Power Analysis

We break down IREN’s leap from top-tier bitcoin mining margins to a $10B Microsoft GPU-as-a-service contract, and how prepayments, Dell terms, and disciplined financing de-risk the build. The conversation spans GPU paybacks, ERCOT policy shifts, BC growth, and the balance between mining and AI.

• Q1 operating highlights and mid‑60s gross margins
• Details of the $10B Microsoft agreement and diligence
• Prepayments, Dell payment terms, and lease financing
• Two‑year GPU paybacks and mid‑30s equity IRRs
• GPU lifespan versus 20‑year data center life
• Repairs, warranties, and Dell‑backed liquid cooling
• Expansion at Childress, Horizons 1–4, and Sweetwater
• Security design for multi‑tenant hyperscaler sites
• Mining cash flow versus staged AI displacement
• Fleet efficiency, upgrade posture, and strategy
• ERCOT SB6 queue cleanup and grid approvals
• Global site criteria: renewables, OECD, colder climates
• BC update: pre‑contracted GPUs and rapid conversions
• Funding mix: converts, corporate debt, ATM optionality
• Local hiring, training, and community investment

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We bring back Soluna CEO John Belizaire to unpack a transformative quarter, a Texas tour of the Dorothy facility, and a roadmap that blends Bitcoin hosting with AI-ready, renewable computing. The focus: convert curtailed wind into flexible, profitable load while scaling responsibly with strong partners.

• 36% revenue growth and expanding gross margin
• Adjusted EBITDA profitability after one-off financing items
• Operational upgrades, maintenance discipline, rapid MW deployment
• Credit facility and refinancing fueling a scale flywheel
• Project Grace pilot for grid-stable AI power
• Clustering strategy for multi-site campuses in Texas
• Rigorous site screening and curtailment modeling
• Hosting as core, durable profit engine versus self-mining
• Backup generation standards, batteries as smoothing assets
• Authorized shares increasing capital credibility for HPC

If any of you are watching maybe you have additional questions that weren't able to be covered here I know you do an AMA every month John or feel free to leave them in the comment section below hit the like button feel free to subscribe we'll see you back here tomorrow

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We unpack ABTC’s first earnings as a public company and why Satoshis per share, not vanity exahash, guides every choice. Matt Prusak lays out a lean mining model, disciplined treasury playbook, and an ecosystem push aimed at durable, post-halving economics.

• doubling revenue and setting Satoshis per share as the north star
• 8–10 BTC per day with disciplined energy sourcing
• gross margin strength from 13 J/TH fleet upgrade
• lean SG&A enabled by an asset-light model and HUT 8 partnership
• treasury strategy using a $2.1b ATM and selective instruments
• measured stance on DeFi yield and counterparty risk
• growth optionality toward 50 EH without chasing vanity metrics
• ecosystem amplification across TradFi, BTCFI, and Bitcoin L2s
• U.S. hashrate focus and competition for power from AI and HPC
• M&A optionality if accretive to Bitcoin per share

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A retired smelter in Rockdale now runs as Bitdeer’s flagship, blending direct-to-chip cooling, efficient SEALMiners, and tight software control into a quiet, fast-moving operation. We tour the repair center, walk the racks, test the thermals, and map the path from mining to AI-ready infrastructure.

• origins as an aluminum smelter adapted for Bitcoin mining
• large, long-tenured repair team and consistent QA
• SEALMiner performance, A2 Pro efficiency, A3 roadmap
• scale of installs, rapid two-day wall deployments
• DTC cooling benefits versus immersion and air
• quieter acoustics, easier maintenance, overclock headroom
• MinerPlus fleet control for diagnostics and uptime
• power expansion, proximity to Riot, growth runway
• community jobs, local support, on-site culture
• AI and HPC potential with CSP and colocation

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Ben Gagnon CEO of Bitfarms joins us to unpack Q3 results, explain IFRS versus operational reality, and walk through the strategy to pivot from Bitcoin mining to high‑margin HPC and AI infrastructure. We cover Washington’s build, the power pipeline, lease timing, and why patience can create more value than quick wins.

