Power Analysis

We trace Bitfarms’ shift from a legacy Bitcoin miner to a U.S.-focused AI and HPC builder under CEO Ben Gagnon. From selling South American sites to financing Washington and scaling Pennsylvania, we break down the assets, costs, policy context, and execution plan.

• market backdrop and miner volatility
• policy signals from Davos and U.S. governance
• Bitfarms’ debt reset and leadership change
• Riot’s approach and the defense of independence
• Stronghold acquisition and PJM advantages
• divesting Paraguay to lower blended power costs
• Washington 18 MW design and unit economics
• PUE, cooling, and northern site selection
• Panther Creek phasing and financing approach
• Sharon and Scrubgrass long-term pipeline
• Quebec capacity and staged timelines
• U.S. redomicile, board refresh, and T5 partnership
• outlook for AI contracts and execution risks

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We track a volatile week for Bitcoin and miners, then break down why Hive Digital’s growth from 6 to 25 exahash, low debt, and dual engine model position it for 2026. We unpack Paraguay hydropower, Buzz HPC’s ARR path, and the balance sheet discipline behind consistent output.

• Bitcoin price slide and miner volatility
• Correlation between Hive’s share price and Bitcoin
• Hashrate growth from 6 to 25 exahash
• Monthly production efficiency and uptime focus
• Buzz HPC roadmap and ARR targets
• Paraguay flagship, hydropower economics, and deal structure
• Net asset, current, and debt ratios vs peers
• G&A discipline and stock-based compensation control
• Community investment in Sweden and Paraguay
• Hashprice, difficulty adjustments, and near-term outlook

Let us know in the comments section below if you're currently holding shares of Hive and your outlook for 2026!

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We track the pivot from Bitcoin mining to Tier 3 AI data centers, focusing on how contracts turn into energized megawatts. From Denton to Childress, GB200 pilots to GB300 deployments, we weigh execution risk, capex strategy, and the talent it takes to scale.

• Bitcoin volatility as noisy backdrop to long-cycle buildouts
• Contracts versus delivery as the real moat
• CoreWeave–Core Scientific Denton progress despite weather delays
• BitDeer GB200 pilots and the challenge of future proofing
• BitZero B300 deployment and power allocation strategy
• Hive with Bell Canada ahead of schedule on HPC revenue ramp
• WhiteFiber brownfield retrofits and client count growth
• DigiPower ARMS 200 standardized modular rollouts
• IREN Childress CSP build for Microsoft at hyperscale
• Cost per megawatt spread and financing implications
• Talent as a lever, highlighted by Soluna’s new CFO

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We compare six headline HPC AI contracts signed by leading North American miners, mapping the tradeoffs between hybrid retrofits, tier three builds, colo margins, and full CSP risk. We rank returns, payback speeds, and financing structures while highlighting where speed to power beats perfection.

• Cipher’s multi‑hyperscaler lineup and Google equity backstop
• Core Scientific’s CoreWeave expansion with low retrofit capex
• HUT 8’s FluidStack triple‑net lease and near‑total NOI
• IREN/Microsoft’s CSP model, GPU capex, and five‑year term
• Riot’s AMD deal using hybrid retrofits and room to scale
• TeraWulf’s three Google‑linked deals and financing momentum
• Method for apples‑to‑apples comparisons and key assumptions
• Why speed to power, payback, and capex per MW drive returns
• Bitcoin mining headwinds pushing miners toward AI infrastructure

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We explore how Soluna and Siemens plan to solve AI’s grid risk while scaling behind-the-meter data centers powered by wind. We also break down the MetroBlocks partnership, the CODI 2 expansion path to 300 MW, evolving reliability standards, and why time to power now leads.

• Context on “Soluna 2.0” and 2025 milestones
• The hidden grid problem from AI power swings
• Why traditional UPS is not enough at scale
• Project GRACE pilot design with Siemens
• Behind-the-meter AI as a first-of-kind approach
• MetroBlocks JV scope and roles
• KATI 2 scaling via clustering to 300 MW
• LOI progress, design packages and RFPs
• Financing tied to leases and advisor support
• Tier strategy, relaxed nines and speed
• Convergence of compute and power markets
• Bitcoin hosting as a parallel growth engine

Hit the like button, feel free to subscribe you guys. If you have any additional questions for the team at Soluna leave them in the comment section below!

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We sit down with Riot Platforms CEO Jason Les to unpack the AMD lease, the Rockdale land purchase, and how we convert a mining-first footprint into a high-return data center platform. The conversation covers financing, speed to market, and why Texas power plus control changes the game.

