Power Analysis

Bitcoin holds near 90K as miners rally and hyperscalers chase megawatts. We dig into Meta’s nuclear plans, real power pipelines from miners, capital strategies, and why partnerships and execution decide who wins the HPC shift.

• Meta’s nuclear sourcing plan and its 2035 timing
• Bitdeer’s gigawatt-scale Ohio footprint
• Bitfarms’ North America pivot and pipeline
• Conference takeaways and rising investor interest
• BitFufu’s profitability and cloud hosting traction
• Quantum FUD versus Bitcoin security claims
• MARA’s debt, equity, and Bitcoin funding levers
• Power ownership, gas generation, and ROI choices
• IREN’s Childress and Sweetwater execution
• Siemens and NVIDIA partnerships touching miners
• Year-to-date gains in Miner Madness 5.0

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We track Bitcoin’s bounce, then dive into the numbers that actually decide who survives: liquidity, leverage, and the gap between net assets and market value. Site visits, insider buys, and a wind-powered HPC pilot show where the real edge is forming.

• Bitcoin price momentum and miner beta
• Why current ratios signal real liquidity
• Debt ratios as a map of funding strategy
• NAV vs market cap to spot mispricing
• NAV vs enterprise value for debt-adjusted value
• Soluna’s Siemens pilot for behind-the-meter HPC
• DMG, Bit Digital, MARA as value standouts
• Terawulf’s contracts and funding explained
• Community impact, jobs, and local partnerships
• Hashrate index, difficulty, and margin pressure

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We map how Bitcoin miners are evolving into AI and HPC infrastructure players while parsing MSCI’s guidance on digital asset treasury companies. We share updates onMARA, BitFuFu, Hive, and Bit Digital, and why power access sets the winners apart in 2026.

• AI and HPC framed as the next growth engine for miners
• MSCI’s DAT stance and passive buying implications
• MARA’s operating model vs treasury classification
• Energy supply as the core AI-era bottleneck
• BitFuFu’s December output, curtailment discipline, efficiency
• Hive’s Paraguay expansion, 25 EH, rising HPC ARR
• Bit Digital’s ETH holdings, staking yield, White Fiber stake
• How miners monetize megawatts across workloads
• Analyst leaderboard launch and early sector momentum

If you’re in New York February 9th to 13th and want to meet up at PubKey, we’d be more than happy to meet!

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We track Bitcoin’s push above 93k, a broad miner rally, and a bigger story: how stock-based compensation is being redesigned to drive the pivot from pure Bitcoin mining to HPC and AI infrastructure. We compare filings from Riot, Terawulf, Cipher, MARA, and IREN to show where incentives align with real performance and where shareholder patience is thinning.

• Two-year performance context for major miners
• Rising stock comp versus revenue benchmarks
• Shareholder voting trends and dilution risk
• Riot CFO shift and HPC-focused incentive metrics
• Terawulf RSUs and PSUs amid site expansion
• Cypher Form 4, tax disposals, and insider ownership
• MARA S-8 filing and lagging HPC strategy
• IREN variable-heavy pay and hard targets
• Hashprice bounce, difficulty outlook, and margins
• Why NOI and data center revenue drive future value

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Let us know in the comments section below how you're feeling about the sector as a whole and your top pick for 2026!

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We mark the new year with a rebrand to power analysis and a clear thesis: miners with cheap power, ready sites, and strong partners will lead the HPC shift while Bitcoin stabilizes near $90k. We cover portfolio moves, capital plans, and long-term contracts that change the game.

• Bitcoin price action, whale buys, and tax dynamics
• Miners’ rally and positioning into 2026
• Bitfarms’ Latin America exit and North America focus
• Hive’s Paraguay growth and low-cost hydro power
• BitFuFu’s cloud hashrate and hosting margins
• Riot’s $500m ATM and HPC buildout runway
• IREN’s early HPC strategy and Microsoft deal
• Compensation alignment and scale ambitions
• TeraWulf’s zoning approval and pipeline strength
• Our Miner Madness picks and sector conviction

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We break down how MARA uses scale, site control, and a deep Bitcoin treasury to pivot from pure mining toward high margin compute. The story centers on power: owning it, pricing it, and routing it to wherever returns are highest, from blocks to inference.

