Power Analysis

We sit down with Sam Tabar to unpack Bit Digital’s quarter, the impact of ETH mark-to-market accounting, and the plan to close the NAV gap through repeatable returns. We also dig into WhiteFiber’s NC1 ramp, what contracted backlog really means, and how the company funds rapid AI compute growth without defaulting to dilution.  

• Bit Digital Q1 revenue drivers and why the net loss is non-cash ETH mark-to-market 
• ETH staking economics and the role of liquid staking for treasury flexibility 
• WhiteFiber NC1 construction status, phased commissioning, and timing to full revenue contribution 
• Remaining performance obligations as contracted future revenue and why it is not the ceiling 
• Contract margin clarity, delivery execution, and avoiding penalty scenarios 
• Montreal 3 retrofit, lease-to-own speed, and the strategic case for buying the asset 
• GPU cloud fleet sold out under term contracts and what triggers the next capacity build 
• Customer prepayments and equipment financing as a more capital-efficient growth model 
• $100M delayed draw term loan facility and how both Bit Digital and White Fiber benefit 
• Paris contract and the disciplined approach to European expansion driven by customer demand 
• Majority ownership strategy, potential float increase over time, and the AI plus Ethereum convergence 

Let us know in the comment section below if you're holding either one of these companies and what you think about their strategy moving forward!

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We track how AI infrastructure demand is pushing “miner” stocks higher even as Bitcoin pulls back, and we pressure-test whether this decoupling is real or just momentum. We dig into NVIDIA GTC ripple effects, DMG’s surprise 50MW AI LOI, Bitdeer’s production ramp, and IRIN’s record GPU financing to understand what actually drives long-term valuation. 

• Bitcoin price weakness versus rising HPC and AI infrastructure plays 
• Michael Saylor selling 32 Bitcoin as a market signal test 
• NVIDIA GTC shout outs and why preferred partner status matters 
• Neo clouds, capacity constraints, and why AI labs need more compute 
• Sector heat map performance and what re-rating catalysts look like 
• DMG Blockchain LOI for 50MW at Christina Lake and why power sites matter 
• Data center build cost per megawatt and labour inflation pressures 
• Valuation scenarios for co-location revenue per megawatt and EBITDA margins 
• Bitdeer weekly Bitcoin production, treasury approach, and SEAL miner expansion 
• IREN network architecture validation using a digital twin 
• IREN $3.65B GPU financing details and what cheap capital unlocks 

Let us know in the comment section below what you thought of today's headlines and last night's big speech!

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We break down how AI infrastructure demand is reshaping valuations across Bitcoin miners, using Dell’s blowout quarter as a real-time signal that the data center build-out is accelerating. We then compare signed HPC deals across the sector and run a sensitivity model on what Keel could be worth if it lands multiple contracts while capex and labour costs rise. 

• Bitcoin’s short-term volatility and why miners still care even with HPC narratives 
• Dell’s earnings as a read-through for AI server demand, cash flow strength, and backlog 
• Why racks, networking, cabling, and deployment speed are the “glue” between GPUs and data centers 
• Sector heat map, options expiration noise, and the case for taking profits after big runs 
• BitFuFu’s earnings mix, cloud mining scale, and the slow path toward any HPC pivot 
• HUT 8 price target upgrades, Beacon Hill economics, and how re-rates happen before sites are finished 
• Deal-by-deal comparison of contracted compute megawatts versus market caps across key names 
• Keel’s three-site setup and a sensitivity analysis for revenues, EBITDA margin, capex per megawatt, and multiples 
• Labour and electrical labour inflation as a near-term bottleneck that can change project economics 

Let us know in the comment section below how the portfolio is looking, your top pick in the sector currently, and if you've been taking any profits over the course of the week!

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https://www.powermininganalysis.com

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https://twitter.com/McnallieM

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We sit down with BitFuFu VP of Investor Relations Charley Brady right after Q1 earnings to separate the real operating story from the accounting noise. We dig into why cloud mining is becoming the core revenue engine, how hash rate allocation decisions get made, and what investors should watch as costs rebalance through 2026. 

