Power Analysis

We share how Riot moves from Bitcoin mining to a scaled digital infrastructure platform by leasing data centers, highlighted by a fast-tracked AMD deal and a 1.7 GW power base in Texas. We explain the power optionality model, funding strategy, and why co-location beats buying GPUs for risk-adjusted returns.

• transformation from miner to data center landlord
• AMD lease delivery, scale mechanisms, and timeline
• low-cost mining margins and power credits
• ERCOT approvals as competitive moat
• Corsicana substation growth to one gigawatt
• ESS Metron advantages in speed and cost
• funding via Bitcoin treasury to limit dilution
• co-location focus over GPU ownership
• Kentucky’s path from mining to future leasing
• success metrics focused on leased megawatts and execution

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Markets wobble while demand signals strengthen. We unpack why miners sell reserves, how ETF inflows reshape supply, and where Core Scientific and Riot are placing big bets on power, co-location, and HPC in 2026 and beyond.

• red day for miners against macro tension 
• ETF inflows hit five-month high 
• MARA signals increased BTC sales 
• ABTC adds next-gen ASICs and boosts efficiency 
• Core Scientific expands co-location and energizes 350 MW 
• CoreWeave contract funding and 590 MW roadmap 
• Riot targets 45 EH and builds HPC capacity 
• AMD lease start with room to scale 
• power assets and interconnects as key moat

Let us know your thoughts on Core Scientific and Riot results, and whether you’re holding shares!

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We track a volatile start to the week as Bitcoin jumps toward 70k, miners bounce, and safe-haven assets rally. We preview Riot and Core Scientific earnings, unpack hash price pressure, and dig into the AI power race reshaping mining.

• Bitcoin’s flight to safety and price action
• Hash price recovery and miner margin thresholds
• Nation-state mining and supply constraints
• Michael Saylor’s weekly buys and issuance math
• Miners pivoting to HPC and hosting models
• Riot and Core earnings expectations and contract details
• Data center power demand and site requirements
• Market heat map, leaders, and volatility watch

Make sure you guys check out the website as well. Some great new features on there, including HPC AI deals and deal analysis!

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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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