full-year results, then lay out how hydro cooling, energy grants, and site design set up Christina Lake to become a staged AI campus. We walk through our trust, pool, and software stack, and explain why AI co-location now offers the best near-term upside while Bitcoin remains core.

• revenue up year over year and cash from operations doubled
• balance sheet strength under IFRS vs US GAAP context
• hydro conversion results and efficiency grant impact
• shift to liquid cooling to match AI density needs
• Christina Lake positioned as an AI factory with stage...

We break down WhiteFiber’s 10-year, $865 million co-location and services deal with Nscale and why speed to revenue is the company’s edge. Sam Tabar details the retrofit-first playbook, financing approach, and why co-location outshines commoditized GPU cloud.

• $2 million per MW ARR contract economics at NC1
• Co-location plus services model with durable margins
• 40 MW online rapidly with 20 MW by April and 20 MW in May
• Retrofit-first site strategy to compress timelines and costs
• Power roadmap with Duke and expansion potential toward 200 MW
• Comparison to peer deals and negotiation dynamics
• Execution track record including rapid Ti...

We track a steady Bitcoin price and light holiday volumes while spotlighting the bigger shift: how AI and HPC demand, new tariff rules, and efficiency gains are reshaping mining strategy. Bitdeer moves manufacturing to Nevada and Cipher secures 200 MW in PJM as policy momentum builds.

• Bitcoin price hovering high‑80k with muted tape
• Miner board mixed while HPC‑linked names hold interest
• Bitdeer leases Reno facility to assemble SEAL miners
• SEAL A4 efficiency targets, iteration, and margin math
• Power costs versus fleet efficiency and payback windows
• Cipher expands beyond Texas with 200 MW in Ohio
• PJ...

We map where Bitcoin sits after repeated 90k rejections and why ETFs, corporate treasuries, banks, and policy shifts could extend or break the four‑year cycle. Then we dig into miners decoupling from BTC as they pivot power toward HPC and sign AI compute deals that reshape valuations.

• ETF demand and corporate HODL tightening free float
• Policy momentum and banks enabling Bitcoin‑backed credit
• Rangebound price dynamics around options expiry
• Miners’ pivot from hash to high‑performance compute
• Deal flow at Core Scientific, TeraWulf, Cipher, HUT and IREN
• Why site power, fiber and water outrank ra...

Two landmark AI co-location deals reset expectations for Bitcoin miners, while construction updates show how speed, siting, and contract structure drive value. We compare NOI headlines with the real cost stack and call out where timelines and capex per MW separate leaders from laggards.

• bitcoin stalls near 90,000 as options expiry looms 
• miners rally on concrete deals and build progress 
• whitefiber–nscale 40mw, 10-year, 3% escalator structure 
• hut 8’s 245mw triple-net contract and noi nuance 
• cost per mw, financing rates, and delivery premiums 
• iren childress acceleration and horizon build stages 
• cipher updates and gross versus net power c...

We track a choppy Bitcoin tape against surging AI compute demand and explain why miners with power, contracts, and build capability stand to benefit. DMG’s earnings, Terawulf’s JV financing, and fresh signals from chipmakers and analysts point to durable tailwinds, not a bubble.

• Bitcoin price resilience alongside short-term pullbacks
• Miners’ drawdown contrasted with expanding AI HPC demand
• DMG earnings under IFRS versus GAAP context
• DMG balance sheet strength and SOC 2 credibility
• Pivot from hash rate growth to high-margin HPC
• Terawulf–FluidStack JV financing and 25-year commitment
• Core Scientific upgrades and deal profitability...

We break down Hut 8’s Google‑backed HPC lease with Anthropic and FluidStack, why the Riverbend campus is set up to scale, and how contract terms like ROFO, escalators, and NOI per megawatt change how miners are valued. Market volatility meets long‑dated cash flows as power becomes the moat.

• Bitcoin price action and miner correlation
• Shift from pure mining to AI HPC co‑location
• Hut 8’s three‑tranche roadmap and ROFO
• Riverbend phase one economics and NOI
• Google backstop, bank underwriting, and cheaper debt
• Power market advantages in MISO, land scale, 345 kV lines
• Vendor st...

We break down November’s mining pain: hash price near new lows, difficulty still high, and fees stuck at the floor. We show how hedging outperformed spot, why efficiency and power costs decide survival, and where miners pivot toward AI HPC as capital gets cheaper.

• November hash price decline and fee drought
• Rising difficulty with intermittent negative adjustments
• Fleet efficiency tiers and breakeven stress at five-cent power
• Real costs beyond energy including opex and depreciation
• Forward market results favoring disciplined hedging
• Zero-sum dynamics between sellers and buyers of hash rate
• Liquidity growth and treas...

We unpack why power access and delivery speed will decide the winners of AI HPC in 2026, then rank our top picks: Riot, IREN, Cipher, Bitfarms, and Core Scientific. Bitcoin’s pullback frames entry points, but the core story is megawatts, contracts, and teams that can build at scale.

• Bitcoin price weakness and miner share compression
• Heat map review and 2025 standouts
• Cipher’s executed contracts, multi‑site pipeline, trusted build team
• Bitfarms’ pivot to HPC with Panther Creek, Scrubgrass, and financing stack
• IREN CSP model with Microsoft, GPU scale, and mining efficiency
• Core Scientific’s CoreWea...

Markets open deep red as Bitcoin snaps support and miner stocks slide. We dig into AI HPC doubts, delivery risk, regulation tailwinds, Bitdeer’s operational surge, and why treasury strategy now decides who survives the next 24 months.

• Bitcoin breaks support and volumes stay thin
• Miner heat map turns red despite no new contract news
• AI HPC timelines, utilization risk, and build-to-spec challenges
• Core Scientific delivery cadence and implications for peers
• US crypto market structure bill as an institutional unlock
• Saylor’s accumulation and treasury concentration dynamics
• ABTC’s Bitcoin-per-share push and DAT premiums compres...

We compare Satoshis per $1,000 across major Bitcoin miners, stack it against MNAV, and weigh how HPC contracts are reshaping valuations. ETF demand, thin volumes, and Hive’s new Colombia listing set the backdrop as we map where equity delivers more sats than buying BTC.

• Bitcoin price steady near 90k with ETF inflows
• Miner volumes lower and heat map mostly red
• DATs premiums fading and discounts emerging
• MNAV for miners versus asset bases and debt
• Sats per $1,000 methodology and top results
• Contract value and power as key drivers
• Core Scientific delivery progress and comms gap Duration: 00:35:28

We break down why the Fed’s 25 bps cut matters for miners’ capex and refinancing, then map how rising difficulty pressures production while HPC revenues open a second engine for growth. We spotlight Bitfufu’s cloud hashrate scale, American BTC’s treasury strategy, and Hive’s operational gains.