• Q1 revenue performance and why cloud mining drives the mix 
• How BitFuFu shifts hash rate between cloud mining and self-mining for return 
• Fair value Bitcoin accounting, mark-to-market impacts, and what to watch in the EBITDA bridge 
• Customer retention, churn, and why institutional demand behaves differently than retail 
• Where growth is coming from, including Africa and Asia, plus why the US market is not active yet 
• Ethiopia facility disruption, fleet monitoring, and efficiency gains from upgrading miners 
• ASIC pricing dynamics for S19s and S21s, used machine supply, and the next 18 months of hardware cycles 
• Data centre footprint, leased capacity, and the cautious approach to HPC AI and GPU infrastructure 

Let us know in the comment section below if you're currently holding shares of BitFuFu and what you thought about this round of earnings!

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We step back from day to day Bitcoin noise and focus on why AI infrastructure and HPC data center deals are driving real rerates across former miners. We break down fresh price targets, what the market is already pricing in, and how a single large contract can reshape valuation math for names like Riot, Bit Digital, DMG and Iren. 

• Bitcoin weakness alongside relative strength in AI infrastructure stocks 
• Why funding and revenue momentum from companies like Anthropic matter to data center builders 
• How contract announcements change multiples and investor expectations 
• Reading recent rallies, profit taking and 52 week positioning across the sector 
• DMG’s HPC site progress and management’s deal timeline comments 
• Bit Digital and WhiteFiber facility details plus the “triple compounding” ETH strategy 
• Riot Platforms Corsicana sensitivity analysis using revenue per megawatt, margins, CapEx and multiples 
• How much Corsicana upside may already be priced into Riot shares 
• Iren’s upgraded price target and the question of what the unpriced pipeline could mean 

Take a second, smash a like button, guys. If you're not already subscribed, McNallie Money, feel free to join. Pop over to the website poweranalysis.io. You can also sign up for the newsletter, comes out every Friday free, and let us know your thoughts in the comment section below!

Anthonys Info:

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https://www.patreon.com/Cazenove_UK

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https://twitter.com/McnallieM

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We sit down with DMG Blockchain Solutions CEO Sheldon Bennett and COO Stephen Eliscu right after Q2 earnings to unpack how they keep mining costs competitive while Bitcoin prices stay uncomfortable. We also dig into their 2026 push to convert Christina Lake into an AI and HPC data center platform, plus what the Malahat partnership could unlock for sovereign AI in Canada. 

• Q2 operational takeaways in a tough mining market 
• Lower cost to mine Bitcoin driven by power pricing and efficiency 
• Fleet strategy including tweaks to legacy miners and steady J/TH guidance 
• Malahat partnership status, site options, and why Indigenous land rules differ 
• Hybrid compute approach including AI plus storage and disaster recovery 
• Why low-cost Canadian power could attract neo-clouds and hyperscalers 
• Christina Lake buildout math from substation expansion to synthetic firm power 
• On-site gas generation as redundancy for AI uptime requirements 
• First-build options from existing buildings to modular and purpose-built designs 
• Boardman Oregon due diligence issues and why the US footprint matters 
• Thoughts on a TSX uplist and a future Nasdaq path 
• Sovereign AI demand drivers in Canada and what governments may require 
• Hiring plans for electrical, fiber, and data center development talent 

Let us know in the comments section below if you're currently holding shares of DMG and what you thought about this most recent round of earnings!

Anthonys Info:

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We watch Bitcoin stall while AI infrastructure names rally, and we explain why many “miners” are now getting valued like HPC data center businesses. We also break down the biggest headlines from Iron and DMG, then connect the dots on what bottlenecks and speed to power mean for returns. 

