Power Analysis

AI infrastructure looks less like a hype cycle when GPU rental rates rise, enterprise AI demand turns into profits, and long term data center contracts stack up across the sector. We connect NVIDIA earnings, neo cloud pricing moves, and the miner to HPC pivot to answer one question honestly: where are the real bubble signals, if any? 

• HPC AI sector update and why we’re not seeing classic bubble signs 
• Bitcoin correlation fading as miners reposition toward AI infrastructure 
• Heat map read on who has contracts and who is still waiting 
• Keel napkin math on megawatts, compute, NOI and potential rerate 
• Nebius rate increase and what higher GPU pricing implies for new deals 
• The lock-in versus wait dilemma for CSP and colocation contracts 
• Anthropic revenue growth, profitability expectations and enterprise adoption 
• Power as the bottleneck and why existing energy access matters 
• SpaceX capacity payments and what they signal about scarcity pricing 
• Applied Digital contracted capacity milestones and long dated take or pay leases 
• NVIDIA data center growth, margins, guidance, buybacks and dividends as demand proof 

Let us know in the comments section below how you’re feeling about the AI space as a whole and your top pick currently!

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We track Bitcoin’s sideways action, then follow the real story: miners and AI infrastructure names getting repriced as power, sites, and contracts start to matter more than day-to-day volatility. We break down deal math by megawatt, compare renting versus owning power, and ask what risks hide inside long GPU contracts. 

• Bitcoin range action and why we focus on the longer view 
• Corporate and ETF buying as steady demand for supply 
• Hive momentum and why execution drives rerates 
• Riot valuation framework using megawatts, NOI and multiples 
• Nebius and Bloom Energy deal structure and $ per MW takeaway 
• Soluna vertical integration at Dorothy plus balance sheet cleanup 
• CleanSpark hiring to build capital markets and M&A capacity 
• Hut 8 community investment as a permitting and trust strategy 
• Terawulf build progress and the open question of GPU refresh costs 

Let us know in the comment section below if you're holding any of these stocks and your top pick in the space currently!

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We track how Bitcoin miners are evolving into AI and HPC infrastructure companies as conferences, GPU markets, and corporate announcements all point to the same demand wave. We connect the dots across Strategy’s Bitcoin accumulation, shifting miner economics, and a growing pipeline of multi year data center contracts. 

• takeaways from the AIM Summit in London and why AI dominates the room 
• why miners keep exploring HPC for predictable long term revenue 
• Strategy’s latest Bitcoin buying pace and the path toward one million BTC 
• the claim that Bitcoin ownership in the US now outpaces gold 
• GPU spot pricing jump and why older GPUs can price above newer ones 
• how longer GPU lifespans change payback periods and data center economics 
• mining stock performance, correlation to Bitcoin, and Core Scientific buildout updates 
• ABTC’s Bitcoin treasury growth, fleet efficiency, and “mine cheaper than buy” approach 
• the reality of cheap ASIC pricing versus rising public company overhead 
• Hive and BuzzHPC’s 320MW sovereign AI infrastructure plan near Toronto 
• MARA’s Long Ridge Energy financing milestone and what it adds to the platform 
• Soluna’s timeline signals and why 2027 is becoming the target year 
• IREN’s acquisition of Awaken and the importance of brand as the AI push scales 

Let us know in the comments section below what did you think on today's headlines? Also, let us know if you want to see an IREN podcast!

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We talk with Saluna Holdings CEO John Belizaire and new CFO Michael Picchi right after Q1 earnings about how the company plans to scale from Bitcoin hosting into AI and HPC data centers through 2026 and beyond. We break down what vertical integration really means when you own the wind farm, the grid connection, and the site roadmap to get from design to an energized AI campus. 

• Q1 highlights including revenue growth, megawatts under management, and the shift toward hosting revenue 
• Why Bitcoin hosting demand persists and how it funds AI pre-development work 
• Briscoe Wind Farm acquisition and what vertical integration adds beyond a low power rate 
• How Soluna “stacks” revenue across hosting, demand response, and power sales during curtailment 
• KATI 2 phase-one plan including schematic design, detailed design, customer proposals, and lease negotiations 
• Future-proofing AI data centers for heavier GPUs and changing chip generations 
• Capital formation realities for billion-dollar builds including debt vs equity expectations 
• Key bottlenecks ahead including MEP supply constraints, labor availability, and worker housing 
• Community engagement playbook and addressing water concerns with closed-loop cooling design 
• Dorothy 3 sequencing and applying KATI 2 learnings across the pipeline 

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

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Bitcoin chops under $80K while miners sell off, but we stay focused on the bigger trend and the forces quietly tightening supply. We unpack the regulation tailwinds, the earnings details behind Bit Digital’s pivot, and why IREN’s new financing could reshape the HPC buildout race.

• Bitcoin’s weekly range and why we keep buying through volatility
• Clarity Act progress and why regulatory clarity matters for Bitcoin and Ethereum
• Why “crypto crime” talking points ignore on-chain traceability and cash realities
• Saylor’s 15,466 BTC week and what that means versus new supply
• Miner stock drawdowns and how Friday options flows can amplify moves
• Bit Digital’s strategic asset shift toward Ethereum staking and WhiteFiber HPC growth
• Revenue run-rate expectations and the coming impact of new co-location capacity
• IREN’s $3B convertible notes terms plus cap call dilution protection
• What that capital could fund for GPUs, data centers, and a Sweetwater-scale buildout
• Why some CEOs give firm deal timelines while others stay noncommittal

Let us know in the comment section below how you're feeling going into next week and your top pick currently in the portfolio!