• impact of a 25 bps cut on miner financing and interest expense
• bitcoin price trend, volatility, and institutional demand
• mixed miner performance on light volumes
• Bitfufu’s retail cloud hashrate and subscription scale
• American btc’s strategic BTC purchases and sats per share
• Hive’s production metrics, difficul...

Markets pop and miners follow, but the real story is how operators are lowering costs, tightening financing, and moving into HPC AI. We break down Bitzero’s hydro buildout, Iron’s convertibles, Soluna’s hosting growth, and Luxor’s GPU push with COO Ethan Vera.

• Miner heat map turns green after weeks of drawdowns
• BitZero expands Norway site to 110 MW on hydropower
• Sub–four cent energy targets and ~seven exahash goal
• Frankfurt listing progress and U.S. listing efforts
• Iren raises $2.3bn, repays notes, lowers coupons
• Capped call structure to limit dilution risk
• Soluna host...

We break down four landmark AI and HPC deals in mining and explain why power, PUE, and contract structure now drive valuation more than day-to-day price. We compare Cipher, Core Scientific, Iren, and TeraWulf, and share how Luxor’s tools can steady mining revenue.

• Bitcoin price volatility context and miner performance
• Why long-term contracts beat spot exposure for stability
• Cipher’s FluidStack and AWS agreements and pipeline
• Core Scientific’s first-mover delivery and refurb funding
• Iren’s CSP model, GPU ownership, and Microsoft advance
• TeraWulf’s PUE edge, JV structure, and repeatable builds
• PUE, crit...

We recap a red week for Bitcoin and miner equities, then dig into why leverage, difficulty, and power costs are rewriting mining economics. We compare strategies across ETH staking, fleet upgrades, and AI HPC, and share which teams are turning megawatts into durable cash flow.

• Bitcoin dips below a key level amid leverage-driven volatility
• Miner equities slide into options Friday pressure
• Institutional signals continue despite price weakness
• Bit Digital grows ETH staking rewards and treasury
• BitFufu upgrades to S21s and scales cloud hashrate
• DMG reallocates megawatts to AI HPC at Christina Lake
• P...

We trace Kevin O’Leary’s pivot from Bitcoin skeptic to investor and dig into why Bitzero is building a power-first platform for AI compute and mining. CEO, Mohammed Bakhashwain lays out hash rate growth, Finland’s heat reuse plan, and how cheap energy and permits beat hardware hype.

• ETF approval as the inflection for institutional crypto
• BTC and ETH capturing most crypto alpha
• Stablecoin laws shaping Bitcoin as digital gold
• Bitzero positioned as power and real estate operator
• Sub-six-cent power as the core moat
• Hyperscaler demand shifting to 1.4 GW readiness
• Norway proof, public...

We break down why ETF demand is changing Bitcoin’s market rhythm and how miners can win on efficiency, power, and optionality. Kevin O’Leary weighs in on the AI capex flood as Bitzero breaks ground in Finland and Riot posts steady, low-cost production.

• Bitcoin price stabilising around 92–93k and ETF buying power shaping demand
• Miner equities supported by HPC narratives and efficiency races
• Bitmain scrutiny opening lanes for Bitdeer, MicroBT, and Auradine
• Institutional adoption raising centralisation concerns and liquidity depth
• Benner cycle versus weakening four‑year crypto cycle thesis
• ABTC unlock volatility and inves...

We track a wild 24 hours where ETF demand dwarfs mining supply, UK policy shifts add legal clarity, and miner strategies split between pure Bitcoin efficiency and HPC expansion. CleanSpark posts a nuanced production update as IREN retools its capital stack for long-term growth. 

• Vanguard ETF flows translating into massive Bitcoin purchases • Shortage dynamics from issuance versus demand 

• UK recognition of crypto as property and US market structure momentum 

• CleanSpark efficiency, production, power additions, and sales strategy 

• IREN share offering, higher-price convertibles, and capped call design 

• HPC capex realities and why miners pivot...

Bitcoin rips back above 92k as miners wobble, institutions pile in, and IREN unveils a financing stack sized for hyperscale AI compute. We step through Marathon’s power-led strategy, Auradine’s efficiency jump, and why hashprice headwinds are forcing an HPC pivot.

• Bitcoin volatility viewed through long-term returns
• Miner equity correlation versus power strategy divergence
• ABTC slump, lockup dynamics, and political associations
• Vanguard enabling Bitcoin ETF buys and inflows
• Trump-era policy signals and pro-crypto leadership
• Marathon’s treasury, global sites, and power control
• Auradine ASIC efficiency and fleet economics
• Texas wind farm and MPLX gas...

We break down why Bitcoin’s drop doesn’t change the long arc toward higher compute demand, then map three distinct strategies reshaping mining into AI infrastructure. From wind curtailment to liquid cooling and CSP models, we focus on execution, timelines, and real contracts.

• Market headwinds, leverage wipeouts, and miner drawdowns
• Soluna’s behind-the-meter design and curtailment capture
• Capital partners, CATI phases, and HPC proof of concept
• HUT 8’s spinout to ABTC and power buckets
• Vega’s liquid cooling design and density headroom
• Efficiency, treasury views, and growth targets
• Bit Digital’s pivot to Whitefiber and...

A green week lifts Bitcoin miners, but we dig beneath the bounce to show how difficulty, power costs, and fleet efficiency drive real margins. We walk through CleanSpark’s HPC pivot, Bitfarms’ positioning, Core Scientific’s crossroads, and why hash price lows are forcing strategy shifts.

• market recap and whale selling context
• miner heat map highlights and volatility
• Soluna’s wind power model and project pipeline
• CleanSpark’s pivot to HPC and containerized buildouts
• Bitfarms’ hyperscale adjacency and rising volumes
• Core Scientific’s contract vote fallout and strategy questions
• post‑halving productivity per exahash trend...

We break down CleanSpark’s FY25 results, compare miner margins, and explain why hashprice pressure is pushing operators toward HPC. We also cover TerraWulf’s preferred conversion, Cypher’s warrants, and Hive’s new ATM, plus CleanSpark’s Texas expansion and options-based yield.

• Bitcoin market context and volatility
• CleanSpark FY25 revenue, margins, and BTC stack
• Peer comparisons across gross margins and production
• Sensitivity to hashprice and operating costs
• Digital asset management and options yield on BTC
• ERCOT entry, modular builds, and Submer partnership
• TeraWulf preferred conversion and balance sheet cleanup
• Cipher warrant exercises a...

We weigh how AI became a national security priority and why miners with power are positioned to supply the surge. From AWS’s classified 1.3 GW plan to gigawatt campuses in Texas, we connect government demand, hyperscalers, and mining portfolios shifting to HPC.

• market snapshot on bitcoin price and miner breadth
• frank holmes on nato budgets and tier four data centres
• aws secret and top secret ai infrastructure plan
• constraints around power, land and interconnects
• tours of childress, corsicana and sweetwater scale
• core scientific, cipher and terawulf contract momentum
• timelines, staged energisation and revenue brid...

