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 edge
• Soluna’s hosting deal with Cooler and why hosting economics are improving
• IREN’s convertible notes, cap calls, and GPU buildout runway
• Hash price near $51, projected difficulty drop, and margin stress
• Global hashrate distribution across China, Russia, and Kazakhstan implications
• The 45 GW U.S. power shortfall and why miners with power gain leverage
• Live miner energy margins and why curtailment and efficiency matter

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