Power Analysis

We track Bitcoin’s surge to new highs, the ETF flywheel that’s soaking up supply, and why miners are pivoting into AI HPC to lock in better margins and smoother cash flow. We share wins, risks, and why late-mover strategies may command higher prices as megawatts grow scarce.

• Bitcoin momentum, supply squeeze, and price action
• Miner performance, efficiency gains, and valuation shifts
• ETF flows from BlackRock and peers driving adoption
• Corporate HODLers, treasury strategies, and market optics
• UK ETPs, KYC, and tax compliance trends
• AI HPC re-rate, contract timing, and power scarcity
• AMD–OpenAI investment and chip vendor dynamics
• Soluna compliance update and capital levers
• Hive Digital’s rapid hashrate expansion and margins
• HODL versus growth trade-offs and profit-taking

Take a second, smash the like button. If you're not already subscribed, McNallie Money, feel free to join. Let us know in the comment section below which of the miners you're most bullish on now and why. If you haven't managed to listen to that podcast, please go and have a listen to it. Feel free to sign up for the members only channel or video.

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Bitcoin pushes toward an all‑time high as Riot, Mara, and CleanSpark report solid September results, with efficiency, power strategy, and treasury moves shaping margins. We break down HODL-to-market-cap shifts, utilization gains, and why HPC-ready sites may define the next leg.

• Riot’s production, power credits, and rising market cap
• CleanSpark’s near‑50 EH progress and strong treasury
• Marathon’s utilization jump and rare Bitcoin sales
• HODL value versus market capitalisation signals
• Fleet efficiency improvements under difficulty pressure
• Texas power dynamics and curtailment math
• Bitdeer’s SEAL miner advantage and global sites
• HPC/AI pivot timing, sites, and capital needs
• Why clarity of strategy drives valuation premia

“Smash the like button, and let us know which of these three heavy hitters is your favorite and why”

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Bitcoin strength lifts miners, but the real story is how HPC strategies, policy clarity, and infrastructure scale are rewriting miner valuations beyond simple HODL math. We compare HODL-to-market-cap shifts, rising volumes, and why builders are outpacing pure treasury plays.

• Bitcoin momentum and miner rerating
• Divergence between HODL size and stock performance
• HPC and AI demand as new revenue engines
• Cipher, Hive, Bitfarms, HUT 8 highlights
• Canaan’s ASIC-to-mining hybrid strategy
• HODL-to-market-cap compression explained
• MARA, CAMT exemption, and FASB impacts
• DMG’s Christina Lake and Core Plus stack
• Expansion of top-100 Bitcoin treasuries
• MNAV compression and the DAT dilemma
• Why cost basis and energy control matter
• Audience prompt on miners vs pure HODL

Take a second, hit the like button, guys. If you're not already subscribed, McNallie Money, feel free to join. And let us know in the comment section below which of the Bitcoin miners you're feeling most bullish on and why

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Bitcoin starts Uptober strong while public miners face tougher difficulty and tighter margins. We weigh a slower cycle against a surge in billion‑dollar financings, and map how miners pivot from self‑mining to HPC and AI with strategic partners and cheaper capital.

• Q4 kick‑off, price action, and ETF demand
• Cycle context, slower grind to potential all‑time highs
• Miner Madness results and standout stocks
• Heat maps, YTD moves, and stock dispersion
• Core Scientific and CoreWeave alignment and vote timing
• Bitdeer Malaysia expansion and supply chain strategy
• Cipher’s upsized convertible and Barber Lake build
• Soluna’s pipeline, hosting scale, and research coverage
• Financing tools for HPC: converts, debt, BTC‑backed loans
• Tier III data center capex versus mining site costs
• Hashprice versus difficulty and ERCOT seasonality
• Global hashrate outlook and Bitfarms sensitivity
• Three‑year runway to HPC pivot for public miners

Let us know in the comments how you feel going into Q4 and the month of October. Hit the like button. Feel free to subscribe.

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We track how Bitcoin miner valuations are shifting from pure hash to hyperscale compute as Tether buys 8,000 BTC and major financing deals reshape the field. CoreWeave’s Meta agreement, Soluna’s new Canaan hosting, Bit Digital’s ETH convert, Cipher’s capped calls, and the IREN downgrade debate define the week.

• Bitcoin price context and Tether’s 8,000 BTC buy
• DMG volume surge and small-cap momentum
• CoreWeave–Meta impact on CORE Scientific vote math
• Soluna’s 20 MW Canaan hosting at Dorothy site
• Hosting economics, low-cost power and optionality
• Bit Digital’s $135m convert to expand ETH treasury
• NAV discount, staking yields and WhiteFiber exposure
• Cipher’s $1.1b convert and capped call protection
• Capex per MW for AI data centers and funding needs
• IREN downgrade pushback and corrected CapEx
• Hybrid GPU/ASIC buildouts and retrofit realities
• Community satellite tracking and transparency
• Minor Madness standings and next competition tease

Take a second, smash a like button, guys. If you're not already subscribed, McNally Money, feel free to join and let us know in the comment section below what you thought about this JP Morgan downgrade for Iren, and if you're holding any of the other miners mentioned in today's video.

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We break down why difficulty and hash price are pressuring miners while DMG, Hive, and MARA's push into AI and HPC to stabilize revenue and margins. We also unpack the Core Scientific–CoreWeave vote math and what it signals for miner valuations and strategy.