We track Bitcoin’s rebound near 87,000, then dig into Bitzero’s CSE debut and DMG’s US expansion to show how miners are positioning for sovereign AI demand and secure, modular data centers. Government partnerships, cold-climate sites, and hydro power shape the next phase of compute.

• BTC volatility, cycle risk, and profit-taking discipline
• Miner stock moves after weeks of red and sentiment reset
• Bitzero’s ESG strategy, hydro power, and S21 Pro efficiency
• Norway expansion to 325 MW and Finland gigawatt potential
• North Dakota and legacy industrial sites repurposed for compute
• Military-grade angles, cooling advantages...

Bitcoin pulls back hard and miners feel the strain as hash price hits all-time lows. We unpack why the sector sold off, how HPC AI changes the playbook, and what to watch in balance sheets, power costs, and timelines.

• price slide pressures miner margins and sentiment
• AI co-location deals create revenue delays and interest costs
• miners with low-cost power and solid financing stand out
• HODL value versus market cap raises NAV questions
• DATs whipsaw without operating engines
• hash price at record lows reshapes cost thresholds
• power access beats chips in the AI buildout Duration: 00:32:28

Frank Holmes joins us to map a fast-moving shift from pure Bitcoin mining to high-performance computing, set against a real data and power arms race. We talk Paraguay power, Canadian partnerships, GPU economics, and how to build tier three data centers on miner timelines.

• global macro framing for AI, chips and security
• miners as rapid-build data center operators
• Paraguay power expansion and dark fibre gaps
• Q2 highlights and 35 EH roadmap
• margin discipline, accelerated depreciation and upgrade cycles
• Bell Canada partnership and GPU-as-a-service strategy
• revenue targets for HPC and tier upgrades
• GPU demand acros...

We unpack October’s miner economics with Luxor’s Kaan Farahani, connect difficulty and hash price to real production, and show how forward markets protected margins while fees hit historic lows. We compare Bitcoin mining versus AI/HPC power allocations and share data on what the curves imply next.

• October difficulty up, production per EH down
• Bitdeer’s rapid hashrate growth and vertical model
• Fees near decade lows on a BTC basis
• Energy hash price as a cross‑compute benchmark
• AI/HPC pivots, hosting growth, cloud mining models
• Forward hash rate explained and October hedging...

We weigh the Nvidia beat against a falling Bitcoin price and show why data center power, not GPUs, is the true bottleneck for AI. Site visits, fresh contracts, and campus build-outs reveal how miners are pivoting into durable, contracted HPC revenue.

• Bitcoin price slide and miner sentiment
• Nvidia’s record results and AI infrastructure demand
• Power constraints as the limiting factor for compute
• Field reports from Corsicana and Childress mega-sites
• Microsoft’s footprint and expansion logic at Iron
• Standardized 56 MW modules and Tier III readiness
• Bitfarms’ US focus and gigawatt-scale planning
• Cipher’s Fluid...

We unpack Bitdeer’s Q3 results, why IFRS noise masked operating strength, and how vertical integration across chips, rigs, and sites creates flexibility in a tougher mining market. We then break down the HPC strategy, from cloud services to colocation, and the plan to monetize three gigawatts of secured power as demand for 2026–2027 capacity surges.

• adjusted EBITDA growth despite IFRS derivative effects
• SEAL A3 production timing and SEAL 04 chip efficiency
• optionality between self-mining and machine sales
• debt facilities and capped-call convertible to fund chips and GPUs
• mining economics, hashprice pressures, and faster paybacks
• Ohio sit...

We revisit five Texas site visits, then unpack earnings across Bit Digital, WhiteFiber, Bitfufu, Soluna, Canaan, and Hive to map where mining margins compress and where HPC and cloud revenue expand. Bitcoin weakness, ETF flows, and hashprice slides frame the pivot from pure mining to diversified compute.

• key takeaways from Texas tours and scale of operations
• bitcoin volatility, ETF flows, and risk mindset
• heat map and HODL percent of market cap shifts
• Bit Digital and Whitefiber revenue growth and margins
• Bitfufu’s cloud mining scale and user base
• Soluna’s wind-powered hosting and pipeline Duration: 00:35:32

We sit down with BitFuFu’s VP of IR, Charlie Brady, to unpack a standout Q3 and the mechanics of a cloud-first mining model that balances locked-in revenue with Bitcoin upside. The conversation traces how dynamic hash allocation, disciplined costs, and smart site ownership create resilience heading into the halving.

• cloud mining as a service driving majority of revenue
• dynamic allocation between self-mining and cloud to maximize margins
• efficiency gains via leased rigs and owned sites
• liquidity growth and EBITDA expansion
• Oklahoma site unit economics and replication goals
• capacity pipeline toward 1 GW by 2026
•...

We break down IREN’s leap from top-tier bitcoin mining margins to a $10B Microsoft GPU-as-a-service contract, and how prepayments, Dell terms, and disciplined financing de-risk the build. The conversation spans GPU paybacks, ERCOT policy shifts, BC growth, and the balance between mining and AI.

• Q1 operating highlights and mid‑60s gross margins
• Details of the $10B Microsoft agreement and diligence
• Prepayments, Dell payment terms, and lease financing
• Two‑year GPU paybacks and mid‑30s equity IRRs
• GPU lifespan versus 20‑year data center life
• Repairs, warranties, and Dell‑backed liquid cooling
• Expansion at Childress, Ho...

We bring back Soluna CEO John Belizaire to unpack a transformative quarter, a Texas tour of the Dorothy facility, and a roadmap that blends Bitcoin hosting with AI-ready, renewable computing. The focus: convert curtailed wind into flexible, profitable load while scaling responsibly with strong partners.

• 36% revenue growth and expanding gross margin
• Adjusted EBITDA profitability after one-off financing items
• Operational upgrades, maintenance discipline, rapid MW deployment
• Credit facility and refinancing fueling a scale flywheel
• Project Grace pilot for grid-stable AI power
• Clustering strategy for multi-site campuses in Texas
• Rigorous site screening and curtailment mo...

A retired smelter in Rockdale now runs as Bitdeer’s flagship, blending direct-to-chip cooling, efficient SEALMiners, and tight software control into a quiet, fast-moving operation. We tour the repair center, walk the racks, test the thermals, and map the path from mining to AI-ready infrastructure.

• origins as an aluminum smelter adapted for Bitcoin mining
• large, long-tenured repair team and consistent QA
• SEALMiner performance, A2 Pro efficiency, A3 roadmap
• scale of installs, rapid two-day wall deployments
• DTC cooling benefits versus immersion and air
• quieter acoustics, easier maintenance, overclock headroom
• MinerPlus fleet control for diagnostics...

We unpack ABTC’s first earnings as a public company and why Satoshis per share, not vanity exahash, guides every choice. Matt Prusak lays out a lean mining model, disciplined treasury playbook, and an ecosystem push aimed at durable, post-halving economics.

