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!

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