Power Analysis

Craig Tavares, President and COO of Buzz HPC, shares how the Hive Digital subsidiary is pioneering sovereign AI cloud services powered by 100% renewable energy in strategic locations across Canada and Sweden. Leveraging their vertically integrated approach from owned power assets to GPU clusters, BuzzHPC delivers high-performance computing at a quarter of the cost of major cloud providers.

• Started career in telecom building infrastructure for ISPs and data centers in Canada
• Acquired and built approximately 20 data centers between 2010-2020
• Joined BuzzHPC earlier this year after meeting Frank Holmes
• Built on foundation of Hive's renewable energy assets and legacy of GPU operations
• Operates enterprise-grade Tier 3 data centers with complete redundancy for power and network
• Invests $8-11 million per megawatt compared to $350-400K for crypto mining facilities
• Recently acquired 7.2 megawatt data center in Toronto capable of hosting 2,000+ GPUs
• Targets data sovereignty needs for governments and enterprises
• Operates diverse GPU fleet including Ampere, Hopper, with Blackwell coming in Q4
• Monetizes through hourly rentals, long-term contracts, and value-added services
• Currently at $20M annualized run rate with target of $100M by 2026
• Most recent GPU cluster sold out within three weeks of deployment
• Focuses on sustainability with closed-loop liquid cooling and zero water wastage

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The Bitcoin mining landscape reveals a competitive edge forming between industry leaders, with CleanSpark and Riot's July production results showcasing different approaches to power management and profitability during challenging summer conditions. BitFarms announces a strategic partnership with T5 Data Centers to accelerate their AI infrastructure ambitions, positioning them in the coveted PJM market.

• CleanSpark reports 84% hash rate utilization at 41.9 EH/s due to weather-related curtailment
• Riot leverages power strategy to earn $13.9 million in power credits (equivalent to 120 BTC)
• Riot achieves exceptional 2.8¢/kWh power cost while increasing Bitcoin production by 8%
• Bitfarms partners with T5 Data Centers to advance Panther Creek facility development
• Global hash rate reaches 944 EH/s with upcoming 1-2% difficulty adjustment
• Bitcoin corporate accumulation accelerates with HODL 15 Top 100 now requiring minimum 50 BTC
• Special guests upcoming: Kevin Deedy (HC Wainwright), Craig Tavares (Buzz HPC), and Ben Gagnon (BitFarms)

Join us for upcoming interviews with Wall Street analyst Kevin Dede from H.C. Wainwright, Craig Tavares from Buzz HPC, and Ben Gagnon from Bitfarms to dive deeper into mining economics and HPC strategies.

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Riot Platforms has achieved record-breaking financial results in Q2 with nearly $500 million in adjusted EBITDA and $220 million in GAAP net income, while simultaneously advancing their strategic transition from Bitcoin mining toward high-performance computing and data centers.

• 50% gross margin in Bitcoin mining operations despite a one-time tax assessment
• Direct cost of approximately $49,000 per Bitcoin mined, well below current market prices
• Significantly improved operational uptime of 87%, with even higher efficiency when excluding curtailment periods
• Resolution of legacy hosting business through Rhodium acquisition, gaining 125 megawatts of additional power capacity
• Increased year-end hash rate target to 40 EH/s, with 45 EH/s projected for Q1 2026
• Strategic pivot toward data center development with 600 megawatts at Corsicana site
• Acquisition of 600+ additional acres (now 858 total) to maximize development flexibility
• ESS Metron division showing strong growth with $120 million in backlog
• Nearly $2.5 billion in liquidity between Bitcoin holdings and cash
• Multiple financing options including Bitcoin-collateralized debt without equity dilution

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Bitcoin miners show promising recovery with both Bitcoin and mining stocks turning green after last week's significant downturn, signaling renewed investor confidence despite ongoing geopolitical tensions.

• Mara's July production of 703 Bitcoin shows impact of curtailment issues despite hash rate growth to 58.9 EH/s
• Mara's Bitcoin holdings now worth 102% of company market cap, essentially valuing operations at zero
• Core Scientific-CoreWeave deal value has declined from $9 billion to $5.66 billion as Core Weave share price falls
• DMG Blockchain has 95% of market cap in Bitcoin holdings while developing HPC strategy
• Bitcoin miners maintaining 72-77% gross margins despite "double halving" effect
• IREN leads efficiency race with estimated $30,600 cost to mine one Bitcoin
• Comparison of top four miners shows varying operating costs and efficiency levels
• Fleet efficiency improvements have been crucial with new miners operating at half the energy per terahash

Don't forget to hit the like button, subscribe to McNallie Money, and let us know in the comments how you're feeling about Bitcoin mining stocks and which one stands out in your portfolio.

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Bitcoin mining's "Big Four" face intense scrutiny as Riot and Mara release Q2 earnings with mixed market reactions, revealing stark differences in operational efficiency and mining costs between industry leaders. Our comprehensive analysis suggests IREN achieves the lowest cost structure at approximately $45,000 per Bitcoin, while Mara and Riot operate at significantly higher costs around $72,000-$73,000 per coin.

• Riot's quarterly earnings show 1,426 Bitcoin produced but faced a significant stock drop of 17%
• Mara reported substantial Bitcoin holdings but struggles with current liabilities exceeding current assets
• Comparing mining costs reveals IREN potentially leads with 54.3% operating margins versus Riot/Mara at 27%
• Executive compensation practices drawing increased criticism from Wall Street and retail investors alike
• Riot announces plans to reduce stock-based compensation beginning mid-2026
• Bitcoin price pullback to $114,000 range brings pressure on mining stocks despite positive regulatory developments
• Industry hash rate growth showing signs of flattening as miners shift focus to HPC applications
• CleanSpark announces new hardware purchase from Canaan, diversifying away from primarily Bitmain machines

Take a moment to hit like, subscribe, and let us know in the comments which of these four miners is your top pick and why.