• doubling revenue and setting Satoshis per share as the north star
• 8–10 BTC per day with disciplined energy sourcing
• gross margin strength from 13 J/TH fleet upgrade
• lean SG&A enabled by an asset-light model and HUT 8 partnership
• treasury strategy using a $2.1b ATM and selective instruments
• measured stance on DeFi yield and counterparty...

Ben Gagnon CEO of Bitfarms joins us to unpack Q3 results, explain IFRS versus operational reality, and walk through the strategy to pivot from Bitcoin mining to high‑margin HPC and AI infrastructure. We cover Washington’s build, the power pipeline, lease timing, and why patience can create more value than quick wins.

• Clarifying Bitfarms Q3 revenue treatment under IFRS and Paraguay asset classification
• Bitfarms options strategy reducing effective cost of Bitcoin and de‑risking cash flows
• $1.1bn war chest and capital allocation toward HPC and AI infrastructure
• No rush leases strategy to secure higher long‑te...

We tour Riot’s Corsicana campus to see how a leading Bitcoin miner is building toward a gigawatt-ready HPC future. From massive substations and a literal lake to modular immersion halls and an adjacent core‑shell campus, the plan is bold and patient.

• in‑house development model and faster delivery
• expanded substation capacity and ESS Metron edge
• water strategy with lake, well and civil tie‑in
• modular immersion cooling and spotless operations
• flexible roadmap from mining to HPC tenants
• cash flow bridging through the next halving
• GSOC security oversight across multiple sites
• 67‑acre co...

A tough week for bitcoin and miners reveals which operators hold real power advantages, hardware roadmaps, and diversified revenue. We share on-site takeaways from Texas, break down October production across major names, and explain why HPC and hosting are becoming core to mining economics.

• Bitcoin price pressure and macro drag
• Miner sell-off dynamics and portfolio tactics
• BitFufu production trends and fleet efficiency
• Canaan operational gains and ultra-low power costs
• Hive’s rapid hashrate growth and Canadian AI build
• Bitdeer’s Ohio fire update and SEAL chip progress
• Record self-mining, hosting scale, and AI cloud reven...

We tour MARA’s Granbury flagship to show how a 260 MW Bitcoin mine runs quietly beside a natural gas plant and why 67% of rigs now sit in immersion. We break down modular build speed, behind‑the‑meter power, vertical integration, and load balancing with HPC.

• 260 MW flagship site with 12.2 EH contribution
• Immersion cooling adoption at 67% of active machines
• Modular container strategy for rapid energization
• Acoustic wall and gravel plan for noise and dust control
• On‑site repair workflow and visual monitoring software
• 20‑second curtailment capability for grid support
• Behind‑the‑meter access to natural gas power<...

We tour Soluna’s Dorothy facility in Silverton to see how behind-the-meter wind power becomes low-cost compute for Bitcoin hosting and future HPC. We dig into the diamond layout, airflow engineering, and how a hybrid wind+grid strategy underpins margins and growth.

• behind-the-meter wind model and grid interconnect
• diamond site layout and thermal simulations
• filtration design and PDU cooling upgrades
• Maestro software and fast power orchestration
• hosting-first strategy and client customization
• ERCOT context and SB6 weeding out weak projects
• hybrid power economics and three cent blended rates
• pipeline scale to 2.8 GW and capital acc...

We tour IREN’s Childress campus to see how power, cooling, and repeatable design create a mega-scale platform for Bitcoin mining today and HPC AI tomorrow. From grid ties and substation planning to closed-loop water and 20-year infrastructure, we map the strategy behind the Microsoft deal.

• community impact in Childress and local hiring
• 750 MW campus scale with 500 MW operating
• grid-connected power and 345 kV lines
• substation readiness and long-lead equipment
• air-cooled Bitcoin halls and noise control
• onsite repair shop and uptime culture
• closed-loop cooling, wells and water logistics
• Microsoft five-year GPUs vs 20-year buildin...

We challenge the old mining playbook and explain why we separated Bitcoin exposure into ABTC while building Hut 8 into a power-first infrastructure platform that can serve AI demand. Q3 results, the development flywheel, and contract structure take center stage, with clear views on compensation, treasury, and national hashrate.

• Q3 beat on revenue, margins and net income
• ABTC focus on Bitcoin per share growth
• Energy infrastructure as the core moat
• Development flywheel from origination to operations
• Transparent pipeline: diligence to development to management
• Texas SB6 and interconnect reforms as a filter for real builders Duration: 01:03:02

A wild market selloff flips to a late-session rebound as we unpack miner volatility, policy catalysts, and a megadeal that could reshape crypto infrastructure. We compare treasury strategies, grid choices, and how AI contracts change the revenue math for miners.

• macro jitters and Bitcoin’s sharp intraday swings
• Kazakhstan’s $1bn crypto reserve and Dubai’s Bitcoin payments
• ABTC growing HODL and focusing on Satoshis per share
• HUT 8 diversifying grids and posting solid earnings
• Canaan’s $72m raise and retail momentum
• Bit Digital’s ETH treasury, staking yields and White Fiber value
• IREN’s record qu...

Markets slide as Bitcoin dips near 100k and miners turn red while we refocus on what drives value: power, contracts, and execution. We weigh Iron’s earnings setup, Cipher’s financing, ERCOT constraints, and Soluna’s steady build toward HPC revenues.

• Bitcoin softness and miner correlation on a red tape day
• Year‑to‑date strength for HPC‑oriented miners despite volatility
• Iron earnings expectations and WhiteFiber timing
• MARA’s strategy on GPUs and CSP versus colocation risks
• Power market nuance across ERCOT, SPP, and PJM
• Queue congestion, interconnect timing, and curtailment realities
• Hyperscaler contract...

We unpack MARA Q3 records, liquidity moves, and a power-first strategy that treats electricity as the core asset and compute as an allocation decision. We also dig into AI inference, grid balancing, policy, and how to scale internationally without losing discipline.

• record revenue, 60.4 EH/s, growing Bitcoin treasury
• $1.025b 0% convert, liquidity and optionality
• electrons as moat and low-cost power strategy
• FASB swings versus real free cash flow
• capex discipline, depreciation, and fleet longevity
• Xion acquisition for edge inference and data centers
• MPLX path to 2–3.5 GW and gas-to-power
• pairing AI with mining to smooth l...

We break down why hyperscaler demand is pulling Bitcoin miners into HPC, how analysts are splitting on Iron’s value, and what DMG, Bitfufu, and Canaan signal about the next phase of mining. A quick macro twist from Kazakhstan adds fuel to the adoption story.

• Bitcoin rebound and miner strength
• Riot and Iren positioned for HPC near Texas hubs
• Bottomless AI demand and facility proximity advantages
• Analyst divergence on Iron price targets
• CSP versus colocation risk, margin, and logistics
• DMG’s steady October metrics and HODL build
• DMG’s Oregon entry and expansion path Duration: 00:36:26

TeraWulf’s CFO Patrick Fleury walks through a new Google-backed FluidStack JV, why SPP beats ERCOT for timelines, and how a rated, callable debt structure unlocks scale. We compare co-location to GPUaaS, unpack NOI math, and outline a repeatable playbook for AI-ready, water-cooled data centers.

