Power Analysis

We react to a rare green day across Bitcoin and AI infrastructure names, then dig into what the SpaceX IPO could do to liquidity, valuations, and capital rotation across the market. We also share fresh deal and forecast updates from Keel, Hive BuzzHPC, White Fiber, and Soluna, including a step-by-step valuation model tied to a 100MW AI buildout. 

• Bitcoin bounce and why sentiment flips fast 
• SpaceX IPO structure, demand versus supply and potential knock-on selling 
• SpaceX business units, Starlink profitability and AI infrastructure losses 
• Why miners keep mining while preparing the GPU switch to HPC 
• Heat map performance, profit taking and rotation between Bitcoin and AI stocks 
• Keel interview highlight and what “more confident” implies for deal timing 
• Labour constraints by region and why Pennsylvania looks advantaged 
• Hive BuzzHPC ARR ramp and the mix of CSP versus co-location growth 
• WhiteFiber’s new contracts, project finance structure and monetizing existing H200 GPUs 
• Hyperscaler versus enterprise customers, revenue per megawatt versus financing ease 
• Soluna CODI 2 RFP launch, MetroBlocks joint venture and a 100MW valuation framework 
• Sensitivity analysis on revenue per megawatt, EBITDA margin and implied share price impact 

Let us know in the comment section below if you're currently holding any of the companies mentioned and your thoughts on SpaceX IPO 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 sit down with Ben Gagnon, CEO of Keel Infrastructure, right after the company’s $458M convertible raise to unpack why the timing matters and how the capital supports permitting, leasing and locking in expansion megawatts. We also press on deal confidence, disclosure timing, and why “not all megawatts are created equally” as AI demand pushes buyers from 2027 power toward 2028. 

• rationale for the convertible raise and why management calls it opportunistic and strategic 
• how Keel thinks about runway, liquidity and funding expansion capacity beyond the headline sites 
• what a near-billion-dollar balance sheet signals to potential tenants and partners 
• how the capped call works conceptually and why flexibility matters with convertibles 
• why management says it is “more confident” on three deals by year-end while staying inside NDAs 
• the plan to announce signed deals quickly rather than waiting for earnings timing 
• pros and cons of preleasing far out versus contracting closer to delivery 
• how token-based AI usage could change who pays premiums and how lease economics evolve 
• labour and construction context, with Pennsylvania positioned differently from overheated markets 

Let us know in the comment section below what you thought about this big announcement from Kiel 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]

We break down how AI infrastructure is pulling attention and capital, from token-priced AI subscriptions to hyperscaler demand for long-term compute capacity. We compare how different players finance data center builds and then walk through a detailed valuation model for Applied Digital’s contracted megawatts. 

• Bitcoin’s price action tied to macro risk and tech sentiment shifts 
• AI subscriptions moving toward token billing and utility-style pricing 
• SpaceX compute targets used to frame demand and valuation expectations 
• Heat map takeaway showing AI-linked stocks outperforming Bitcoin 
• Financing toolkit explained: senior secured notes vs converts vs dilution 
• HUT 8 Beacon Point terms and what investment grade tenants unlock 
• Keel’s convertible raise, cap call cost, and why the client matters 
• Keel pipeline upside, deal timing, and why one contract can re-rate a stock 
• Applied Digital’s contracted portfolio through 2028 and revenue per megawatt 
• Applied’s 7% senior secured notes and how contract quality affects capital costs 
• Applied valuation analysis and what might already be priced into shares 

Let us know in the comments section below if you're currently holding shares of applied and what you thought about today's episode!

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 a brutal market sell-off and what it reveals about volatility in Bitcoin and crypto mining stocks, then zoom in on the companies using power strategy and long-term HPC contracts to build more predictable revenue. We also share why miners are racing away from thin mining margins toward AI data centers, GPU deployments, and financed infrastructure deals. 

• bitcoin price action and stock volatility, why we keep cash ready 
• profit-taking discipline and the case for non-correlated assets 
• BitFuFu’s hybrid model, cloud mining margins and a jump in self-mining output 
• Cipher’s Stingray momentum, AWS as client and 6% financing implications 
• Hive’s GPU expansion plan, ARR targets through 2026 to 2028 and what it takes to reach them 
• Core Scientific build-out progress and why mining profitability keeps getting squeezed by difficulty 
• Soluna’s vertical integration, site pipeline and the Metrobloks JV for a 350MW AI/HPC campus 
• Soluna monthly production metrics, hosted hash growth and what matters as HPC ramps 

Let us know in the comment section below how you're feeling about the market in general and your top pick in the space currently!

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 snap back to green as we track Bitcoin’s rebound and why crypto equities can move hard even on modest price changes. We then dig into AI data center deal math, using fresh disclosures to stress test what megawatts could mean for Cipher Digital and Keel Infrastructure share price upside. 

• Bitcoin recovery, cycle expectations, and why daily swings matter less after multiple cycles 
• Michael Saylor and Strategy’s headline moves, plus what treasury behaviour signals to the market 
• Sector heat map, standout movers, and what a broad risk-on day can hide 
• Nebius UK expansion with Nvidia infrastructure and what real enterprise workloads imply for demand 
• Bitdeer executive departures and why talent changes matter during an AI pivot 
• Cipher Digital Stingray compute details, AWS as tenant, $810M secured note, lease structure and guarantees 
• NOI vs EBITDA and why margin definitions change valuation outcomes 
• Valuation table walk-through for Stingray, including capex per MW, multiples, and sensitivity ranges 
• Keel Moses Lake speculation, nearby site context, and a 14MW example model with share price sensitivity 

Let us know in the comment section below if you're holding any of the companies discussed and what you think of Anthony's valuation analysis tables!

