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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We sit down with MARA CEO Fred Thiel right after earnings to unpack the company’s shift from a pure Bitcoin miner to a powered land and data center developer focused on AI and HPC. We push on what truly constrains growth, how Texas grid policy affects timelines, and what investors should watch as leases and joint ventures turn power into long-term cash flow.

• Q2 results in context of Bitcoin price sensitivity
• Building a 4.8GW pipeline of powered land and future data center capacity
• The “three constraints” framework: capital, compute and capacity
• Why data center leases change financing versus Bitcoin mining risk
• ERCOT batch zero pause, phantom queue clean-up and Matagorda readiness
• Using Bitcoin mining to monetise power while data centers get built
• Tenant selection, yield on cost and avoiding long-term credit mistakes
• Community impact, property taxes and local benefits of data center builds
• Why waiting for AI market maturity can beat being first
• HUM and Vertebrae as optionality alongside the core strategy
• Long Ridge acquisition, FERC approval process and keeping power on-grid
• Starwood partnership mechanics, valuation per megawatt and leased-site options

Let us know in the comment section below what you thought about today's discussion and if you're currently holding shares of MARA!

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We break down fresh earnings from MARA and CleanSpark while tracking Bitcoin’s price action and why miners are being valued more like power and AI infrastructure platforms. The big question is whether power portfolios, Texas approvals, and signed data center leases can offset weak mining economics and restore investor confidence.

• Bitcoin price context and why it still drives sentiment for mining stocks
• Miner heat map read-through and how to think about value ranges
• Why power capacity and megawatts per valuation matter more than headlines
• Upcoming MARA, ABTC & KEEL interviews and what we want to learn from leadership teams
• MARA earnings highlights, hash rate growth, liquidity, and the push toward HPC
• Matagorda County Texas site details and the approval steps that matter
• Bitcoin-backed loan mechanics, pledged collateral, rates, and why it’s a unique lever
• Why the market is waiting on signed digital infrastructure leases
• CleanSpark earnings overview, balance sheet points, and the Sandersville plan
• Sandersville lease structure, long duration terms, and why predictable NOI changes the story
• Texas ERCOT audit discussion and why serious developers welcome tighter process

Let us know in the comment section below what you thought of these companies' results and if you're holding shares of either Clean Spark or Mara.

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We walk through TeraWulf’s Q2 progress with CFO Patrick Fleury, focusing on Lake Mariner execution, lease economics, and why liquidity is a competitive weapon in AI data center buildouts. We also dig into power as the true bottleneck, how utility partnerships work, and what needs to happen for growth to scale without breaking timelines or returns.

• CB3 coming online and beginning to earn rent revenue
• Commissioning progress for CB4 and CB5 with a phased data hall ramp
• Fluidstack amendments and rentalized costs that lift starting rent
• Design changes that increase critical megawatts and boost lease term revenue
• Liquidity strategy and why holding large cash balances enables flexibility
• Letters of credit as a tool to protect ratepayers and shift execution risk
• Capital allocation priorities across equity contributions, LCs, and new sites
• Why annual growth targets stay disciplined despite massive demand
• Supply chain, capital markets, and electrician labor as binding constraints
• Power first strategy and preference for front of the meter grid connection
• Industry outlook on leasing, future M&A, and potential REIT style evolution
• Insider buying rationale and how management frames contracted value
• Financing risk management with multiple contingency paths for debt

Let us know your thoughts and feel free to subscribe!

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We sit down with HUT 8 CEO Asher Genoot right after Q2 earnings to unpack the new data center leases, the financing behind them, and why repeatability matters more than hype. We also dig into Texas scrutiny and local pushback, plus how we think about long-term trust with tenants when AI demand is ripping higher.

• Q2 earnings highlights including three leases and contracted capacity scale
• Project-level financing approach and why non-recourse structure matters
• Texas moratorium concerns including grid reliability, water use, and community protections
• Correcting misinformation in local communities and building trust through process
• Why the lease structure stays consistent across multiple tenants
• Macro demand for AI capacity and why we avoid getting greedy on pricing
• Co-location versus CSP considerations and what we watch next
• Highrise.ai, chip needs versus wants, and why compute and infrastructure are separate bets
• Our view of HUT 8 as a platform connecting power to technology

Let us know in the comment section below what your thoughts are on HUT 8 and if you’re currently holding shares!

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We map the market mood from Bitcoin’s recent trough to S&P volatility, then pressure-test the “miners to AI data centers” thesis using fresh earnings and operating updates. We break down what’s real cash performance versus accounting noise, and why power delivery and contracted HPC revenue are becoming the new north star.

• Bitcoin price action and cycle patience framing
• S&P all-time-high headline then intraday reversal as a volatility reminder
• AMD data center growth as a demand signal for HPC and AI compute
• Miner stock heat map and why short-term moves can mislead
• Riot earnings delay and what timing could imply without over-speculating
• WhiteFiber pre-market earnings date and what to watch with NScale
• CEO social posts and how leaders talk about drawdowns without pumping
• CleanSpark July production metrics including hashrate, efficiency, BTC sold, and HODL value
• Galaxy earnings focus on Helios and accelerating data center segment performance
• TeraWulf earnings breakdown including HPC revenue, warrant fair-value impact, and megawatt expansion plans
• Community and permitting realities for data center development plus on-site generation and battery storage trends

Let us know in the comment section below what you thought of today's results and if you're holding any of these companies!

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We walk through a packed earnings week where Bitcoin price stability masks major shifts in AI data center deals, grid constraints, and how miners are trying to turn power into predictable cash flow. We break down what Cipher and Hut 8 report, why Texas pausing new data center approvals matters, and how new contracts from names like Bitdeer and IREN reshape valuation.

• Bitcoin price range and why we stay long-term focused
• Clarity Act odds and why regulatory framework matters
• Texas ERCOT pause on new data center approvals and the queue problem
• What the pause could mean for existing powered sites
• Bring your own power and behind-the-meter generation as a strategy
• Bitdeer’s Norway tidal facility lease, PUE, revenue per megawatt, and margin discussion
• Cipher earnings, one-offs, adjusted EBITDA, and the HPC rent timeline
• Cipher pipeline expansion including Apollo and other site progress updates
• Hut 8 earnings, bitcoin treasury mark-to-market impact, and adjusted EBITDA
• Hut 8 project financing, contracted AI capacity, and delivery timelines
• Cantor and Rosenblatt price targets and how analysts frame 2028 style multiples
• ARR per megawatt chart takeaways and why deal structure still matters
• Planned gigawatt portfolios and why diversification beyond Texas can help
• Leadership and board changes at WhiteFiber and MARA
• Terawulf RSUs, tax mechanics, and what insider holding can signal
• IREN closing the Marantis acquisition and building a full-stack AI platform

Take a second, smash a like button, guys. If you're not already subscribed, McNallie Money, feel free to join. And let us know in the comment section below what you made of today's headlines and your top pick in the space currently!

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