• Google-supported FluidStack JV structure and equity split
• Rationale for SPP over ERCOT and interconnect realities
• Standardized high-density, water-cooled design and PUE nuance
• Co-location economics, NOI targets, and pass-through power
• Debt strategy, ratings, and path to bullet refinancing
• Pipeline discipline vs speculative megawatt claims
• Bitcoin mining as flexible grid se...

We track a rough Bitcoin slide, then focus on how miners are hedging the cycle by building power, signing HPC contracts, and turning HODL into working capital. Earnings and production updates from MARA, CleanSpark, Riot, and HUT 8 show the pivot from pure hash to diversified compute.

• Bitcoin price context, business cycle links, and miner decoupling
• Cipher financing for Barber Lake and Black Pearl HPC pivot
• Analyst split on IRON economics and model assumptions
• MARA’s Delaware Basin energy plan and treasury management
• Riot and CleanSpark monthly output, efficiency, and power credits
• HUT 8 and ABTC resul...

We track a turning point as leading Bitcoin miners pivot into high-performance compute, landing hyperscaler deals and redefining how power, GPUs, and data centers drive value. Hive, Iren, and Cipher set the pace while we compare risk, contracts, and value per megawatt.

• Bitcoin price softness contrasted with strong miner equity performance
• Hive scaling to 25 exahash while expanding Tier III HPC sites
• Cold climate efficiencies and sovereign compute advantages
• Iren’s five-year Microsoft deal and CSP risk-reward trade-offs
• Financing levers: advances, convertibles, cost of capital
• Cipher’s 15-year AWS co-location and site repurposing
• Valuation...

We break down Cipher Mining’s 15-year, 300 MW lease with AWS, why miners are being repriced as data center operators, and how Texas power and a deep site pipeline drive the shift from hash rate to hyperscale demand. We also touch on earnings, revenue ramps, and where AWS could land in the portfolio.

• AWS lease: 300 MW gross, $5.5bn value, August 2026 start
• Shift from Bitcoin mining to HPC colocation economics
• Market reaction and miner decoupling from Bitcoin price
• Black Pearl and Barber Lake site flexibility
• Pipeline depth: Stingray 100 MW and Colchis 1 GW
• Buildout realities, PUE...

Microsoft signs a five-year, $9.7 billion contract with IREN as the miner pivots to building and operating AI data centers at 200 MW scale. We unpack EBITDA claims, GPU CapEx realities, Childress buildout progress, and why miners are becoming HPC providers.

• Contract headline terms and 20% prepayment
• Why this is not a co-location model
• GPU CapEx, depreciation, and EBITDA limits
• Childress site progress and horizon phases
• Expansion capacity at Sweetwater and timeline
• Partner lineup and NVIDIA preferred status
• Miners’ narrative shift from BTC to HPC
• ARR potential from scaled megawatts
• Risks, utilization, and renewal dynamics...

We break down Riot’s record Q3 and the strategy shift that turns low-cost power into high-value data centers. Jason Les explains how Corsicana scales to one gigawatt, why Rockdale stays productive, and how mining funds and balances the move into AI-grade colocation.

• record revenue and margin drivers across mining and engineering
• rising network difficulty versus low all-in power cost
• the case for data centers as the highest return use of power
• Rockdale’s bridge role and planned hash rate growth
• Corsicana Core and Shell Plus and 56 MW data halls
• leasing readiness without a signed...

We break down how Bitcoin miners are shifting from pure hashrate to hyperscale data centers, with Core Scientific’s vote outcome and Riot’s Corsicana build shaping the week. Analysts raise targets as co-location, power credits, and GW-scale pipelines become the real edge.

• bitcoin holding above 100k while difficulty grinds higher
• mixed miner price action amid low volume and sentiment swings
• core scientific’s failed merger and new growth deck
• analyst upgrades and valuation multiples for hpc revenue
• pipeline math from hundreds of megawatts to multi-gigawatts
• riot’s core-and-shell strategy and standardized 56 mw blocks
• loca...

We break down how retail investors just repriced Core Scientific’s megawatts, why TerraWulf and BitDeer are racing into AI hosting, and how value per megawatt is replacing exahash as the metric that matters. Bitcoin dips while capital and contracts accelerate toward HPC.

• Bitcoin weakness set against rate cuts and hyperscaler CapEx
• Heat map of miners with daily, five-day, and monthly context
• Earnings calendar and upcoming guest conversations
• BitDeer’s vertical integration and SEAL Miner A3 rollout
• TeraWulf’s Google-linked JV and upsized converts
• Core Scientific no vote and multi-gigawatt power pipeline
• Denton build...

We break down how top Bitcoin miners are shifting into AI and HPC to squeeze more value from every megawatt, with deep dives on MARA, DMG, Core Scientific, TeraWulf, and CleanSpark. The theme is control: of power, sites, financing, and partnerships that turn volatile energy into durable cash flow.

• BTC price cool-down and mixed miner performance
• Decoupling of miner equities from Bitcoin moves
• Marathon’s shift from asset-light to asset-heavy
• MARA’s 50k+ BTC, activation strategy and partnerships
• Vertical integration via wind power and data center curtailment
• Global reach including Abu Dhabi JV and European...

We explore why power scarcity now drives the mining sector’s strategy, how AI demand is reshaping business models, and what TerraWolf’s Google-backed JV signals for valuation. Analyst upgrades, Core Scientific’s vote dynamics, and our Texas site tour round out a fast-moving day.

• bitcoin price holding near highs and hash economics improving
• power scarcity as the core bottleneck for AI and mining
• global data center energy demand set to double by 2030
• nuclear timelines versus near-term capacity needs
• S&P rating of a digital asset treasury and volatility context
• heat map read on miners and...

Trade news flips risk sentiment as we break down how a China–US thaw, Mag 7 capex, and a Bitcoin bounce ripple through mining stocks. We dig into ABTC’s treasury buy, Hive’s exahash surge and AI buildout, and Core Scientific’s HPC pivot, deal math, and the upcoming vote.

• tariff truce lifts indices and crypto
• Mag 7 capex as a signal for AI and GPUs
• Bitcoin recovery vs miner volatility at open
• sector shift toward HPC and co-location
• ABTC buys 1,414 BTC and launches sats per share
• Hive tops 22 EH/s, improves efficiency, expands AI cloud Duration: 00:37:50

A wild week ends with miners ripping higher while Bitcoin stays flat, as we track a decisive shift toward HPC and AI infrastructure. We unpack Oracle’s $38B data center push, Jane Street’s 13G filings, PJM fast-tracks, and why power-rich miners may be re-rated.

