We unpack a tough Bitcoin quarter and the miners who refuse to stand still. MARAand TeraWulf step hard into AI HPC, while CoreWeave’s scale reframes what “growth” looks like for power-rich operators.

• Bitcoin softness and miner volatility
• CoreWeave’s data center scale, power and backlog
• Delays resolved and deployment back on track
• Core Scientific and Riot earnings on deck
• Mara’s JV with Starwood and 2.5 GW pathway
• Liquidity, FASB impacts and depreciation
• Europe entry via Exaion and EDF access
• Can Bitcoin mining coexist with AI load
• TeraWulf’s 522 MW contracted HPC platform
• Serial delivery, PUE gains and NOI targets
• Hawesville and Chesapeake on-site power strategy
• Policy pressure to protect retail power prices

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We dig into ABTC’s Q4 results, why Satoshis per share beats EPS for a Bitcoin accumulator, and how a lean cost structure plus the HUT 8 partnership drives 53% gross margins. We also explore market structure, policy tailwinds, and what success looks like through 2026.

• Q4 revenue strength and 53% gross margin
• Mining at a structural discount to spot
• Single-digit SG&A and lean operations
• HUT 8 partnership and power economics
• Accounting noise versus operating reality
• Bitcoin per share as the core KPI
• Capital allocation filters for accretion
• AI pivot debate and staying focused
• Difficulty, consolidation, and machine supply
• Institutional adoption and policy clarity
• Bitcoin yield layers and risk controls
• 2026 outlook and success metrics

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We break down why Bitcoin’s price lags demand despite ETF buying, dig into the Jane Street allegations and lawsuit, and map how policy clarity could reset the playing field. Then we unpack NVIDIA’s monster quarter, miner pivots into AI data centers, and the real costs and returns of building 50MW of HPC.

• ETF demand and miner production not reflected in spot price
• Alleged synthetic pressure and timing patterns in Bitcoin markets
• Policy tailwinds from the Clarity Act and state actions
• NVIDIA results, margins, and full-stack data center economics
• ABTC hashrate growth, reserve strategy, and efficiency
• DMG’s HPC pivot, capex per MW, and revenue potential
• Valuation lenses: assets, forward earnings, and financing paths
• Market volatility context across five-day, one-month, one-year views
• Upcoming earnings from leading miners and what to watch

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Bitcoin pops while we break down Hut 8’s earnings, a 9.5 GW power pipeline, and why miners are pivoting from blocks to compute. We weigh NVIDIA’s signal for AI infrastructure, Bitfarms’ Panther Creek progress, and a headline FluidStack deal that changes the margin math.

• hash price near 30 dollars and miner margin pressure
• NVIDIA earnings as bellwether for AI infrastructure
• CoreWeave funding and Core Scientific updates
• mixed miner performance and Saluna above 1 dollar
• Bitfarms permits, US redomicile, and Keel Infrastructure rebrand
• Hut 8’s 1.02 GW under management and 8.5 GW pipeline
• veteran energy hires and delivery capability
• 15‑year FluidStack agreement and 99 percent NOI structure
• Vega design with 180 kW rack density
• Q4 and full‑year numbers and hodl volatility
• why HPC contracts can stabilize cash flows
• what to watch next from ABTC, MARA, Riot, and peers

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We dig into Bitdeer’s surge to 63 exahash, the rapid evolution of SEAL miners, and why efficiency and low-cost power drive profitability even in a weaker hashprice. We also map the pivot to AI co-location in Norway, Rockdale, and Clarington, plus funding moves and the HODL sale.

• key Q4 highlights and self-mining growth
• SEAL miner roadmap, wafer timing, and sales strategy
• margin pressure versus efficiency gains and power costs
• 2026 hashrate direction and limited hosting expansion
• Norway as first AI co-location lease, build timelines
• Rockdale and Clarington cost frameworks and land strategy
• rationale for selling the HODL to fund acreage
• core moat in ASIC efficiency and large power sites
• rising hyperscaler interest and improving terms
• Dogecoin/Litecoin DL1 as a complementary use of wafers
• convertible notes to fund builds and extend maturities
• five-year outlook across mining and co-location

Check out the new investor deck and website for Bitdeer Technologies Group!