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 watch a brutal sell-off slam Bitcoin, miners, and traditional assets at the same time, then zoom out to the cycle context and why profit-taking keeps you in the game. We also dig into why BitZero stays green, how major infrastructure financing is evolving for Hut 8 and Keel, and what these deals signal for AI data centers and HPC demand. 

• broad risk-off sell-off across Bitcoin, crypto equities, gold, and oil 
• Bitcoin below $60K, drawdowns, and the four-year cycle framing 
• why taking profits in volatile names creates optionality 
• miner heat map reality check and how Bitcoin can lag miners 
• BitZero momentum, IPO context, and why the Nasdaq uplist matters 
• BitZero data center footprint in North America and Scandinavia 
• Norway AI lease details, power scale, revenue potential, and margin targets 
• Hut 8 Beacon Point senior notes, non-recourse structure, and pass-through costs 
• Keel convertible raise, conversion terms, and funding a multi-site pipeline

Let us know in the comment section below how you're feeling today!

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’s pullback puts pressure on miners, but the AI and HPC transition is starting to break the old link between mining stocks and BTC. We walk through HUT 8’s latest financing move and a CleanSpark AI valuation model to show how power, contracts, and capital structure can drive returns. 
• zooming out on Bitcoin’s cycle and what a 20% monthly drop means for miner earnings 

• ETF flows, macro stress, and why capital rotates between tech and crypto 
• why AI data centers and HPC contracts can decouple miners from Bitcoin price swings 
• reading the heat map, profit-taking logic, and how volatility changes positioning 
• quick updates on miners transitioning to HPC, including deal pipelines and timelines 
• HUT 8 leadership and why finance experience matters for scaling data centers 
• Beacon Point funding details and the practical “how do you pay for it” question 
• CleanSpark May production metrics, efficiency, HODL value vs market cap, and consistency 
• CleanSpark AI valuation assumptions: PUE, revenue per MW, EBITDA margin, capex per MW, EV/EBITDA multiple 
• sensitivity analysis and why per-100MW economics can move share price fast 

Let us know in the comment section below if you're currently holding shares in either CleanSpark or Hut 8 and your top pick currently in 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]

We map the market’s shift from pure Bitcoin mining toward AI data centers and high performance computing, and we explain why many “crypto” stocks are rising even as Bitcoin drifts lower. We also break down fresh analyst price targets and use megawatt-based valuation logic to translate new HPC announcements into potential equity upside. 

• Bitcoin’s pullback, ETF flows, and why long-term conviction still matters 
• Capital rotation into AI infrastructure, memory, and upcoming mega IPOs 
• The decoupling between Bitcoin and HPC-tilted miners 
• Interview takeaways on forward strategy versus weak near-term mining earnings 
• Hive’s upgraded target and a sensitivity table using revenue per megawatt, EBITDA margins, capex, and multiples 
• Iren’s 800MW Australia transmission agreement and what it signals for APAC AI demand 
• Analyst upgrades for TeraWulf and Cipher plus Cipher’s plan to end mining 
• Bitdeer’s Alberta build with behind-the-fence natural gas and future AI flexibility 

Let us know in the comment section below if you're currently holding shares of Iron and what you thought about today's announcement. 

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 Chairman, Frank Holmes and CFO, Darcy Daubaras from Hive Digital Technologies right after fiscal year results and major HPC AI announcements. We dig into how Hive scales from Bitcoin mining to a dual-engine model and what it takes to build sovereign AI infrastructure in Canada while expanding in Paraguay.  

• fiscal year execution highlights and hash rate growth to roughly 25 EH/s  
• why Paraguay hydro power and mega sites drive efficiency  
• lessons from heat, cooling fixes, and firmware upgrades at scale  
• how land banking, power access, and community alignment shape site strategy  
• BuzzHPC ramp plan from current run rate toward larger GPU clusters  
• why contracts and tri-party agreements become the real bottleneck  
• GPU economics shifting toward longer useful life and new funding sources  
• what the Toronto-Waterloo Corridor means for sovereign AI compute  
• inflation pressures in fiber, copper, racks, and supply-chain timelines  

Let us know in the comment section below if you're currently holding shares of Hive and what you thought about this most recent round of earnings.  
If you guys have any additional questions, comments, leave them in the section below, hit the like button, 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 DMG Blockchain Solutions’ newly signed LOI tied to the Christina Lake facility and why it changes the timeline for turning a Bitcoin mining site into an AI and HPC co-location business. We push on what still must happen next, from definitive agreements and SLAs to funding, construction, and redundancy planning. 

• what the LOI signals and what remains unresolved until the definitive agreement is signed 
• why DMG kept negotiations quiet, including management trading blackouts 
• how existing transformers, fiber and cooling shorten time to deploy AI equipment 
• capex expectations per megawatt and how DMG frames “market rate” pricing 
• phased build approach and how Bitcoin mining capacity steps down over time 
• local labour and contractor availability around Christina Lake’s industrial base 
• funding strategy focused on debt and the trade-offs of selling Bitcoin 
• why DMG stays guarded on pipeline disclosures and how Malahat could still fit 
• land, power expansion, and redundancy options including battery and gas backup 
• why uptime consistency matters more than cheapest power for AI tenants 
• planning for rapid GPU cycles and longer-term shifts like 800V DC data centers 

Let us know in the comment section below what you thought of this announcement and if you're currently holding shares of DMG!

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]