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Bitcoin rebounds above $80,000 as institutional access expands and Washington edges toward clearer crypto rules. We break down miner results from BitDeer and WhiteFiber, plus BitFuFu’s production headwinds, to see how the Bitcoin mining sector is turning into an AI HPC and data center story. 

• Bitcoin’s move back into the $80K range, key catalysts behind the rally 
• Charles Schwab rolling out spot crypto access, what large AUM platforms change for adoption 
• Clarity Act progress, why regulation can unlock broader participation 
• Strategy’s rapid Bitcoin accumulation, what it implies about supply versus demand 
• Strive’s competing yield product, the push toward daily dividend structures 
• Heat map check-in across miners, reflections on recent management interviews 
• BitFuFu April operational report, outage impacts and contract decisions, continued HODL growth 
• Bitdeer Q1 earnings, revenue surge, expanding AI cloud ARR, power portfolio optionality, SEAL miner efficiency gains 
• WhiteFiber Q1 earnings, co-location growth, NC1 timeline, Hyperbolic agreement, supply chain constraints for data centers 
• Why HPC revenue depends on delivery, margin expectations versus reality, questions we keep pressing in interviews 

Let us know in the comments section below if you're currently holding shares of either Bitdeer or WhiteFiber and what you thought of their results. Sign up for the weekly newsletter at poweranalysis.io

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We sit down with Ben Gagnon, CEO of Keel Infrastructure, to unpack Q1 execution, the rebrand, and what it takes to turn power-rich sites into real HPC and AI data center leases. We break down the specific milestones we’re watching, why location and inference could reshape demand, and how financing and SLAs determine who actually gets projects built. 

• Keel’s execution track record across rebrand, restructuring, and major M&A integration 
• Why the infrastructure gap between Bitcoin mining and HPC AI data centers is bigger than most investors assume 
• The key metrics we track through the year: permits, lease execution, and secured megawatts 
• Why location becomes a moat again as inference demand grows 
• What could derail three leases by year end and how zoning, development, and environmental permits differ 
• How materiality and disclosure rules work once a binding agreement is signed 
• Why Pennsylvania is attracting large-scale AI data center announcements and what that signals for the market 
• Community engagement as a competitive advantage amid project cancellations and delays 
• How pricing could shift toward paying more for faster delivery and higher certainty 
• Enterprise AI demand and why “token value” differs for hyperscalers vs enterprises 
• SLAs, grace periods, and what drives margins down in real-world contracts 
• Financing confidence, credit market appetite, and why Keel says it doesn’t need to issue equity now 

Let us know in the comments section below what you thought of the earnings call from Kiel and if you're currently holding shares!

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We step through the latest earnings from major Bitcoin miners and AI infrastructure names, then use the actual financial statements to explain why so many teams are pivoting toward high performance computing. We connect contracts, megawatts, margins, stock based pay, and balance sheet strength to the share price rerates the market is handing out. 

• Bitcoin price volatility and the sector’s mixed daily tape 
• Why many earnings calls gloss over the “earnings” lines 
• How to read the income statement for miners and HPC builders 
• What adjusted EBITDA excludes and why it can mislead 
• ABTC’s Bitcoin accumulation strategy and Satoshis per share focus 
• CleanSpark’s development pipeline and late stage AI pivot 
• Total revenue comparisons and why low revenue can still re-rate 
• Cipher’s contracted revenue inflection and the appeal of predictability 
• Core Scientific’s CoreWeave deal and gigawatt expansion optionality 
• Net losses driven by depreciation and fair value Bitcoin write downs 
• Hut 8’s long duration contract economics and pipeline upside 
• IREN’s contracted ARR curve and vertical build approach 
• Keel’s execution roadmap and market anticipation before deals 
• MARA’s “digital infrastructure triad” and power asset strategy 
• Stock based compensation as a percentage of revenue and alignment 
• Riot’s Corsicana campus design and co-location potential 
• TeraWulf’s repeatable finance-and-build playbook 
• Retained earnings as the blunt proof of mining’s difficulty 
• Balance sheet checks: current ratio, net assets, leverage 
• Nebius Q1 surge, capex pace, margin improvement, and new PJM land 

Let us know in the comments section below how you're feeling about the sector in general and your top pick in the space if you're listening on any of the audio podcast platforms, make sure you guys give us a follow and a five-star rating!

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We sort through a brutal red day and explain how to survive Bitcoin miner volatility by zooming out, doing the work, and setting sell targets you can actually follow. Then we break down the latest updates from Bitdeer, Mara, CleanSpark, and IREN, showing how AI HPC deals and power capacity are starting to drive valuations more than pure mining growth. 

• How we think about daily volatility in Bitcoin and miner equities 
• Why disciplined price targets beat reactive trading 
• Strategy’s rapid Bitcoin accumulation and what it signals 
• The market re-rate effect when miners sign AI data center deals 
• BitDeer’s April update: hash rate growth, fleet efficiency and a $69M AI ARR run rate 
• Mara earnings highlights: power assets, Starwood JV structure, mining as load balancing, HODL changes 
• CleanSpark earnings highlights: Texas power expansion, balance sheet notes and “lead prospective tenant” language 
• IREN’s upsized convertible note, capped call protection and why the NVIDIA partnership matters 
• Why we built poweranalysis.io to track public AI deals and metrics 
• Riot CEO planned share sale and how we interpret insider selling 

Let us know in the comment section below what you thought of earnings from Mara and CleanSpark and if you're currently holding shares of any of the companies discussed!

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