• Miner rally and volume strength across leaders
• Decoupling from Bitcoin price as HPC demand rises
• Oracle’s $38B Stargate build and ecosystem effects
• Jane Street’s 13G stakes in Cypher, Bitfarms, Hut 8
• Terawulf’s $3.2B notes to fund major contracts
• PJM interconnect acceleration as a structural catalyst
• Bitfarms’ Pennsy...

Markets snap back as miners rally, and we line up the catalysts shaping upcoming earnings from IREN, RIOT, and MARA. We dig into Core Scientific’s vote math, FASB effects on HODLers, and whether HPC deals now outrun pure Bitcoin mining.

• green day for miners after macro optimism
• core scientific and coreweave vote expectations
• IREN setup and HPC runway
• GPU ownership versus co-location risk
• RIOT’s cleaner results and dual HPC paths
• texas tour updates with riot, bitdeer, soluna
• marathon’s control, power strategy, and consistency gap
• fasb fair value uplift for hodl-heavy...

We walk through a red day for miners and a green runway for fundamentals, showing how analyst upgrades, AI partnerships, and long-term co-location contracts can outweigh short-term price pain. The CoreWeave bid for Core Scientific anchors a broader look at capex, margins, and strategic pivots into HPC.

• market selloff context against flat Bitcoin
• month-to-date gains compressing after profit taking
• bullish catalysts: analyst upgrades, new partnerships, stronger boards
• MARA’s strategy shift to power ownership and site control
• macro tailwinds for US-based AI and hash rate
• ABTC and HUT 8 plans toward 50 EH efficiency
• why mine...

Bitcoin rips higher while most miners end red, revealing a sharp decoupling and raising hard questions about margins, difficulty, and strategy. We unpack Hive’s Paraguay expansion and Bell partnership, Cipher’s earnings breadcrumbs, and IRIN’s vertically integrated push into AI compute amid policy chatter.

• Bitcoin spikes as gold retreats and miners lag
• Decoupling dynamics between BTC price and miner equities
• Heat map trends and longer-term performance context
• Track record across 15 miners and lessons from past cycles
• Hive targets 35 EH by 2026 with Paraguay hydro expansion
• Bell partnership to scale HPC and sovereign AI capac...

We track a sharp rally in Bitcoin mining stocks while Bitcoin trades sideways and explain why the AWS outage turned the spotlight to power, proximity, and decentralized data center capacity. The core theme: miners are pivoting from hash rate to high-value compute as grid constraints and demand surge.

• AWS outage exposing centralized cloud risk
• power scarcity and aging grid as bottlenecks
• miners’ advantage in contracted megawatts and sites
• Northeast proximity, fiber routes, latency benefits
• TeraWulf funding and Lake Mariner scale
• Core Scientific revenues, CoreWeave vote dynamics
• CleanSpark’s AI leadership hire and site evaluatio...

We break down a brutal two-day sell-off in Bitcoin miners, weigh gold’s run against Bitcoin’s long-term outperformance, and map the financing levers that decide who scales and who stalls. From Terawulf’s debt to Bitfarms’ capped call to IREN’s war chest, strategy beats fear.

• drivers of the miner sell-off and Bitcoin price breaks
• gold surge versus Bitcoin cycles and positioning
• ETF flows, liquidations and short-term volatility
• debt trade-offs and Terawulf interest coverage
• convertible notes, premiums and capped call mechanics
• timing ATMs to compress dilution
• IREN’s capital raise and multi-gigawatt roadmap...

We break down why miners are rising while Bitcoin chops, and how power, contracts, and HPC pivots are reshaping valuations. From the Core Scientific vote to Bitdeer’s ASIC roadmap, we map the capital, capacity, and catalysts driving the re‑rate across the sector.

• ETF accumulation vs muted Bitcoin price action
• Miner decoupling from BTC and why power matters
• Core Scientific–CoreWeave parity math and vote stakes
• Analyst multiples for HPC vs Bitcoin mining
• CapEx plans, ATMs, convertibles, and dilution trade‑offs
• Soluna’s hosting momentum and project finance
• Bitdeer’s production, SEAL Miner roa...

Bitcoin dips, miners rip, and the market rewards real power and execution. We track the HPC pivot across TeraWulf, Bitfarms, IREN, Cipher, Core Scientific, and DMG, and explain why megawatts, land, and cooling now drive valuations more than exahash alone.

• CME gap fill and BTC volatility context
• Miners’ rebound and HPC pivot as a re-rate driver
• Bitfarms CFO change aligning with energy and infrastructure finance
• TeraWulf’s proposed $3.2B financing and contract execution
• Site strategy: Great Lakes water, PUE advantages, and scalability
• AI/HPC power gap expanding toward ~82GW by 2030
• Valuation frameworks, deal t...

Panic hits after a tariff threat wipes billions, then miners rip back as cooler heads step in and whales buy the dip. We break down the liquidation mechanics, miner rerates into HPC, and why patience, dry powder, and zero leverage still win.

• tariff shock tied to rare earths and misread policy signal
• speed-driven liquidations and exchange execution issues
• Bitcoin intraday crash then swift recovery attempts
• miner equity snapbacks on heavy volume
• rerating thesis from mining to HPC services
• treasury moves by miners, selective selling vs HODL
• ETF and corporate accumulation, concentration risk
• pra...

A fast, volatile week ends with tariffs rattling risk assets while miners showcase real HPC momentum, fresh financing, and stronger balance sheet plays. We break down Bitfarms’ Panther Creek funding, Cipher’s Google‑backed catalyst, Core Scientific’s vote setup, and why power is now the product.

• weekly market recap and tariff shock
• Bitcoin slide against miner strength
• heat map of winners and monthly moves
• MARA’s path toward HPC and power strategy
• Core Scientific’s CoreWeave‑linked vote and pricing
• Riot’s campuses and HPC potential
• Bitfarms’ $300m project financing and Panther Creek build
• US...

We sit down with Luxor CEO Nick Hansen to trace the journey from early GPU rigs to a full mining stack and unveil Luxor Energy, a REP platform in ERCOT with Bitcoin collateral, auto‑pay, dispatch signals, and intelligent throttling for real profitability gains. The conversation ties firmware, derivatives, and power into a single system designed to help miners buy smarter, run tighter, and hedge better.

• origin story from GPU basements to ASICs and pools
• why Luxor focused on Bitcoin and trimmed altcoin pools
• the big four products: pool, brokerage, LuxOS, derivatives
• deliverable forwards for fleet...

Bitcoin cools while ETF inflows heat up, and we break down why miners are racing toward HPC and hosting to protect margins. We unpack Iron’s convertible, Saluna’s new client, hash price pressure, and the U.S. power gap that could redefine who wins compute.

• BlackRock’s iBit tops 4% of total Bitcoin and ETF flows keep buying dips and highs
• Miner heat map shows divergent winners across 12 months with Iron, Cipher, TeraWulf leading
• Dilution math on Riot and Marathon and what it would take to revisit 2021 prices
• Bit Digital’s ETH reserve strategy and cost basis e...