• miners decoupling from Bitcoin as HPC AI infrastructure narratives take over 
• Micron as a reminder that supply-demand bottlenecks can drive extreme re-ratings 
• leaderboard recap and why we keep taking profits while staying in the thesis 
• upcoming earnings and interviews plus what we want to learn from management teams 
• DMG Q2 results breakdown plus Christina Lake and Malahat power upgrade strategy 
• Soluna AMAs and how retail communication can become a real advantage 
• Iren’s Dell Blackwell agreement and the execution bar for CSP-style deployments 
• why HPC is a long-duration build with different costs and margins than mining 

Let us know in the comment section below if you're currently making any trades and your top pick in the space at the moment!

Anthonys Info:

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https://www.powermininganalysis.com

X: 

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Bryce's Info:

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We watch AI infrastructure and ex-Bitcoin miner stocks rip higher while Bitcoin itself plays a smaller role in the price action. We connect the dots between megawatts, index inclusion, and real execution updates from Core Scientific and TeraWulf. 

• Bitcoin mining sensitivity fading as power shifts toward HPC and AI hosting 
• Old watchlist prices versus today’s re-rate across major public names 
• Heat map read of sector breadth and why Soluna stands out 
• Russell 3000 inclusion as a catalyst for persistent index buying 
• Core Scientific board appointment and what it signals for data center execution 
• TeraWulf’s Kentucky gigawatt development plan and the long lead time reality 
• Lake Mariner progress and the Schneider Electric infrastructure announcement 
• Trade discipline and taking profits during fast sector rallies 

Take a second, smash a like button, guys. If you're not already subscribed, McNally Money, feel free to join. And let us know in the comment section below how you're feeling about the sector in general and your top pick in the space. If you guys want any behind the scenes looks at our trades, at our portfolios, make sure you sign up for the members only power play!

Anthonys Info:

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https://www.powermininganalysis.com

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https://twitter.com/cazenove_uk

Patreon:

https://www.patreon.com/Cazenove_UK

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https://twitter.com/McnallieM

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We track the market setup for bitcoin and crypto equities, then zoom in on the financial engineering and treasury tactics that can quietly boost value per share. We also map the latest HPC AI data center deals and explain why power, permits and signed contracts are driving the next re-rating across miners. 

• bitcoin price recovery and what we watch in macro headlines 
• Strategy repurchasing 0% convertible notes at a discount and why that reduces dilution 
• SATA moving to a daily dividend and how that may smooth buying activity 
• market heat map takeaways and why Canadian trading can hint at the US open 
• bitcoin HODL versus market cap ratios and why that metric is changing 
• WhiteFiber five-year $160M Paris GPU deal and how to think about $ per megawatt 
• analyst hint of a potential 100MW site and what questions to ask next 
• Keel’s confidence in landing multiple leases and the practical constraints of buildouts 
• Soluna’s large-site roadmap, financing mechanics and why phased delivery matters 
• Hive’s sovereign data angle and the global spread of AI infrastructure demand 
• Riot’s Corsicana approach and the upside math if a large tenant lands quickly 

Take a second, smash a like button, guys. If you're not already subscribed, McNallie Money, feel free to join!

Anthonys Info:

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https://twitter.com/McnallieM

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We sit down with Ayden Kilic, CEO of Hive Digital Technologies, to break down the 320 megawatt gigafactory announcement and why it could reshape Hive’s path in AI infrastructure. We dig into the revenue math, the financing approach, and why long term contracts matter as much as the GPUs themselves. 

• what a 320MW “gigafactory” means in practical GPU terms 
• why this is positioned as a major Canadian HPC and sovereign AI build 
• how a conservative colocation case maps to ARR and total contract value 
• the capex reality of building tier three data centers and filling them with GPUs 
• the near term plan to scale GPU cloud ARR and what needs to line up 
• why the market rewards 3-year and 5-year contracts over residual value stories 
• CSP versus colocation optionality when you own and operate the facilities 
• how a zero coupon convertible and capped call can reduce dilution 

Let us know in the comment section below if you're currently holding shares of Hive and what you thought about these recent announcements!

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:

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Website:

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Business Inquiries:

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