Power Analysis

Lauren Lin, Head of Hardware at Luxor Technologies, takes us behind the scenes of their hardware division, explaining how they've shipped ASICs to over 36 countries and are expanding into HPC solutions alongside Bitcoin mining hardware.

• Joined Luxor in 2021 as employee #1 on the business team before transitioning to hardware
• Luxor's hardware vision is to be the hub for Bitcoin mining and compute with trusted supply, competitive pricing, global logistics, and financing in one platform
• Hash rate growth shifting to South America, Ethiopia, and Central Asia as US public miners slow purchases
• Offers end-to-end procurement with vending supplies, live inventory, global logistics, warehousing, and financing solutions
• Secured a $131 million deal with MicroBT for US onshore assembly to mitigate tariff impacts
• Manufacturers moving production capacity to the US in response to tariffs
• Bitcoin mining and HPC increasingly sharing infrastructure, expertise and talent
• S19J Pro remains the standout model in used equipment, maintaining $2.5-3/TH value regardless of hash price fluctuations
• The Bitdeer SealMiner A2 shows impressive stability and reliability but faces limited production availability

For hardware inquiries, visit luxortech.com or email [email protected]

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The Bitcoin mining industry is experiencing a significant transformation as companies diversify into high-performance computing and AI infrastructure, searching for sustainable growth and predictable revenue streams.

• Core Scientific-CoreWeave merger faces shareholder scrutiny as deal valuation has fallen from $9B to $4.77B due to CoreWeave's share price decline
• Bit Digital's Ethereum strategy generating approximately $1M monthly from staking 121,252 ETH, with 86% of holdings actively staked
• CleanSpark exploring AI applications with their Georgia data centers, strategically located near Atlanta with access to nuclear power
• Mara implementing three diversification strategies: Bitcoin yield generation, load management systems, and power load balancing services
• Cipher Mining positioned for potential AI deals with 150MW available at Black Pearl and 300MW at Barbara Lake
• ABTC announced massive 14 exahash addition, bringing total hash rate to 24 exahash with 16.4 joules per terahash efficiency
• White Fiber (Bit Digital subsidiary) has expanded from 1 to 23 clients with 4,500 GPUs deployed across urban data centers
• Bitcoin network approaching 1,000 exahash with a 5.5% difficulty adjustment, further pressuring mining economics

Join us for our upcoming Texas Tour 2.0 in November where we'll be visiting multiple mining facilities alongside HC Wainwright analyst Kevin Dede. We're also heading to New York next week for the HC Wainwright conference featuring speakers including Michael Saylor and George Bush.

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Terawulf CFO Patrick Fleury discusses the company's massive $6.7 billion FluidStack-Google deal and how it transforms their business from Bitcoin mining to high-power computing infrastructure. We explore the innovative financing structure, timeline for execution, and how Google's 14% equity stake and $3.2 billion lease backstop creates significant shareholder value.

• $6.7 billion, 10-year deal with FluidStack and Google with additional options potentially worth another $9 billion
• Google backstopping approximately $3.2 billion of lease obligations while taking a 14% equity stake
• Core42 assets are on track with Wolf Den and CB1 already online, CB2 coming in Q4 2023
• FluidStack-Google capacity will come online in phases from first half 2024 through early 2027
• Combined projects expected to generate approximately $780 million in annual revenue
• Innovative financing structure potentially saves $1.5 billion in interest expenses over 10 years
• $1 billion convertible note offering completed with no dilution until share price exceeds $18
• Bitcoin mining operations expected to continue for 2-3 more years, funding SG&A while compute business ramps up
• Management projects $600 million in annual EBITDA once fully operational
• Terawulf's approach of "walk before run" proved crucial in winning hyperscaler business

Take a second to hit the like button, and let us know in the comments if you're currently holding shares of Terawulf and if you consider yourself a member of the $WULFpack.

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Bitcoin mining sees major developments with ABTC beginning NASDAQ trading while Hive Digital surpasses 18 exahash and both CleanSpark and Riot release strong August production results.