• Bitcoin price holding near 87k and supply dynamics
• 2025 miner returns and why MARA underperformed
• 60+ EH capacity, 18 sites, 19 J/TH efficiency
• Granbury flagship, modular designs, onsite repair
• HODL growth and treasury value vs market cap
• Capital levers: BTC-backed loans and zero-coupon converts
• HPC AI strategy with inference focus and grid limits
• Ownership vs hosting, path to 100% site control
• XAEON stake to enter European Tier III/IV markets
• West Texas energy-to-compute plan with MPLX
• Texas wind farm economics and zero-marginal energy
• Four reasons to watch MARA in 2026

Enter Miner Madness 5.0 before December 31: pick your top three miners and a March 31 Bitcoin price tiebreaker. Visit the Power Mining Analysis website, check the MARA news page, and sign up for our newsletter to get the registration form sent to your inbox!

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We break down why Riot Platforms is our top pick for 2026, focusing on operational turnaround, Texas-scale power, strong capital levers, and a measured pivot into AI and HPC data centers. The result is a strategy that values optionality, speed to market, and durable margins.

• operational delivery improvements and top-tier efficiency
• demand response credits and lower all-in power costs
• engineering division as revenue and uptime advantage
• Corsicana and Rockdale gigawatt-scale power access
• Kentucky site expansion potential
• realistic halving math and mining margin pressure
• capital reserves, HODL strategy, and financing options
• disciplined HPC roadmap, shell-and-core build, hiring
• tenant quality, deal structure, and speed to market

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We break down Bitdeer’s 2026 plan across custom SEAL miners, soaring self-mining growth, a global power pipeline nearing 3 GW, and a focused AI compute strategy that blends CSP and co-location. Field notes from Rockdale and deep dives on Bhutan, Washington, Knoxville, and Clarington round out a data-rich review.

• Bitcoin market context and miner performance
• SEAL Miner roadmap from A1 to A4 and efficiency gains
• Self-mining hashrate growth and hosting stability
• On-site operations at Rockdale and repair capacity
• Global footprint across Bhutan, Norway, Texas, Ethiopia
• Power in operation and development approaching 3 GW
• AI strategy spanning Singapore, Malaysia, Washington, Knoxville
• Clarington Ohio co-location scale and contract structure
• CSP vs co-location economics and risk
• Leadership pedigree and 2026 catalysts

Before we let you go make sure you head over to the Power Mining Analysis website under the news drop down you can sign up for the newsletter you'll get a registration form to Minor Madness just two days left to enter your top three picks for Q1 and Bitcoin price on March 31st!

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We share Q4 and full-year results, then lay out how hydro cooling, energy grants, and site design set up Christina Lake to become a staged AI campus. We walk through our trust, pool, and software stack, and explain why AI co-location now offers the best near-term upside while Bitcoin remains core.

• revenue up year over year and cash from operations doubled
• balance sheet strength under IFRS vs US GAAP context
• hydro conversion results and efficiency grant impact
• shift to liquid cooling to match AI density needs
• Christina Lake positioned as an AI factory with staged scale
• carbon neutral Bitcoin via TerraPool with modest premiums
• Systemic Trust custody and SOC 2 readiness for institutions
• Reactor hash rate contracts and Helm mine management rollout
• co-location demand trends and right-sized site strategy
• Canada vs US power, policy, and latency considerations
• sequencing across Christina Lake, Malahat, and Oregon
• 2026 focus on AI, digital asset financial services, and selective M&A

Take a second, smash the like button, guys. If you have any additional questions for Sheldon or Steve, leave them in the comment section below. You guys hit the like button, feel free to subscribe, and happy holidays.

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