Power Mining Analysis

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 • Hive broadens access via Colombia listing • 2026 outlook for HPC deals and margins • Risk notes on projections and due diligence Sign up for Miner Madness 5.0: log on to the website, subscribe to the newsletter under News, then complete the entry form when it arrives. Pick three mining stocks ($300, $150, $50) and include your 31 March Bitcoin price tiebreaker Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]

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, difficulty drag, and HPC ramp • why diversification, cheap power, and treasury growth matter Sign up for the newsletter, 100% free, to enter Miner Madness 5.0 for cash or Bitcoin prizes. The only way to enter this is to go via the newsletter. Entries by the end of December. December’s closing share price will be used, and we’ll track the live leaderboards through March. Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]

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 hosting rises to nearly 3.9 exahash • GRACE as proof of concept for HPC AI • Behind-the-meter wind and utilization tailwinds • Luxor launches GPU trading and financing support • OEM partnerships and integrated system procurement • Compute markets poised to scale massively • Rate cuts and unified AI policy as catalysts Take a second, smash the like button, guys. If you're not already subscribed, McNallie Money, feel free to join. Let us know in the comment section below what you thought of today's headlines and how you're feeling about this move in Bitcoin price. Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]

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, critical IT vs total power, and cost per MW • Equity stakes versus cheaper financing trade-offs • Luxor hedging and energy tools to manage risk Hit the like button, feel free to subscribe, and let us know in the comments which deal you like most and who signs next in 2026! Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]

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 • PUE, cooling efficiency, and Canadian climate advantage • Soluna raises capital, funds Grace and Catty projects • Hash price under pressure as difficulty stays elevated • Hive expands with hydro power in Paraguay and HPC growth Like the video, subscribe to McNallie Money, and tell us in the comments how you feel about miner pivots to AI and which operator stands out Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]

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 investor backing context • BitZero’s Finland campus strategy for mining cash flow and AI HPC pivot • Riot’s immersion fleet, power credits, and tight installed‑to‑operational gap • Tools on our site: live miner margins, HODL vs market cap, production updates If you're not already subscribed, McNally Money, feel free to join! Our newsletter is coming out as well, 100% free! We’re launching Miner Madness in the new year, January 1 to kick off 2026 Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]

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 listing, positive cash flow • 2 to 2.5 EH now, 70 MW ramp to 6–10 EH • Finland gigacampus, district heating integration • Balancing short-term mining with year-ahead AI loads • Grid limits, remote sites, and renewable integration • Separate capital tracks for miners and HPC If you're still watching, hit the like button. Feel free to subscribe. We'll see you back here tomorrow Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]

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 to data center-grade compute • ABTC unlock impact on float and liquidity • Media takes versus fundamental financing needs • How difficulty and global hashrate reshape monthly outputs Like the video, subscribe to McNallie Money, and tell us in the comments if you hold IRIN or CleanSpark and how you feel about the sector Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]

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 buildout • IREN share offering, convertibles, and capex needs • GPU and data center depreciation and revenue math • Hashprice pressure and shift toward contracted HPC Set your reminders: We’re hosting the Bitzero CEO with Kevin O’Leary on Thursday! Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]

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 ETH staking • MNAV discounts, contracted GPUs, and site portfolio • Why grid services and flexibility drive premiums If you're not already subscribed, McNallie Money, feel free to join Let us know in the comments section below what you think about these various strategies and if you're currently holding any of these five stocks! Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]

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 trends • difficulty’s impact on output and margins • efficiency upgrades and power cost benchmarks • forward hash price curve and revenue pressure • why miners race toward HPC and AI compute • newsletter, audio platforms, and Minor Madness details Before we get into it, take a second, smash the like button, guys. Subscribe to the newsletter on the website to enter Miner Madness in January. Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]

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 and Hive $300m ATM • Debt versus equity levers for buildouts • Outlook for HPC contracts and miner strategy Hit the like button. Feel free to subscribe. Let us know in the comments what you thought of CleanSpark results and if you’re holding shares! Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]

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 bridges • circular capital, cost of debt and incentive alignment • canada’s sovereign ai and broader global race • miners reallocating power from bitcoin to hpc Take a second, smash the like button! If you're not already subscribed, McNallie Money, feel free to join Let us know in the comment section below how you're feeling about the sector and your top pick in the space! Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]