• Buying Rockdale land to unlock leasing and remove $130m in future ground rent
• AMD’s 25 MW lease with options to 200 MW and ROFR
• Retrofit economics at ~$3.5m per MW versus tier three builds
• Using Bitcoin reserves for non‑dilutive equity and project financing
• 1.7 GW Texas portfolio advantages near fiber, water and metro hubs
• Decommissioning immersion mining to accelerate AMD timelines
• Strategy to maximize value per watt with tier three as the core
• Potential to expand Rockdale power with secured easements
• Role of flexible Bitcoin load for balancing and interim monetization
• Team buildout under Chief Data Center Officer Jonathan Gibbs

Let us know in the comments section below what you thought about today’s Riot news and if you’re currently holding shares!

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We count down our top CEO moments of 2025 and trace how Bitcoin miners pivot into AI infrastructure while policy and markets reshape the risk. Deals, power math, and patience emerge as the levers that will define 2026.

• Bitcoin price context and miner sentiment
• Soluna’s Project Caddy and HPC power planning
• How large AI contracts get negotiated and priced
• Political tailwinds, ETFs, and institutional adoption
• CSP versus colocation strategies for miners
• Microsoft Childress deal structure and GPU scaling
• Valuation frameworks for growth without earnings
• Cipher’s risk profile and power contracts
• Why infrastructure is not a bubble
• NVIDIA preferred status and financing dynamics
• Pennsylvania site strategy and timing for better terms
• Senate crypto bill roadblock and Coinbase response
• Links to all featured interviews for deeper dives

Take a second, smash a like button, you guys. If you're not already subscribed, McNallie Money, feel free to join. Let us know in the comment section below which was your top interview from Power Analysis in 2025 or top miner CEO interview!

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Bitcoin pushes toward 98k as miners rotate into AI and HPC, reframing the constraint from chips to power and infrastructure. We unpack leadership shifts, GPU roadmaps, land grabs, retrofits, and why owning megawatts beats chasing headlines.

• BTC rally and altcoin lift across majors
• Miner heat map movement versus BTC strength
• Bitfarms’ U.S. pivot and new chair
• Vera Rubin-first facility design strategy
• Power and infrastructure as true bottleneck
• Bitdeer’s GB200 deployments and scale plan
• Bitzero, CBRE, Finland low-carbon capacity
• Cipher’s skyscraper-scale financing reality
• CleanSpark’s ERCOT land and transmission wins
• WhiteFiber’s rapid brownfield retrofits
• M&A, treasuries, and consolidation signals
• Hashprice up, difficulty down dynamics

Let us know in the comments section below your top pick in the sector and how you’re feeling entering 2026!

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Bitcoin pushes back into the 90s as we break down why miner strength now comes from power scale, hardware efficiency, and real customers. Bitdeer surges to 55 EH, Hive seeds AI in Paraguay, and Soluna proves the hosting thesis with wind-cheap power.

• BTC price recovery and miner correlation
• Heat map shift from red to green across one month
• What we learn from Needham and investor Q&A
• Hive’s Paraguay JV and tier III AI strategy
• How renewables and policy stability de-risk HPC growth
• Soluna’s hosting margins and wind-blended power costs
• Project Kati, Grace, and JV economics before and after payback
• Bitdeer’s A2 and A3 rollout driving sub-20 J/TH
• Power math: GW energized versus MW required
• SEAL A4 roadmap and HPC pilots in Singapore and Malaysia
• IREN’s double upgrade, Microsoft AI deal, and runway

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We track how Bitcoin miners became AI and HPC power brokers, why energy access is the new moat, and where the rumor mill meets real contracts and margins. We compare co-lo vs CSP models, decode PUE and per‑MW revenue, and flag the next likely dealmakers.

• volatility in Bitcoin and miner price action
• satoshis per share vs per dollar invested
• pivot from mining to AI and HPC
• power as the bottleneck and location edge
• Goldman forecasts on data center grid demand
• Hut 8 pipeline and Illinois site rumors
• Cipher, Core Scientific, Terawulf deal specifics
• co-location vs CSP economics and risk
• GPU lifespan, obsolescence, and upgrade paths
• analyst targets vs what is priced in
• social media rumors, NDAs, and timing
• Riot and Bitfarms positioned for announcements
• hashprice compression pushing pivots

Take a second, smash the like button, guys. If you're not already subscribed, McNally Money, feel free to join. Let us know in the comments section below how you're feeling about the HPC AI space and your top pick in the sector!

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