We recap day two from Bitcoin Conference Las Vegas and the biggest conversations we have on the floor, from networking with familiar names to spotting how fast the space is changing. We also connect the dots between Bitcoin volatility and the AI infrastructure buildout, including major data center updates from BitZero, Soluna, Galaxy and Hut 8.

• Highlights from the BitGo area and the Satoshi Action Party
• What we notice on the conference floor including media interviews and key personalities
• Bitcoin pulling back during conference week and why long-term framing still matters
• AI and HPC stocks selling off despite CEOs flagging GPU capacity constraints
• BitZero’s Finland and Norway engineering and energisation roadmap
• Why community support can make or break data center projects
• Soluna’s hosted mining growth plus behind-the-meter wind farm optionality
• Galaxy Digital moving capacity from Helios and broader data center execution signals
• Hut 8’s Riverbend campus project financing details and what it implies for digital infrastructure

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We’re on the ground in Las Vegas for the Bitcoin conference and we open with a real-time read on Bitcoin’s pullback from the high 70,000s and what that volatility means for positioning. Then we zoom out to the bigger shift in crypto equities as miners lean harder into power, hosting, and HPC AI deals ahead of a packed earnings calendar.

• Bitcoin’s dip during conference week and why the market still looks constructive
• Strategy’s latest Bitcoin buy and what weekly supply math implies
• What we see on the conference floor and why face-to-face miner access matters
• Hive’s operational strength and the push to scale HPC AI revenue
• Miner heat map takeaways plus why TerraWulf stands out
• Core Scientific’s Texas expansion and what 1.5GW development really costs
• Why contract execution risk and penalties may show up in earnings
• Cipher’s site pipeline including Black Pearl and the Stingray chatter
• Iren’s Microsoft-driven buildout plus how cheap capital changes the game
• Riot’s AMD deal at Rockdale and what we want to hear on the earnings call

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We walk through another green day for AI infrastructure stocks and the Bitcoin miner names making the clearest shift into HPC data centers. We break down a major Applied Digital hyperscaler lease, debate real-world megawatt pricing, and track how financing and permits can re-rate these stocks fast.

• Bitcoin holding above $78K and what the heat map shows
• IREN pullback as a potential buy zone and what to watch in results
• How an ATM raise can fund data center expansion at Sweetwater
• Applied Digital 15-year AI colocation lease and $/MW math
• Core Scientific secured senior notes at 7.75% and why the rate matters
• Keel Infrastructure permitting momentum at Panther Creek and Cantor upgrade
• Cipher earnings date and what we want to hear on the next tenant
• Power Analysis website features for tracking miners and AI data center contracts

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Bitcoin pushes back toward the high-$70Ks and the mining stocks snap higher with it, setting up a fresh look at what efficiency and power cost really mean after the halving. We break down ABTC’s fleet upgrade math, then zoom out to why Hive and Keel are treating AI and HPC data centers as the long-game.

• Bitcoin’s daily move and why miners react faster than BTC
• How 24/7 trading and macro headlines shape risk appetite
• Why power becomes the real product as miners add HPC
• ABTC’s hash rate jump and elite joules-per-terahash efficiency
• Simple profitability math using hash rate, power draw, and energy cost
• Hive’s 0% coupon note and why it matters for AI buildout
• Hive’s GPU roots and the push toward larger annualised HPC revenue
• Keel’s Paraguay sale repriced by mining economics and difficulty
• US focus, permitting steps, and why Panther Creek keeps coming up
• How funding follows signed clients in data center deals

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We break down why Bitcoin miners pivoting to AI and HPC are getting re-rated so quickly and why signed contracts matter more than narratives. We compare Soluna’s rapid momentum with Core Scientific’s scaled buildout, then walk through the valuation and balance sheet metrics we use to keep ourselves honest.

• Bitcoin holding around the $75k range and why miner stocks still swing hard
• Two clear groups forming: miners with executed AI/HPC deals versus miners still waiting
• Soluna as a “no contract yet” example driven by hosting growth and visible project timelines
• Core Scientific’s $3.3B secured note and what it signals about future co-location capacity
• How analysts build price targets using EV/EBITDA, price-to-sales, DCF, and sum-of-the-parts
• Why Bitcoin mining can command 2–3x multiples while AI data center revenue can command 15–25x+
• Execution risk as the key caveat behind forward revenue models
• Debt-to-capital ratio and why higher leverage can mean higher buildout ambition
• Book value and NAV per dollar invested as useful inputs that can still mislead
• Cash and cash equivalents versus enterprise value and why “cash rich” is not the whole story

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We break down Strategy’s massive Bitcoin buy that vaults it past BlackRock’s iBit and dig into what relentless corporate demand does to real-world supply. We also map the Clarity Act timeline and pivot to AI infrastructure plays, miner economics, and the valuation metrics that can make or break Q1 earnings reactions.

• Strategy adds 34,164 Bitcoin in a week and pushes total holdings past 815,000
• Strategy surpasses BlackRock iBit and reshapes the corporate holder leaderboard
• Miners trend toward selling production and sometimes treasury holdings
• Supply math versus demand, with Strategy buying multiples of daily issuance
• Strategy MNAV premium and why premiums compress or expand
• Clarity Act next steps, Senate timing, and why the next 4 to 6 weeks matter
• Bitcoin’s post-crisis performance compared with gold and equities
• Wall Street price targets from major firms and prominent Bitcoin voices
• Soluna’s momentum, acquisitions, and hosting-led business model
• HPC and AI pivots across miners and who can raise capital fast
• Bit Digital’s Ethereum treasury exposure and net asset value discount
• Q1 earnings catalysts, contract updates, and FASB-driven balance-sheet swings
• Bitdeer’s SEAL miner efficiency gains and the case for mining plus HPC

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Bitcoin rips back toward $78,000 and the miners and HPC AI names surge with it, pushing us to ask whether the bear phase is finally breaking. We dig into the data behind the move, from ETF inflows and corporate treasuries to mining profitability and the shift toward AI compute revenue.

• bitcoin price momentum and what a weekend hold would signal
• shifting tone from large technical accounts and why cycle lows matter
• Michael Saylor and Strategy turning profitable on average cost
• altcoin strength alongside bitcoin and what broader participation suggests
• public companies adding bitcoin to treasury and how the top-100 bar is rising
• spot bitcoin ETF demand led by BlackRock and what inflows imply
• miners rebounding as bitcoin rises and difficulty eases
• HPC and AI data centre revenue mix expanding across miners
• hodl percent of market cap table and why Bit Digital stands out
• BitFuFu hosted mining launch and S21 XP unit economics
• Hive’s upsized private offering and why capital access matters
• Riot Q1 setup and early AMD revenue expectations

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We dig into Soluna’s strategy at the crossroads of wind power, Bitcoin hosting and the shift toward AI and HPC data centers as the company heads into 2026. We break down the Briscoe wind farm deal, the Dorothy site buildout, and the capital plan behind turning a 4.3GW pipeline into real revenue.

• Soluna’s communication style, CEO AMAs and frequent updates
• Business model overview across renewable energy, Bitcoin mining, hosting and AI compute
• Why hosting can stay profitable across Bitcoin cycles
• Power pricing and why low cents per kWh changes everything
• KATI 2 and the JV approach to AI data center development
• Briscoe wind farm acquisition and vertical integration benefits
• Dorothy 1A buyout and why full site control matters
• Capital formation realities for billion-dollar-scale AI campuses

Let Us Know In The Comment Section Below If You’re Currently Holding Shares Of Soluna And What You Think About Their Strategy In 2026!

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