• ABTC (American BTC) starts trading on NASDAQ, opening at $7.59 and climbing rapidly to show 36-37% gains
• Bitcoin price shows strength, breaking $112,000 after recent selling pressure
• MicroStrategy continues accumulation strategy with purchase of 4,048 BTC ($449 million)
• Top 100 companies now collectively own nearly 1 million Bitcoin (5% of total supply)
• Hive Digital reaches 18 exahash milestone ahead of schedule in Paraguay
• Hive creates 300+ local jobs and supports community development in Paraguay
• CleanSpark mines 657 Bitcoin in August with improved operational efficiency
• Riot earns $16 million in power credits, achieving industry-leading 2.6¢/kWh electricity costs
• Riot and CleanSpark currently leading Bitcoin miner performance year-to-date

Check out our upcoming interview with Patrick Flurry of TeraWulf covering the FluidStack-Google deal!

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The McNallie Money team explores the dramatic market cap shifts among the top nine Bitcoin miners in 2025, analyzing how their pivot toward AI and high-performance computing is reshaping valuations and industry dynamics.

• Iren leads with 271% market cap growth to $8 billion, leveraging their early AI infrastructure strategy and potential for 60,000 GPUs in British Columbia
• TeraWulf secured a game-changing $3.7 billion FluidStack deal backed by Google, demonstrating the value of purpose-built AI data centers
• Cipher showing strong momentum with speculation about imminent HPC partnership announcements at their Black Pearl and Barbara Lake sites
• HUT 8's partnership with American Bitcoin Treasury Corporation and aggressive development plans for 1,500+ MW of capacity driving 70% market cap growth
• Core Scientific shareholders waiting to vote on CoreWeave acquisition while Riot leverages massive Texas infrastructure for AI transition
• CleanSpark faces market challenges despite operational excellence in Bitcoin mining due to unclear HPC strategy and potential facility limitations
• Market clearly rewarding miners with concrete AI/HPC strategies, quality infrastructure, and experienced technical teams
• Multiple miners hinting at forthcoming partnership announcements that could dramatically reshape rankings by year-end

Let us know in the comments which of these miners you're currently holding and which you think will top the list by the end of the year!

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IREN achieves record-breaking financial results with FY25 revenue hitting $501 million, up 168% year-on-year, and Q4 standalone revenue of $187 million. The company has scaled to a billion-dollar annualized revenue run rate for Bitcoin mining while simultaneously building a $250 million AI cloud services business.

• Expanded contracted grid-connected power to almost 3 gigawatts with a multi-gigawatt pipeline
• Achieved 50 exahash of Bitcoin mining capacity, hitting targets that many thought impossible
• Procured 10,900 GPU servers from NVIDIA for AI cloud services
• Secured preferred partner status with NVIDIA for cloud service provision
• Built proper data centers rather than container-based solutions, allowing consistent performance even during summer heat
• Achieved industry-leading power usage effectiveness (PUE) of 1.1 in British Columbia facilities
• Vertical integration provides competitive advantage by eliminating co-location fees and improving service response times
• Successfully challenging industry assumptions about data center locations, proving that digital distance (latency) matters more than physical location
• Secured 100% lease financing for GPU purchases at single-digit interest rates
• Maintaining strategic flexibility to allocate computing resources to highest-return opportunities

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IREN reaches new all-time highs exceeding $29 per share following their record-breaking fiscal year 2025 and Q4 results, cementing their position as the largest Bitcoin miner by market capitalization.