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, and containerized builds • DMG’s Oregon foothold near hyperscalers and 3.75 MW start • SKIF-rated modules for rapid, secure AI and HPC deployment • DMG’s BC campus, valuation angle, and diversification strategy • Podcast format upgrades, graphics, and new site news hub Hit the like button, feel free to subscribe, and let us know in the comments if you’re holding DMG or Bitzero! Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]

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 across A40, H100, H200 and Blackwell • financing options and contract strategy • mining difficulty, industry shakeout and efficiency trends • alternative assets amid MMT-era debt and BRICS dynamics • closing reflections on gratitude and momentum Take a second, smash the like button, guys. If you're not already subscribed, McNallie Money, feel free to join. And let us know in the comments section below if you're currently holding shares of Hive and what you thought about their numbers. Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]

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 • disciplined timelines and counterparties drive durable value Hit the like button, feel free to subscribe Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]

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 wins • Reading the curve: contango, implied BTC price, difficulty • Realized hashrate vs installed capacity and utilization • Near‑term hash price outlook and capex discipline Find us at luxor.tech and email [email protected] to get in touch with the derivatives team! Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]

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 Fluidstack deal and 10-year revenue • Co-location vs owned compute risk and returns • Why every signed megawatt raises remaining value Hit the like button, feel free to subscribe Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]

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 site fire update and safety focus • HPC roadmap: light AI stack, Malaysia and US expansions • Norway conversion advantages, cooling, and PUE targets • cost per megawatt ranges and backup power trade-offs • demand spike for 2026–2027 power and deal terms • Clarington site opportunities for large colocation • hashrate growth outlook and timing for external sales Before we get into it, take a second, smash the like button, guys. If you're not already subscribed, McNallie Money, feel free to join. Let us know in the comment section below if you're currently holding shares of BitDeer and what you thought about their numbers. Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]

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 • sub-100 MW brownfield focus and less competition • software stack including pool, firmware, and OS • institutional contracts with short duration and fast repricing • HPC AI optionality and site criteria • conservative HODL strategy and credit line terms • Bitmain framework agreement and procurement flexibility Hit the like button, feel free to subscribe, and let us know in the comments if you hold BitFuFu and what you thought of their Q3 results Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]

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 • Canaan’s A16 efficiency and diversified revenue • Hive’s 25 EH milestone and GPU expansion • hashprice drop, difficulty outlook, and miner pressure Hit the like button, feel free to subscribe Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]

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, Horizons 1–4, and Sweetwater • Security design for multi‑tenant hyperscaler sites • Mining cash flow versus staged AI displacement • Fleet efficiency, upgrade posture, and strategy • ERCOT SB6 queue cleanup and grid approvals • Global site criteria: renewables, OECD, colder climates • BC update: pre‑contracted GPUs and rapid conversions • Funding mix: converts, corporate debt, ATM optionality • Local hiring, training, and community investment Hit the like button. Feel free to subscribe. If you have any additional questions for the team at IREN, let us know in the comment section below Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]

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 modeling • Hosting as core, durable profit engine versus self-mining • Backup generation standards, batteries as smoothing assets • Authorized shares increasing capital credibility for HPC If any of you are watching maybe you have additional questions that weren't able to be covered here I know you do an AMA every month John or feel free to leave them in the comment section below hit the like button feel free to subscribe we'll see you back here tomorrow Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]

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 risk • growth optionality toward 50 EH without chasing vanity metrics • ecosystem amplification across TradFi, BTCFI, and Bitcoin L2s • U.S. hashrate focus and competition for power from AI and HPC • M&A optionality if accretive to Bitcoin per share Hit the like button, guys. If you're not already subscribed, McNallie Money, feel free to join. Let us know in the comment section below what you thought of ABTC's numbers and if you're currently holding shares. Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]

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 and uptime • power expansion, proximity to Riot, growth runway • community jobs, local support, on-site culture • AI and HPC potential with CSP and colocation Hit the like button, feel free to subscribe, and let us know in the comments your thoughts on Bitdeer and if you’re currently holding shares! Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]