We unpack MARA Q3 records, liquidity moves, and a power-first strategy that treats electricity as the core asset and compute as an allocation decision. We also dig into AI inference, grid balancing, policy, and how to scale internationally without losing discipline.

• record revenue, 60.4 EH/s, growing Bitcoin treasury
• $1.025b 0% convert, liquidity and optionality
• electrons as moat and low-cost power strategy
• FASB swings versus real free cash flow
• capex discipline, depreciation, and fleet longevity
• Xion acquisition for edge inference and data centers
• MPLX path to 2–3.5 GW and gas-to-power
• pairing AI with mining to smooth load behind the meter
• national hashrate, mining pool ownership, policy posture
• AI HPC risks, GPU obsolescence, customer concentration
• team buildout across energy, trading, and data centers
• international growth goals and geopolitical filters

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We break down why hyperscaler demand is pulling Bitcoin miners into HPC, how analysts are splitting on Iron’s value, and what DMG, Bitfufu, and Canaan signal about the next phase of mining. A quick macro twist from Kazakhstan adds fuel to the adoption story.

• Bitcoin rebound and miner strength
• Riot and Iren positioned for HPC near Texas hubs
• Bottomless AI demand and facility proximity advantages
• Analyst divergence on Iron price targets
• CSP versus colocation risk, margin, and logistics
• DMG’s steady October metrics and HODL build
• DMG’s Oregon entry and expansion path
• Bitfufu’s self-mining, hosting, and cloud mix
• Global portfolios across U.S., Ethiopia, South America
• Canaan’s $72m raise, Avalon line, and vertical integration
• Home mining heaters and ROI dynamics
• Kazakhstan explores rotating gold reserves to Bitcoin

Make sure you guys tune back in for Mara CFO Salman Khan this afternoon!

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TeraWulf’s CFO Patrick Fleury walks through a new Google-backed FluidStack JV, why SPP beats ERCOT for timelines, and how a rated, callable debt structure unlocks scale. We compare co-location to GPUaaS, unpack NOI math, and outline a repeatable playbook for AI-ready, water-cooled data centers.

• Google-supported FluidStack JV structure and equity split
• Rationale for SPP over ERCOT and interconnect realities
• Standardized high-density, water-cooled design and PUE nuance
• Co-location economics, NOI targets, and pass-through power
• Debt strategy, ratings, and path to bullet refinancing
• Pipeline discipline vs speculative megawatt claims
• Bitcoin mining as flexible grid service, not core model
• Exclusivity for site expansion and future projects with FluidStack

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We track a rough Bitcoin slide, then focus on how miners are hedging the cycle by building power, signing HPC contracts, and turning HODL into working capital. Earnings and production updates from MARA, CleanSpark, Riot, and HUT 8 show the pivot from pure hash to diversified compute.

• Bitcoin price context, business cycle links, and miner decoupling
• Cipher financing for Barber Lake and Black Pearl HPC pivot
• Analyst split on IRON economics and model assumptions
• MARA’s Delaware Basin energy plan and treasury management
• Riot and CleanSpark monthly output, efficiency, and power credits
• HUT 8 and ABTC results, 8.6 GW pipeline, and GPU-as-a-service
• Hashprice pressure and the case for long-term HPC contracts
• Forward hedging via Luxor’s hash rate marketplace

Hit the like button, feel free to subscribe, and let us know in the comments what you thought about these earnings results and your current top pick in the space!

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We track a turning point as leading Bitcoin miners pivot into high-performance compute, landing hyperscaler deals and redefining how power, GPUs, and data centers drive value. Hive, Iren, and Cipher set the pace while we compare risk, contracts, and value per megawatt.

• Bitcoin price softness contrasted with strong miner equity performance
• Hive scaling to 25 exahash while expanding Tier III HPC sites
• Cold climate efficiencies and sovereign compute advantages
• Iren’s five-year Microsoft deal and CSP risk-reward trade-offs
• Financing levers: advances, convertibles, cost of capital
• Cipher’s 15-year AWS co-location and site repurposing
• Valuation by megawatt framework for apples-to-apples comparisons
• Core Scientific’s independence and re-rating potential
• What contracts mean for cash flow, uptime, and PUE
• Community questions on holdings and deal quality

Check earnings week coverage and upcoming meetings at powermininganalysis.com. If you have questions for the teams, drop them in the comments. If you’re still watching, hit the like button. Feel free to subscribe.