• Record annual revenue of half a billion dollars with Bitcoin mining as the primary contributor
• Adj. EBITDA of $270 million, representing a 400% increase year-over-year
• EBITDA of $278 million showing a remarkable 1344% increase
• Net income of $87 million, making them one of few profitable Bitcoin miners
• Successfully scaled from 10 exahash to 50 exahash in just 12 months
• Expanding HPC operations with plans for 10,900 NVIDIA GPUs initially, scaling to 20,000
• Average electricity cost of just 3.5 cents per kilowatt-hour
• Total cash cost to mine Bitcoin at approximately $37,000
• Contracted power increased to 2.9 gigawatts with 810 megawatts currently in operation
• Achieved "NVIDIA Preferred" status for their data center operations
• Market cap exceeding $7 billion with share price up 170% year-to-date
• Strategic "bootstrapping" approach using Bitcoin mining to fund data center growth

Join us for our exclusive interview with IREN co-CEO Daniel Roberts this afternoon where we'll dive deeper into these results and the company's strategic vision.

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Anthony Power and McNallie dive deep into the Core Scientific and CoreWeave transaction, examining both sides of the equation ahead of the upcoming shareholder vote. They uncover surprising details from the newly released S4 filing that raises questions about who truly benefits from this multi-billion dollar deal.

• CoreWeave has been working with Core Scientific since 2019, evolving from a client relationship to acquisition target
• The deal began with a $1 billion offer ($5.75/share) in June, rejected before progressing to the current exchange ratio valued initially at $20.40/share
• CoreWeave's presentation reveals an additional gigawatt of power capacity not previously disclosed in Core Scientific materials
• With no price collar protection, Core Scientific shareholders face risk as the implied deal value has dropped from $20.40 to $12.79 per share
• Core Scientific executives stand to receive massive compensation packages - CEO Adam Sullivan alone would receive $131.9 million
• Ken Griffin of Citadel purchased 5.4% of Hive Digital Technologies, signaling increased institutional interest in Bitcoin mining companies
• Mining difficulty continues to rise, approaching 5% for next adjustment as global hashrate reaches 974 exahash (7-day average)

Hit the like button and subscribe to McNallie Money for more mining analysis. Let us know in the comments if you're holding shares of either company and whether you support this deal.

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DMG Blockchain Solutions presents their Q3 earnings results while discussing their strategic vision balancing Bitcoin mining operations and expansion into AI infrastructure solutions.

• Q3 revenue of $11.6 million with 44% cash gross profit margin and $2.7 million in operating income before depreciation
• Balance sheet strength with net assets valued at approximately twice the company's market capitalization
• Strategic debt reduction to under $10 million while maintaining comfortable leverage ratio
• Plans to establish a digital asset treasury policy for long-term Bitcoin accumulation
• Christina Lake facility transitioning from air-cooled to hydro-cooled mining equipment
• Targeting 3 exahash of Bitcoin mining capacity while preparing for potential AI expansion
• Secured two megawatts of prefabricated, military-grade data center infrastructure with path to ten megawatts
• Focus on Canadian government contracts for sovereign AI solutions addressing data privacy concerns
• Partnership with Malahat Nation providing access to additional power allocation and expansion opportunities
• Relaunched Blocks Seer explorer as free blockchain analytics tool to support ecosystem and raise company profile

Take a second to hit the like button, and if you're not already subscribed to McNallie Money, feel free to join. Let us know in the comments section what you thought about DMG's earnings and if you're currently holding shares.

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Bitcoin mining companies show strength despite Bitcoin trading below $110,000, with Hut 8 leading gains at nearly 10% following their billion-dollar ATM announcement for potential HPC data center expansion.

• Bitcoin maintaining support above $100,000 despite significant sales, including a $2.6 billion weekend transaction
• DMG Blockchain Solutions Q3 earnings reveal revenues of $12.6 million with hashrate growth to 1.8 exahash
• Soluna Holdings announces two new renewable energy projects pushing their development portfolio past 1 gigawatt
• Smaller miners like DMG and Soluna offering significant value with $2+ in assets for every dollar invested
• Eric Jackson's stock picks performing exceptionally well, with OpenDoor up 114% in just one month
• OpenDoor becoming a social media phenomenon with 750 million shares traded in a single day
• Miner Madness competition update shows leaders up 43% with five weeks remaining

Take a second to hit the like button and subscribe to McNallie Money. Let us know in the comments if you're holding any of these companies and how you're feeling about the mining sector in general.

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