We break down why AI data center contracts are starting to matter more than day to day Bitcoin price action for the best miners. We go deep on Riot Platforms earnings, the Anthropic lease, and what a full Corsicana deal could mean for valuation and future catalysts.

• Bitcoin pulling back while miner stocks hold up better than expected
• Volatility, weak mining revenues, and why “green shoots” matter in earnings season
• ERCOT and Texas grid approvals as a filter for serious builders
• UK proposal for a refundable data center commitment fee per megawatt
• Riot revenue mix shifting with early data center revenue from AMD
• Riot’s cost to mine breakdown, power credits, and the PPA advantage
• Anthropic long term lease details and timelines at Rockdale
• Corsicana LOI discussion and why power ready sites attract top AI labs
• Financing approach including liquidity, recycled cash flows, and Morgan Stanley facility
• ESS Metron engineering division as a speed and cost moat
• Wall Street price targets and how analysts frame upside scenarios
• WhiteFiber brownfield retrofits as a faster path to AI campuses
• IREN’s NVIDIA GB300 designation and Sweetwater site progress
• Keel price targets without a signed deal and what negotiations signal

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We break down the latest Bitcoin volatility, the market-wide selloff in mining and AI infrastructure stocks, and why power access is now the real competitive moat. Then we dig into Bitdeer’s and Keel’s earnings, comparing their financial results with their very different paths toward HPC and AI data center revenue.

• Bitcoin price pressure and why we avoid day-to-day chart obsession
• Strategy’s ATM raise, Bitcoin sale and share repurchase, plus what it signals
• Miner heat map selloff, with ABTC as the outlier
• Riot rescheduling Q2 earnings and the most plausible reasons
• Texas ERCOT batch zero pause as a filter for serious operators
• Bitdeer Q2 results, adjusted EBITDA and balance sheet context
• Bitdeer’s global power footprint, near-term pipeline and hash rate expansion
• Norway co-location contract economics, PUE and tenant quality
• GPU cloud and CSP ramp, utilization rates and capex per megawatt
• Mining cost to mine, fleet efficiency and the SEAL miner roadmap
• Keel Q2 results and the operational trade-offs of pivoting to HPC
• Site-by-site updates, decommissioned mining, permitting and long-lead equipment
• Keel liquidity, convertible note funding and what delivery risk remains
• Cantor price targets and what changes once deals are signed
• Upcoming guest schedule and questions to bring to Ben

Let us know in the comment section below what you make of Kiel and BitDeer earnings and your top pick in the space currently!

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We sit down with ABTC’s Michelle Tankimovich right after Q2 earnings to break down record Bitcoin production, steady margins, and what it means to keep building a treasury during price drawdowns. We also unpack sats per share, fair value accounting noise, and the strategic choices ABTC is making ahead of the halving and the next cycle.

• Q2 highlights including 930+ Bitcoin mined and reserve growth above 8,000 BTC
• Cost per Bitcoin mined and how gross margin stays near 49% to 50% despite a weaker Bitcoin price
• Why management keeps accumulating Bitcoin through operating cash flow rather than relying only on capital markets
• Satoshis per share as a key metric and how dilution discipline fits the strategy
• How FASB fair value accounting creates large paper losses and how we interpret them
• Hedging considerations and why the company prioritises its low-cost structure
• CFO transition details and what derivatives experience could enable over time
• Reverse split motivations including NASDAQ compliance and institutional investor optics
• The 12 to 24 month focus including hash rate growth opportunities and industry shifts toward AI/HPC
• Halving prep themes including fleet efficiency and manufacturer relationships

Let us know in the comment section below what you thought about ABTC's results and if you're currently holding shares!

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