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Mara Holdings CFO Salman Khan joins us to discuss the company's record-breaking Q2 results and outline their strategic approach to Bitcoin mining in a competitive landscape. We explore how Mara has positioned itself as an industry leader through innovative operational strategies and technological development.

• Transitioning from asset-light to asset-heavy with 70% owned and operated sites
• Achieving industry-leading electricity costs of $0.04/kWh and $33-34k per Bitcoin on owned sites
• Accumulating over 50,000 Bitcoin while developing yield-generating strategies
• Differentiating from treasury companies by maintaining operational focus
• Developing load-balancing technology to complement AI infrastructure needs
• Extending mining equipment life through strategic deployment at wind farm facilities
• Targeting 75 exahash by year-end through multiple growth channels
• Creating shareholder value through disciplined capital deployment and acquisition strategy

Hit the like button and subscribe to McNallie Money for more in-depth analysis of Bitcoin mining companies. Let us know your thoughts on Mara's Q2 results in the comments section below.

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Earnings season begins in the Bitcoin mining space with Mara Holdings reporting powerful Q2 results, including $808 million in net income largely driven by their Bitcoin holdings.

• Bit Digital awards 300,000 restricted stock units to senior management
• WhiteFiber IPO structure reveals BitDigital shareholders will retain 75.1% of the new company
• Hive Digital achieves 14 EH/s milestone on path to 25 EH/s by November
• Mara Holdings reports 64% revenue increase to $238 million with improved margins
• FASB accounting rules allow Bitcoin holdings to be marked to market, adding $1.2 billion to Mara's balance sheet
• Mara now has 70% of mining operations in self-owned facilities with $0.04/kWh average power costs
• Cost to mine each Bitcoin is approximately $73,832 against revenue of $101,139 per coin
• JP Morgan and Coinbase partnership creates direct bank-to-wallet connection for seamless transfers

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Bitcoin miners face market pressure as the price retreats below $118,000, yet the industry shows resilience with miners quickly recovering from early losses and continued institutional interest through price target increases.

• Bitcoin temporarily dropped to $17,000 before recovering to around $18,000, demonstrating market resilience
• An OG Bitcoin whale sold 80,000 BTC (worth $9 billion) that originally cost just $52,000 in 2011
• Bit Digital filed for its HPC/AI spinoff IPO under ticker WYFI with 7.8 million shares priced between $15-17
• MARA Holdings announced a $950 million convertible note offering at 0% interest
• JP Morgan raised price targets for Bitcoin miners (Iron to $16, CleanSpark to $15)
• Hash price approaches $60 per petahash per day, up 50% from post-halving lows
• Strategy's earnings report (July 31st) expected to show approximately $14B in positive FASB adjustments
• The White House will deliver its first Bitcoin Strategic Reserve report on July 30th
• Strategy now eligible for S&P 500 inclusion after four consecutive quarters of profitability
• Corporate Bitcoin treasuries continue growing with Strategy leading at 607,000+ BTC

Join us for upcoming earnings interviews with Mara Holdings, Riot, Buzz HPC, and others as we explore Q2 results and future strategies.

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Eric Jackson, founder and portfolio manager of EMJ Capital, shares his journey of identifying 100x investment opportunities through market cycles and AI-powered analysis. His fund specializes in finding undervalued companies at inflection points that Wall Street has written off as failures.

• Built a tech-focused hedge fund that found early opportunities in companies like Alibaba, Roku, and Twilio
• Survived devastating losses in 2021-2022 before rebuilding with an AI-focused approach
• Developed predictive models that identified Carvana at $11 before its massive comeback to nearly $400
• Uses a combination of technical indicators, fundamental analysis, and alternative data to find opportunities
• Focuses on "Lazarus companies" that transition from growth-focused to sustainably profitable
• Spotlighted Iren and Cipher as Bitcoin miners potentially positioned for massive growth through power infrastructure
• Believes Bitcoin miners with gigawatt-scale power assets are misunderstood by Wall Street
• Values leadership teams that invest personally in their companies during downturns
• Admits his biggest weakness is selling winners too early or holding losers too long
• Sees a future where individuals and companies hold significant portions of wealth in cryptocurrency

Smash the like button, subscribe to McNallie Money, and let us know in the comments what you think of today's discussion and if you're holding any of these stocks.

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McNallie Money explores the latest Bitcoin mining sector developments, company updates, and upcoming Q2 earnings season strategies while analyzing how miners are positioning themselves in the evolving digital infrastructure landscape.

• Bitcoin price stabilizing in the $117,000-$119,000 range, creating a foundation for miners' strategies
• CoreWeave's declining share price reduces Core Scientific acquisition value from $9B to $6.6B
• CoreWeave insider lockup period ends August 15th, potentially triggering significant selling
• DMG Blockchain ranked 54th in Bitcoin treasury holdings, representing 80% of market capitalization
• Hive Digital passes 13 exahash milestone, targeting 25 exahash by Thanksgiving with $550M projected annual revenue
• MARA upsizes convertible note offering to $950M (potential $1.13B), maintaining Bitcoin treasury strategy
• Riot continues selling Bitfarms shares, reducing holdings to 46M shares (8.3% ownership)
• US government digital asset report expected July 30th, potentially impacting mining regulation
• Upcoming interviews with Salman Khan (MARA), Jason Les (RIOT), and hedge fund manager Eric Jackson

Please hit the like button and subscribe to McNally Money. Let us know in the comments how you're feeling about Q2 earnings season and which miner is your top pick in the space.

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