We break down why miners are surging, where AI HPC demand is pulling capital, and how four operators—Bit Digital, Cipher, DMG, and IREN—are repositioning from pure Bitcoin exposure to power-first, co-location led models with steadier margins and larger moats. The thread through it all is power scarcity, pipeline depth, and the financial levers that unlock multiyear growth.

• Bitcoin holds above 120k and drives a broad miner rally
• Heat map shows multi-period strength across sector
• CoreWeave–Core Scientific deal mechanics, pricing spread, and vote stakes
• Bit Digital pivots to ETH reporting, stakes 81% of treasury, depl...

We track a red morning that follows all-time highs, then dig into why energy-first miners are morphing into AI infrastructure operators. Contracts, payback math, and PUE assumptions reveal how power access and execution speed define winners in this cycle.

• Bitcoin pullback and miner beta shaping intraday moves
• Soluna’s NASDAQ compliance, NIDIG settlements, and capacity updates
• Dorothy and Project Kati energization timelines and hosting scale
• HUT 8’s Vega build and 1.5 GW expansion roadmap
• IREN’s CSP pivot, multi‑year contracts, and $500m ARR target
• Two‑year GPU payback assumptions versus realistic utilization
• 100,000 GPU road...

We track Bitcoin’s surge to new highs, the ETF flywheel that’s soaking up supply, and why miners are pivoting into AI HPC to lock in better margins and smoother cash flow. We share wins, risks, and why late-mover strategies may command higher prices as megawatts grow scarce.

• Bitcoin momentum, supply squeeze, and price action
• Miner performance, efficiency gains, and valuation shifts
• ETF flows from BlackRock and peers driving adoption
• Corporate HODLers, treasury strategies, and market optics
• UK ETPs, KYC, and tax compliance trends
• AI HPC re-rate, contract timing, and power scarcity
• A...

Bitcoin pushes toward an all‑time high as Riot, Mara, and CleanSpark report solid September results, with efficiency, power strategy, and treasury moves shaping margins. We break down HODL-to-market-cap shifts, utilization gains, and why HPC-ready sites may define the next leg.

• Riot’s production, power credits, and rising market cap
• CleanSpark’s near‑50 EH progress and strong treasury
• Marathon’s utilization jump and rare Bitcoin sales
• HODL value versus market capitalisation signals
• Fleet efficiency improvements under difficulty pressure
• Texas power dynamics and curtailment math
• Bitdeer’s SEAL miner advantage and global sites
• HPC/AI pivot t...

Bitcoin strength lifts miners, but the real story is how HPC strategies, policy clarity, and infrastructure scale are rewriting miner valuations beyond simple HODL math. We compare HODL-to-market-cap shifts, rising volumes, and why builders are outpacing pure treasury plays.

• Bitcoin momentum and miner rerating
• Divergence between HODL size and stock performance
• HPC and AI demand as new revenue engines
• Cipher, Hive, Bitfarms, HUT 8 highlights
• Canaan’s ASIC-to-mining hybrid strategy
• HODL-to-market-cap compression explained
• MARA, CAMT exemption, and FASB impacts
• DMG’s Christina Lake and Core Plus stack
• Expansion of top-100 Bitcoin treasuries Duration: 00:29:14

Bitcoin starts Uptober strong while public miners face tougher difficulty and tighter margins. We weigh a slower cycle against a surge in billion‑dollar financings, and map how miners pivot from self‑mining to HPC and AI with strategic partners and cheaper capital.

• Q4 kick‑off, price action, and ETF demand
• Cycle context, slower grind to potential all‑time highs
• Miner Madness results and standout stocks
• Heat maps, YTD moves, and stock dispersion
• Core Scientific and CoreWeave alignment and vote timing
• Bitdeer Malaysia expansion and supply chain strategy
• Cipher’s upsized convertible and Barber L...

We track how Bitcoin miner valuations are shifting from pure hash to hyperscale compute as Tether buys 8,000 BTC and major financing deals reshape the field. CoreWeave’s Meta agreement, Soluna’s new Canaan hosting, Bit Digital’s ETH convert, Cipher’s capped calls, and the IREN downgrade debate define the week.

• Bitcoin price context and Tether’s 8,000 BTC buy
• DMG volume surge and small-cap momentum
• CoreWeave–Meta impact on CORE Scientific vote math
• Soluna’s 20 MW Canaan hosting at Dorothy site
• Hosting economics, low-cost power and optionality
• Bit Digital’s $135m convert to expand ETH treasury
•...

We break down why difficulty and hash price are pressuring miners while DMG, Hive, and MARA's push into AI and HPC to stabilize revenue and margins. We also unpack the Core Scientific–CoreWeave vote math and what it signals for miner valuations and strategy.

• Bitcoin price strength versus falling hash price and rising difficulty
• Why public miners slow hashrate growth while private and sovereign players add capacity
• DMG’s Malahat partnership, SCIF-rated modules, and Canadian data sovereignty angle
• Indigenous tax advantages and defense sales funnel implications
• Hive’s rapid climb to 20–25 EH and efficiency improve...

McNallie Money delivers breaking news about Cipher Mining's massive $3 billion contract with Fluidstack, backed by Google, for a 10-year high-performance computing deal that could extend to $7 billion. We analyze the strategic implications of this 168-megawatt contract and compare it with Terawulf's similar arrangement, exploring what this means for the future of Bitcoin mining companies.

• Cipher Mining signs 10-year, $3 billion contract with Fluidstack (backed by Google) for 168 megawatts of compute power
• Google provides $1.4 billion backstop support in exchange for 5.4% equity stake in Cipher
• Contract implementation requires approximately $1.5 billion in infrastructure investment
• Cipher announces $800 million 0% convertible senior n...

The Bitcoin mining sector is experiencing remarkable growth with many companies pivoting toward high-performance computing (HPC) to capitalize on the expanding AI market, despite Bitcoin trading below its all-time highs.

• Hive Digital Technologies has reached 20 exahash and aims for 25 exahash by US Thanksgiving
• Nine Bitcoin mined daily with 55% mining margin and impressive 233% year-to-date growth
• OpenAI, Oracle, and SoftBank expanded the Stargate initiative with five new data centers
• $500 billion investment committed for 10 gigawatts of data center capacity by end of 2025
• Miners with Texas operations seeing significant stock appreciation as hyperscaler partnerships grow
• Riot Platforms po...

Jeff LaBerge from Bitdeer Technologies Group joins us to discuss their groundbreaking A3 Seal Miner, which at 12.5 joules per terahash has become the most efficient Bitcoin mining rig on the market today. Their vertical integration strategy and manufacturing innovations are positioning Bitdeer as a major player in the ASIC market while rapidly expanding their self-mining operations.