• Bitcoin price strength versus falling hash price and rising difficulty
• Why public miners slow hashrate growth while private and sovereign players add capacity
• DMG’s Malahat partnership, SCIF-rated modules, and Canadian data sovereignty angle
• Indigenous tax advantages and defense sales funnel implications
• Hive’s rapid climb to 20–25 EH and efficiency improvements
• BuzzHPC strategy, NVIDIA Cloud Partner status, H100 to H200 transition
• Toronto Tier 3 data center and AI talent access
• Marathon’s scale, owned power, global JVs, and load management tools
• Power sink and grid services as margin enhancers
• Investor perception of MARA’s strategy and clearer segment KPIs
• Core Scientific’s vote dynamics, floating consideration, and contract value
• Miner Madness standings and sector sentiment into Q4

Hit the like button. Feel free to subscribe. Let us know in the comments if you’re holding DMG, Hive, or MARA and how you feel about the Core Scientific vote.

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McNallie Money delivers breaking news about Cipher Mining's massive $3 billion contract with Fluidstack, backed by Google, for a 10-year high-performance computing deal that could extend to $7 billion. We analyze the strategic implications of this 168-megawatt contract and compare it with Terawulf's similar arrangement, exploring what this means for the future of Bitcoin mining companies.

• Cipher Mining signs 10-year, $3 billion contract with Fluidstack (backed by Google) for 168 megawatts of compute power
• Google provides $1.4 billion backstop support in exchange for 5.4% equity stake in Cipher
• Contract implementation requires approximately $1.5 billion in infrastructure investment
• Cipher announces $800 million 0% convertible senior notes offering to fund development
• Side-by-side comparison shows Cipher and Terawulf deals are similar on per-megawatt basis
• CleanSpark secures $100 million Bitcoin-backed credit facility with 2 Prime
• Hash rate projections dropping to $42/TH by early 2025 underscore miners' need to diversify
• Miner Madness competition update shows Soluna's 200% weekly gain propelling participants up the leaderboard

Hit the like button and subscribe to McNallie Money for more power mining analysis. Let us know in the comments which company you think got the better deal—Cipher or Terawulf—and why?

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The Bitcoin mining sector is experiencing remarkable growth with many companies pivoting toward high-performance computing (HPC) to capitalize on the expanding AI market, despite Bitcoin trading below its all-time highs.

• Hive Digital Technologies has reached 20 exahash and aims for 25 exahash by US Thanksgiving
• Nine Bitcoin mined daily with 55% mining margin and impressive 233% year-to-date growth
• OpenAI, Oracle, and SoftBank expanded the Stargate initiative with five new data centers
• $500 billion investment committed for 10 gigawatts of data center capacity by end of 2025
• Miners with Texas operations seeing significant stock appreciation as hyperscaler partnerships grow
• Riot Platforms positioned strongly with massive facilities in Corsicana and Rockdale
• Soluna Holdings experiencing dramatic share price recovery with Texas-focused expansion
• Cipher Mining's energized 300MW capacity at Black Pearl and Barbara Lake offers flexibility
• Iren developing the massive Sweetwater hub with potential for 600,000 next-generation GPUs
• Every megawatt taken off the market increases the value of remaining available power capacity

Let us know in the comments which of these stocks you think will be next to land a hyperscaler co-location contract.

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Jeff LaBerge from Bitdeer Technologies Group joins us to discuss their groundbreaking A3 Seal Miner, which at 12.5 joules per terahash has become the most efficient Bitcoin mining rig on the market today. Their vertical integration strategy and manufacturing innovations are positioning Bitdeer as a major player in the ASIC market while rapidly expanding their self-mining operations.

• A3 SealMiner comes in both air-cooled and hydro-cooled versions, setting new standards for mining efficiency
• Bitdeer expects to exceed their 4 exahash self-mining target by year-end with deployments across Norway, Bhutan and Texas
• Vertical integration provides flexibility to self-mine (8-10 month payback) or sell ASICs to third parties
• Bitdeer plans US manufacturing facilities by early 2024 to avoid tariffs and better serve North American clients
• Their innovation roadmap includes the A4 Seal Miner targeting 6-6.5 joules per terahash by 2026
• Hydro-cooling technology is expected to become the future standard as mining facilities evolve toward data center designs
• Current global addressable market for ASICs is $4-6 billion annually, with Bitdeer positioned to capture significant share

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Bitcoin miners are navigating market turbulence as they expand into high-performance computing while macro factors like Fed policy and political developments shape the industry. Dennis Porter's endorsement of Ian Calderon for California governor could significantly impact cryptocurrency policy in one of the world's largest economies.

• Bitcoin price holding around $113,000, down from recent highs but creating buying opportunities
• Pro-Bitcoin candidate Ian Calderon running for California governor with Dennis Porter's backing
• Soluna announces $87.65 million ATM offering to fund multiple concurrent projects
• CleanSpark increases Bitcoin-backed loan by $100 million specifically for HPC initiatives
• Iren leads miner performance with 330% YTD growth, reaching $11.5 billion market cap
• Cipher now valued at $5.5 billion, exceeding Core Scientific's market cap
• Network difficulty expected to increase 7.8% on October 1st, challenging miner profitability
• Global hashrate approaching 1,100 exahash, highest seven-day average recorded
• Bitcoin's hash price declining toward $50, putting pressure on mining economics

Take a second to smash the like button and subscribe to McNallie Money if you're not already. Let us know in the comment section what you make of today's news and your current top pick in the Bitcoin mining space.

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