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We unpack why Bitcoin’s slide hasn’t stopped capital from pouring into AI, then break down Cipher’s rebrand to Cipher Digital, its exit from mining, and the shift to contracted HPC revenue with AWS and Fluidstack. We compare buildouts across Riot and IREN, detail ERCOT timelines, and map out how miners decouple from hash price.

• bitcoin sentiment at cycle lows and long‑term view
• hyperscaler capex and AI demand drivers
• texas power, interconnects, and siting advantages
• cipher’s JV sale, rebrand, and mining exit
• black pearl and barber lake conversions to HPC
• revenue escalators and financing stack secured
• ercot batching, site energization timelines
• riot and iren construction pace and staffing
• amd partnerships and ROI versus tier‑3 builds
• miner equity decoupling from bitcoin price action

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We break down Q3 results with Frank Holmes and CFO Darcy Daubaras, showing how Paraguay’s low-cost energy and smarter hardware expanded margins while HPC demand accelerated. We share our path to tier three data centers, conservative financing, and the catalysts we see into 2026.

• Paraguay’s 300 MW online driving lower energy costs and higher efficiency
• Margin expansion through S21 hydros, fleet optimization, and daily cash control
• Accelerated depreciation choices on ASICs to reflect real-world lifecycles
• Sweden footprint consolidation to prepare for tier three HPC
• $30m Bell deal in Winnipeg and 4 MW Toronto retrofit progress
• Optionality between tier one mining and tier three compute at new sites
• Paraguay land, power, and dark fiber as the long-term HPC foundation
• GPU lifecycle strategy, H100/B200 financing, and pricing power
• Policy risk contrast across Canada, Sweden, and pro-business Paraguay
• Funding mix: ATM, asset sales, vendor financing, and disciplined capex
• 2026 goals: more exahash in Paraguay and scaled recurring HPC revenue

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We set the table for a stacked earnings week while Bitcoin slumps, then dig into why miners shifting to HPC and hosting can outlast the hash price crunch. MARA’s Exeon deal in Europe, Bitdeer’s financing and HODL sale, and IREN’s gigawatt roadmap show how execution beats hype.

• bitcoin price slide, macro jitters, cycle context
• michael saylor’s steady buys and HODL math
• openai stargate delays versus miner-led execution
• hyperscaler earnings that move sector sentiment
• miner earnings calendar and likely catalysts
• hash price below $30 and record difficulty
• hosting-first models that buffer btc volatility
• bitdeer converts, equity raise, and HODL to zero
• hive proxy vote timing and fleet expansion
• iren sweetwater and oklahoma multi‑GW plan
• mara–exaion approval, europe entry, nuclear angle
• soluna’s ai energy wall and power gap
• white fiber targets, clients, and r&d push

Available on poweranalysis.com. Check the earnings dates and interview schedule there for your viewing pleasure!

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We track a tough five-day Bitcoin slide against a flood of miner and AI infrastructure news, from policy odds and bank adoption to funding, governance, and enterprise-grade data centers. The throughline: power, capital, and customers decide who leads the next leg.

• policy momentum toward a crypto market structure bill
• banks shifting from resistance to integration
• miners repriced by power access and HPC pivots
• ABTC’s growing treasury and strategy
• Bitdeer’s convertible reset and capital needs
• BitFuFu’s cloud mining margins and steady profits
• Core Scientific’s board changes with 2C’s Capital
• Hive/Buzz HPC’s enterprise-grade build and NVIDIA ties
• IREN’s Microsoft build-out and institutional buys
• Soluna’s 350 MW tier 3 AI campus plans
• HODL 100 growth versus sell-to-build strategies

Let us know in the comments section below what you thought about today's headlines and if you're currently holding any of these companies!

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We dig into why timing rules the pivot from Bitcoin mining to HPC AI and how power, clients, and chip cycles shape who wins by 2026. We compare Riot, Iron, and Hut 8 on revenue certainty, ERCOT dynamics, and the trade-off between speed and future-proof builds.

• bitcoin price stuck while miner equities lift
• market rewards contracted HPC revenue over hash price
• hyperscaler capex surge as demand for power accelerates
• gpu lifecycles and depreciation drive margin durability
• riot’s staged ai deals and roi math
• IREN’s multi-gigawatt roadmap and hashrate shift
• hut 8’s ercot exposure and queue reform impact
• cost per megawatt, density planning, and speed to revenue
• institutional flows into bitcoin etfs and miner equities
• key milestones expected through 2026

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