Power Analysis

We examine the correlation between Bitcoin miners and Bitcoin price movements as recent tariff announcements caused market volatility. 

• Bitcoin drops from $112,000 to $107,000 after Trump announces potential 50% tariffs on EU imports
• Many Bitcoin miners trading below the value of their Bitcoin holdings, unlike MicroStrategy which trades at 2x premium
• Marathon, the largest Bitcoin miner, currently trades below the value of its Bitcoin holdings
• ETF inflows remain strong with $934 million in a single day, marking seven consecutive days of substantial inflows
• Bitcoin held on exchanges approaching all-time lows with over 107,000 Bitcoin removed in recent months
• BlackRock alone purchased the equivalent of 18 days of Bitcoin production in a single day
• James Wynn holds an $809 million leveraged (40x) long position with a liquidation price of $102,000
• Different mining companies pursuing varied strategies regarding Bitcoin accumulation
• Bitcoin conference in Las Vegas next week will bring together industry leaders and investors

Join us next week for more insights and analysis as we attend the Bitcoin conference in Las Vegas.

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Bitcoin soars past $112,000 while mining stocks experience a lag despite improving fundamentals, creating an intriguing investment landscape where hash price is reaching post-halving highs of $59 per petahash per day.

• ETF inflows reaching $609 million in a single day (equivalent to 11 days of mining production)
• Corporate Bitcoin holdings exceeding 800,000 BTC with companies like MicroStrategy leading acquisition strategies
• Mining stocks trading well below 52-week highs despite Bitcoin's all-time high performance
• Gross mining margins improving significantly, with some companies achieving 70%+ energy-production margins
• Strategic pivot toward HPC and AI infrastructure creating new revenue streams
• Core Scientific securing $10B contract with CoreWeave that could generate $800-900M annual revenue
• HIVE reaching 9.5 exahash with plans to hit 25 exahash by year-end
• DMG implementing next-gen miners with direct chip cooling technology
• Soluna announcing its first solar-powered project co-located with a 114 MW solar farm
• Mining companies innovating with heat reuse and renewable energy integration

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Bitcoin smashed through a new all-time high of $109,578 before retreating to $107,400 amid market volatility triggered by rising treasury yields above 5%.

• Bitcoin's Golden Cross (50-day and 200-day moving average intersection) signals the beginning of a potential bull run
• Bitcoin dominance hit another all-time high at 65% of total cryptocurrency market cap
• Mining stocks initially rallied with double-digit gains before reversing dramatically by afternoon
• Texas advancing legislation for a strategic Bitcoin reserve, now passed to the governor
• Bitcoin Conference Las Vegas approaching with high-profile speakers including Ross Ulbricht and JD Vance
• Riot Platforms upsized their credit facility with Coinbase to $200 million at approximately 9% interest
• Cipher Mining priced convertible notes at 1.75% interest, maturing May 2030
• High short interest in mining stocks explained by convertible arbitrage strategy from hedge funds
• Hash price improved to $56, up from $37-39 range a few months ago
• Mining difficulty increases continue to pressure production despite higher hash rates

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Soluna Holdings executives review their Q1 earnings and provide an in-depth overview of their strategic shift toward a blend of Bitcoin mining and AI/HPC infrastructure development leveraging behind-the-meter renewable energy.

• Q1 revenue of $6 million and gross profit of $1.1 million reflect strategic contract shift from fixed-fee hosting to profit-sharing
• EBITDA loss improved to $1.6 million in Q1 2024, continuing positive trend from $3.5 million loss in Q3 2023
• Planning to reach 123 megawatts of operational capacity by year-end, almost doubling current capacity
• Development pipeline has grown to 407 MW with addition of 220 MW in new projects during Q1
• Combined operating and development pipeline approaches 700 MW capacity, equivalent to 45 exahash potential
• Behind-the-meter strategy provides power at below $0.035/kWh for Bitcoin mining and approximately $0.04/kWh for AI
• Patent portfolio expansion with second utility patent for modular data center design
• Pursuing three-way partnership model for AI/HPC infrastructure combining Soluna's power access with experienced data center operators
• Project Kati positioned as first major AI/HPC development with favorable location characteristics for inferencing applications
• Balance sheet improvements include simplifying capital structure, increasing unrestricted cash to $9.2 million

If you enjoyed this episode, hit the like button and subscribe to McNally Money. Let us know in the comments what you thought about Soluna's Q1 numbers and if you're currently holding shares.

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Aidan Kilic, CEO of Hive Digital Technologies, provides a detailed operational update on the company's significant Paraguay expansion, highlighting their achievement of adding one exahash of mining capacity per week and their path to 25 exahash by year-end.

• Finding the perfect trifecta in Paraguay: green energy, political stability, and low-cost power at scale
• Reaching 11.5 exahash globally with a blended fleet efficiency of 20 joules per terahash after phase one completion
• Strategic deployment of older "buzz miners" alongside newer S21 Plus models saving $27 million in capex
• Electrifying 18 schools in Paraguay as part of community investment, with 8 already completed
• Fully funded for growth to 18 exahash with Bitcoin pledging strategy that includes no interest payments
• Targeting 17.3 joules per terahash blended efficiency after completing all three phases
• HPC business progress with H-200s coming online, well on track to reach $20 million ARR target
• Projecting $400 million in annual Bitcoin mining revenue while currently valued at only $380 million market cap

If you enjoyed this episode, please hit the like button and subscribe to McNally Money. Let us know in the comment section if you're currently holding shares of Hive and if you have any additional questions for management.