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We break down Cipher Mining’s 15-year, 300 MW lease with AWS, why miners are being repriced as data center operators, and how Texas power and a deep site pipeline drive the shift from hash rate to hyperscale demand. We also touch on earnings, revenue ramps, and where AWS could land in the portfolio.

• AWS lease: 300 MW gross, $5.5bn value, August 2026 start
• Shift from Bitcoin mining to HPC colocation economics
• Market reaction and miner decoupling from Bitcoin price
• Black Pearl and Barber Lake site flexibility
• Pipeline depth: Stingray 100 MW and Colchis 1 GW
• Buildout realities, PUE targets and delivery standards
• Texas power costs and margin control
• Revenue phasing and refurbishment timelines
• Q3 highlights: 23.6 EH/s, 689 BTC, $72m revenue
• Balance sheet strength with $1.2bn converts
• Upcoming CEO earnings interviews and comparisons

Take a second, smash the like button, guys. If you're not already subscribed, McNallie Money, feel free to join. Let us know in the comments section below what you thought about earnings and this massive deal for Cipher.

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Microsoft signs a five-year, $9.7 billion contract with IREN as the miner pivots to building and operating AI data centers at 200 MW scale. We unpack EBITDA claims, GPU CapEx realities, Childress buildout progress, and why miners are becoming HPC providers.

• Contract headline terms and 20% prepayment
• Why this is not a co-location model
• GPU CapEx, depreciation, and EBITDA limits
• Childress site progress and horizon phases
• Expansion capacity at Sweetwater and timeline
• Partner lineup and NVIDIA preferred status
• Miners’ narrative shift from BTC to HPC
• ARR potential from scaled megawatts
• Risks, utilization, and renewal dynamics

Check out powermininganalysis.com for miner pages and news!

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We break down Riot’s record Q3 and the strategy shift that turns low-cost power into high-value data centers. Jason Les explains how Corsicana scales to one gigawatt, why Rockdale stays productive, and how mining funds and balances the move into AI-grade colocation.

• record revenue and margin drivers across mining and engineering
• rising network difficulty versus low all-in power cost
• the case for data centers as the highest return use of power
• Rockdale’s bridge role and planned hash rate growth
• Corsicana Core and Shell Plus and 56 MW data halls
• leasing readiness without a signed anchor tenant
• ERCOT hedges, pass-through power, and uptime needs
• substation expansion timelines to 1 GW
• PUE baseline targets and thermal strategy
• mining as flexible load to cut stranded power
• ESS Metron backlog and switchgear supply advantage
• SG&A leverage and stock comp roll-off after Q3 2026
• capital allocation, Bitfarms exit, and liquidity mix
• project financing tied to tenant creditworthiness
• valuation per megawatt and expected re-rating

Stay tuned as Riot executes on the strategy here!

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We break down how Bitcoin miners are shifting from pure hashrate to hyperscale data centers, with Core Scientific’s vote outcome and Riot’s Corsicana build shaping the week. Analysts raise targets as co-location, power credits, and GW-scale pipelines become the real edge.

• bitcoin holding above 100k while difficulty grinds higher
• mixed miner price action amid low volume and sentiment swings
• core scientific’s failed merger and new growth deck
• analyst upgrades and valuation multiples for hpc revenue
• pipeline math from hundreds of megawatts to multi-gigawatts
• riot’s core-and-shell strategy and standardized 56 mw blocks
• location advantages near dallas and austin
• power credits driving net costs and margins
• production, hashrate, and hodl context for riot
• texas tour plans and stacked c-suite interview lineup

Hit the like button, feel free to subscribe, and drop your questions in the comments so we can ask them during the CEO interviews

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We break down how retail investors just repriced Core Scientific’s megawatts, why TerraWulf and BitDeer are racing into AI hosting, and how value per megawatt is replacing exahash as the metric that matters. Bitcoin dips while capital and contracts accelerate toward HPC.

• Bitcoin weakness set against rate cuts and hyperscaler CapEx
• Heat map of miners with daily, five-day, and monthly context
• Earnings calendar and upcoming guest conversations
• BitDeer’s vertical integration and SEAL Miner A3 rollout
• TeraWulf’s Google-linked JV and upsized converts
• Core Scientific no vote and multi-gigawatt power pipeline
• Denton build and shift to true data center design
• Enterprise value per megawatt as a comparative metric
• Why multiple metrics beat single-ratio decision making
• Luxor energy tools and smarter power optimization
• Where to find our live-linked data and resources

Feel free to hit the like button, subscribe to the channel. Let us know in the comments section below which of these miners you're currently holding and your top pick in the sector.

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