• Clarifying Bitfarms Q3 revenue treatment under IFRS and Paraguay asset classification
• Bitfarms options strategy reducing effective cost of Bitcoin and de‑risking cash flows
• $1.1bn war chest and capital allocation toward HPC and AI infrastructure
• No rush leases strategy to secure higher long‑term rates and stronger terms
• BITF location advantage in Washington, Pennsylvania, Quebec and cooling economics
• Washington build economics, potential cloud model, and payback expectations
• Managing construction risk, supply chains, and next‑gen rack densities
• Power pipeline status: energized, secured, under application across sites
• Environmental benefits including water treatment and closed‑loop cooling
• Funding mix ahead with project debt, structured capital, and new CFO
• Outlook for public Bitcoin mining vs distributed, marginal‑cost models

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A tough week for bitcoin and miners reveals which operators hold real power advantages, hardware roadmaps, and diversified revenue. We share on-site takeaways from Texas, break down October production across major names, and explain why HPC and hosting are becoming core to mining economics.

• Bitcoin price pressure and macro drag
• Miner sell-off dynamics and portfolio tactics
• BitFufu production trends and fleet efficiency
• Canaan operational gains and ultra-low power costs
• Hive’s rapid hashrate growth and Canadian AI build
• Bitdeer’s Ohio fire update and SEAL chip progress
• Record self-mining, hosting scale, and AI cloud revenue
• Soluna’s Dorothy 2 wind-backed campus and client ramp
• Hashprice near $40 and difficulty headwinds
• How power strategy and HPC hedge post-halving risk

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We tour Riot’s Corsicana campus to see how a leading Bitcoin miner is building toward a gigawatt-ready HPC future. From massive substations and a literal lake to modular immersion halls and an adjacent core‑shell campus, the plan is bold and patient.

• in‑house development model and faster delivery
• expanded substation capacity and ESS Metron edge
• water strategy with lake, well and civil tie‑in
• modular immersion cooling and spotless operations
• flexible roadmap from mining to HPC tenants
• cash flow bridging through the next halving
• GSOC security oversight across multiple sites
• 67‑acre core‑shell parcel for multi‑level builds
• phased timelines targeting 2026–2027 delivery
• seasoned leadership hires to land and execute deals

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We tour MARA’s Granbury flagship to show how a 260 MW Bitcoin mine runs quietly beside a natural gas plant and why 67% of rigs now sit in immersion. We break down modular build speed, behind‑the‑meter power, vertical integration, and load balancing with HPC.

• 260 MW flagship site with 12.2 EH contribution
• Immersion cooling adoption at 67% of active machines
• Modular container strategy for rapid energization
• Acoustic wall and gravel plan for noise and dust control
• On‑site repair workflow and visual monitoring software
• 20‑second curtailment capability for grid support
• Behind‑the‑meter access to natural gas power
• Vertical integration shift to ~70% owned facilities
• Mining and HPC complement for load balancing
• Local jobs and school robotics sponsorship

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We tour Soluna’s Dorothy facility in Silverton to see how behind-the-meter wind power becomes low-cost compute for Bitcoin hosting and future HPC. We dig into the diamond layout, airflow engineering, and how a hybrid wind+grid strategy underpins margins and growth.

• behind-the-meter wind model and grid interconnect
• diamond site layout and thermal simulations
• filtration design and PDU cooling upgrades
• Maestro software and fast power orchestration
• hosting-first strategy and client customization
• ERCOT context and SB6 weeding out weak projects
• hybrid power economics and three cent blended rates
• pipeline scale to 2.8 GW and capital access
• Project GRACE as HPC proof point
• valuation gap versus larger miners and growth runway

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We tour IREN’s Childress campus to see how power, cooling, and repeatable design create a mega-scale platform for Bitcoin mining today and HPC AI tomorrow. From grid ties and substation planning to closed-loop water and 20-year infrastructure, we map the strategy behind the Microsoft deal.

• community impact in Childress and local hiring
• 750 MW campus scale with 500 MW operating
• grid-connected power and 345 kV lines
• substation readiness and long-lead equipment
• air-cooled Bitcoin halls and noise control
• onsite repair shop and uptime culture
• closed-loop cooling, wells and water logistics
• Microsoft five-year GPUs vs 20-year buildings
• future-proofing for higher rack density
• safety, security and site operations at scale

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