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Bitcoin hits its highest weekly close ever at $106,500 while miners face continued profitability challenges, highlighting the growing pivot from traditional mining to HPC operations.

• Bitcoin shows resilience following US credit rating downgrade by Moody's
• Bit Digital reports Q1 earnings with Bitcoin mining now only 31% of total revenue, down from 72% last year
• HPC client base for BitDigital expanded from 1 to 23 clients in one year
• Core Scientific begins receiving HPC revenue in May from their 262-megawatt facility
• Most miners cannot mine profitably even at $105,000 Bitcoin price due to difficulty increases
• Soluna Holdings reports challenges in Q1 but has 220 megawatts of new projects in development
• Mining difficulty increased by 2% with another increase forecasted
• IREN remains the only publicly traded miner that can mine Bitcoin profitably

Let us know in the comments which miner you're watching most closely.

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Bitfarms CEO Ben Gagnon joins us to discuss Q1 2025 earnings and the company's strategic pivot from Bitcoin mining to high-performance computing (HPC) development while maintaining Bitcoin operations as a stable foundation for future growth.

• Bitcoin mining industry becoming increasingly competitive, forcing miners to find zero-cost or negative-cost energy solutions to remain viable long-term
• Exploring heat recycling from mining operations, with pilot projects showing promise but facing challenges in matching heat generation with demand
• Argentina operations facing uncertainty after power supplier Abinesi defaulted on interest payments, though impact is contained at just 12-13% of Bitfarms' hashrate
• Completed spectacular renderings for Panther Creek HPC campus designed for hyperscale clients, with $300 million in financing secured for initial development
• Bitcoin miners uniquely positioned in the HPC space with large-scale power assets that traditional data centers typically lack
• Potential 10-15x valuation increase by transitioning from Bitcoin mining (3-5x EBITDA) to data center business model (20-30x EBITDA)
• Bitcoin One program focusing on treasury management to amplify returns through strategic leverage of Bitcoin holdings
• Company fully transformed in 11 months under Gagnon's leadership, pivoting from international mining focus to US-based HPC development

Like, subscribe, and let us know in the comments if you're holding BitFarms shares, what you thought about Q1 earnings, and your outlook for the year ahead.

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Bitdeer showcases impressive technological advancements with their SealMiner A3 achieving 9.7 joules per terahash efficiency at chip level, positioning them at the forefront of Bitcoin mining innovation. Jeff LaBerge walks us through their Q1 earnings, strategic shifts, and ambitious roadmap targeting 40 exahash of self-mining capacity by year-end.

• Q1 revenue of $70 million with first $4.1 million in ASIC sales recognized
• Self-mining hash rate increased to 12.1 exahash by quarter end
• Pivoting 570-megawatt Clarington, Ohio facility from Bitcoin mining to HPC/AI data center
• Successful tape-out of SealMiner A3 with industry-leading 9.7 J/TH efficiency at chip level
• Revolutionary A4 chip in development with target of 5 J/TH efficiency using entirely new architecture
• Strategic advantages of global operations including hydropower in Norway and vertical integration in Alberta
• Strong balance sheet with $215 million cash plus $130 million in cryptocurrency (at cost)
• Focus shifting from hosting to self-mining and ASIC manufacturing
• US manufacturing for SealMiners starting in second half of 2025

Take a second to hit the like button, subscribe to McNally Money, and let us know in the comments what you thought about Bitdeer's results and your outlook for the remainder of 2025.

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Iren continues to deliver exceptional financial results with consecutive quarters of profitability while strategically expanding from Bitcoin mining to AI infrastructure development. Their record revenues and EBITDA reached $148 million and $183 million respectively, all while maintaining an impressive $41,000 all-in cost to mine Bitcoin.

• Iren achieved 28% growth in quarter-on-quarter net income
• Currently at 40 exahash with plans to reach 50 exahash in the coming weeks
• Average energy costs of 3.3 cents per kilowatt-hour, with recent improvements to 2.5-2.9 cents
• AI cloud services revenue increased 33% to $3.6 million
• Horizon One, a 50-megawatt liquid-cooled data center, scheduled to come online in Q4 2025
• Sweetwater development planned with up to 2 gigawatts of capacity for AI infrastructure
• Company requires approximately $250 million in additional funding through year-end
• Pursuing multiple financing options including convertible notes, corporate bonds, and GPU-specific financing
• Transitioning to US domestic issuer status in July 2025
• Management confident in signing AI infrastructure customers before completion of Horizon One

Join us next time as we continue tracking Iron's expansion and the evolving landscape of digital infrastructure. Like, subscribe, and let us know in the comments if you're currently holding Iron shares and what you thought about their Q3 results.

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We explore the latest developments in Bitcoin mining as earnings season reveals which miners are thriving and which are struggling in the current market conditions.

• Iren stands out with $24 million in net income while most miners operate in the red
• Bitdeer breaks efficiency barriers with their new A3 ASIC at under 10 joules per terahash
• Hive Digital Technologies has sold 75% of their Bitcoin holdings to fund expansion to 8.3 exahash
• Bitfarms faces challenges with Argentina operations representing 13-14% of their hash rate
• Industry-wide shift toward High-Performance Computing (HPC) services as miners seek predictable revenue
• Preview of upcoming interviews with Iren's Dan Roberts, Bitdeer's Jeff LaBerge, and Bitfarms' Ben Gagnon

Join us for in-depth interviews with the CEOs and executives of these mining companies in the coming episodes to dig deeper into their strategies and future plans.

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