• A3 SealMiner comes in both air-cooled and hydro-cooled versions, setting new standards for mining efficiency
• Bitdeer expects to exceed their 4 exahash self-mining target by year-end with deployments across Norway, Bhutan and Texas
• Vertical integration provides flexibility to self-mine (8-10 month...

Bitcoin miners are navigating market turbulence as they expand into high-performance computing while macro factors like Fed policy and political developments shape the industry. Dennis Porter's endorsement of Ian Calderon for California governor could significantly impact cryptocurrency policy in one of the world's largest economies.

• Bitcoin price holding around $113,000, down from recent highs but creating buying opportunities
• Pro-Bitcoin candidate Ian Calderon running for California governor with Dennis Porter's backing
• Soluna announces $87.65 million ATM offering to fund multiple concurrent projects
• CleanSpark increases Bitcoin-backed loan by $100 million specifically for HPC initiatives
• Iren leads miner performance with 330...

IREN makes a massive move in the cryptocurrency mining world with another substantial GPU purchase, positioning themselves to become a hyperscaler in their own right while Soluna Holdings experiences significant price action despite Bitcoin's sideways movement.

• IREN announces purchase of 12,400 additional GPUs for $674 million, doubling their AI cloud capacity
• Projected annual AI cloud revenue of $500 million by Q1 2026
• Saluna Holdings surges 51% with shares reaching $2.08 before settling at $1.63
• Generate Capital takes a 9.99% stake in Saluna through strategic investment
• Bitcoin trading sideways around $112,895 while miners with HPC strategies show strength
• IREN introducing AMD GPUs alongside th...

The cryptocurrency mining landscape is experiencing a significant transformation as leading miners pivot toward high-performance computing and AI infrastructure while maintaining robust Bitcoin operations.

• Iren Technologies, Cipher Mining, and Bitfarms leading the market with year-to-date returns of 376%, 273%, and 165% respectively
• Bitcoin price hovering around $117,700, providing strong revenue streams for efficient mining operations
• Bitfarms' strategic patience with hyperscaler partnerships, waiting for customers to become "increasingly desperate" before locking in higher margins
• Wayne Duso joining Bitfarms board, bringing over 25 years of AWS and cloud infrastructure experience
• Cipher Mining's 600MW of power capacity strategically secured years before AI computi...

McNallie Money explores Bitcoin miner news, data analysis, and the impact of the Federal Reserve's rate cut on the mining sector and market outlook.

• Reflections on HC Wainwright conference where mining companies presented strategies to investment banks and family offices
• Bitfarms CEO Ben delivered an outstanding presentation that immediately impacted stock movement
• Michael Saylor's keynote at the Bitcoin "UnConference" attracted 128,000 live listeners on X
• IBIT ETF performance closely tracks Bitcoin while providing an easier investment option through traditional brokerages
• Bit Digital's simplified business structure now focuses on 121,000 Ethereum and WhiteFiber stake, trading at 15% discount t...

The Bitcoin mining space is experiencing a significant sentiment shift as miners outperform treasury strategy companies in recent months, with companies like IREN, Riot, and BitFarms seeing dramatic price increases while treasury companies face valuation compression.

• Soluna Holdings secures $100M facility from Generate Capital to expand their green data center portfolio
• Bitcoin miners showing strong performance with Iron up 376%, Riot up 148%, and BitFarms up 41% over one year
• Treasury companies experiencing declining MNAV ratios after initial explosive growth
• HPC and AI capabilities becoming major value drivers for mining companies
• Infrastructure value finally being recognized in mining...

Eric Jackson returns to discuss his evolving investment thesis on Opendoor, IREN, and Cipher – three companies he believes have 100-bagger potential.

• Eric's Opendoor campaign began after examining signs of potential profitability and an imminent Fed rate cut
• The social media movement led to leadership changes, with Carrie exiting as CEO and co-founders returning to the company
• Eric and his 16-year-old son launched a viral campaign outside Drake's mansion, now in its 28th day, attempting to convince the rapper to invest
• The ideal CEO compensation structure aligns with shareholders through stock-based incentives that only pay off with s...

Matt Prusak, President of American Bitcoin Corp., and Asher Genoot, Chairman of ABTC, discuss their company's unique approach as a pure-play Bitcoin accumulator focused on increasing Bitcoin per share for shareholders.

• American Bitcoin was formed by separating the Bitcoin business from Hut 8 to optimize for different business models and shareholder expectations
• ABTC acquires Bitcoin through mining at a 50% discount to spot prices rather than buying at market rates
• The company's Vega facility spans five football fields and may be the largest single-building Bitcoin mining operation globally
• Eric Trump actively participates in management, bringing real estate e...

Bitcoin miners are experiencing a transformative shift toward high-performance computing (HPC) and AI infrastructure, creating massive value for companies that successfully pivot their business models.

• IREN leads the sector with a $9 billion market cap, larger than Marathon and CleanSpark combined
• Companies with HPC strategies show substantial outperformance on the heat map with Iron up 246% YTD while Marathon is down 5%
• Bitdeer continues rapid hash rate expansion to 30.3 EH/s while developing US-based manufacturing for their Seal miners
• Soluna breaks ground on Project Caddy, a 166MW dual-purpose facility serving both Bitcoin hosting and HPC workloads
• IREN's co...

Bitcoin mining companies are pivoting toward high-performance computing and AI infrastructure, causing a significant melt up in mining stocks as the market revalues these companies' power assets and data center expertise. From Cipher's expansion strategy to Bit Digital's subsidiary success, and from BitFarms' strategic locations to Bitdeer's vertical integration, miners are positioning themselves at the intersection of cryptocurrency and AI computing.

• Cipher Mining emphasized their continued site acquisition capabilities with at least one deal coming by year-end
• Bit Digital and White Fiber validated their separation strategy with Sam Tabar's spin-off proving successful in the market
• BitFar...

McNally Moneie hosts bring you the latest updates from the HC Wainwright Conference in New York and dissect the August production results from leading Bitcoin miners while highlighting significant industry developments.

• Hive increases hash rate to 18.1 EH/s, a significant jump from 6 EH/s at the start of the year
• Hive mined 247 Bitcoin in August, 22% more than July, with improving efficiency metrics
• CleanSpark announces strategic leadership appointments including new roles for the CFO, CTO, and other executives
• BitDeer issues notice for cleanup redemption of $7.7 million in convertible notes due 2029
• Iren maintains strong performance with 44 EH...

Mining companies share their August production results, revealing differing strategies for success in the increasingly competitive bitcoin mining landscape. We analyze how each company is positioning itself as global hash rates climb and profit margins tighten.

• Mara mined 705 bitcoin in August while growing operational hash rate to 59.4 EH/s
• Mara's bitcoin holdings (52,477 BTC) now exceed their entire market capitalization
• Cipher Mining improved efficiency to 17.3 J/TH while increasing production by 13%
• CleanSpark hints at potential HPC/AI expansion at their Georgia facilities
• Riot generated $16.1 million in power credits through strategic curtailment
• Top miners showing dist...