Latest BTDR News, HIVE Stock Analysis & How Low Will Bitcoin Go?

We break down a brutal week in markets by zooming out on Bitcoin’s cycle and asking what “near the bottom” really looks like when miners are under real margin pressure. We also dig into why AI infrastructure and HPC conversion is becoming the survival plan, from financing moves to execution signals that hint at the next wave of deals. 

• zooming out on Bitcoin’s five-year cycle and where $60K sits versus the last peak 
• using hash price and the hash rate index to gauge miner profitability after the halving 
• why true mining costs go beyond energy to include fleet, payroll, and overhead 
• the shift from pure-play mining toward HPC and AI data center conversion across major miners 
• leverage liquidation cascades hitting Bitcoin treasury preferreds and pushing them off par 
• how dividend resets and cash coverage fears change the risk profile for preferred structures 
• Russell reconstitution effects and why flows can flip AI infra names intraday 
• why shareholder votes matter, with Core Scientific as the example 
• Hive’s $115M 0% exchangeable notes, cap call structure, and what the funding targets 
• a simple valuation framework for GPU colocation deals using $/MW, margins, capex, and multiples 
• Bitdeer’s AI platform recognition and why vertical integration matters in mining and AI 

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Transcript

Welcome And Today’s Roadmap

SPEAKER_01 0:00

Hey guys, welcome or welcome back to the channel McNally Money, the official home of power analysis, a tough end to a difficult week. We're gonna be breaking down market sentiment along with where we think the bottom could be for Bitcoin and the latest AI infrastructure headlines out from BitDeer and Hive. We've got a lot to talk about before we get into it. Take a second, smash the like button, guys. Big help to myself and the channel. Anthony absolutely loves it. If you're not already subscribed, McNally Money, feel free to join. And let us know in the comment section below how you're feeling about your portfolio and your current top pick or position in the AI infrastructure space. With that being said, let's get into today's video. All right, guys, away we go. The final podcast of the week. I started off by saying a difficult end to the week. Looks like stocks may be taking a turn for the better here. We're starting to see some green shoots in life. We'll talk about market sentiment. We've got some AI headlines for you, and going to be discussing where the bottom is for Bitcoin in this cycle.

Zooming Out On The Bitcoin Cycle

SPEAKER_01 1:09

So, Anthony, kicking off with Bitcoin, we decided to zoom out to a five-year here. Since we're talking about the cycle formation, potential bottoms, you can see we're just over $60,000 today, which happens to be pretty close to last cycle's peak.

SPEAKER_00 1:26

Yeah, you can see from five years ago uh how Bitcoin reached that all-time high in 2020. I think it was 69,000. So around about the time it started to rally was when uh Tesla uh went and bought uh a nice chunk of uh Bitcoin um and saw and saw the price rally significantly over the next day or so. And then I think within a month they tested the market by selling 10% of it just to prove how liquid it was, but that sent uh a shudder down. Now it did rally towards the end of the year to 69,000. I think it was like the October, November, and then ever from that date there, that high of 69,000, we saw it drop all the way down to the beginning of 2023, where it hit between 15 and 16,000 dollars. And the thing is that that sort of price there, and some of these household names in terms of mining stocks, you could have picked up Terra Wolf at that point for less than a dollar, you certainly picked up Iron for a dollar, you'd have picked up Cypher for a dollar, these stocks, you know, and it's all like those people saying, Yeah, I bought loads of stocks, but when you see that price drop from where it was there to down 15,000, nobody knows when it's gonna stop. And that's the real the real issue. It's like, you know, once it turned, it started to increase, and it did take, you know, effectively uh uh another two years of steady rising to get to the all-time high. So we're now in that position now. It's looking like you know, we're at the 60,000. And we're asking the question, when are we gonna get closer to the bottom? We may have some sort of insights on today's podcast, thanks to some of the contributors on social media who've been helping us with some of their charts.

SPEAKER_01 3:07

Now it's funny, Anthony, you bring up last cycle, Elon buying Bitcoin, selling Bitcoin, spooking the market. This cycle, we've got none other than Michael Saylor buying a lot of Bitcoin, selling a small amount, but spooking the market. We're gonna come on to that in a second, but we wanted to dust off the hash rate index.

Hash Price Pain And Miner Costs

SPEAKER_01 3:26

Again, we talk about the AI infrastructure conversion a lot on the channel, but at the end of the day, these are Bitcoin mining companies for the most part currently, and that's what we're gonna see in their Q2 revenue. Based on what we're seeing on hash rate index here, it does not look to be very rosy in terms of their core business operations.

SPEAKER_00 3:46

No, and to be honest, the rest of 2026 we're gonna be talking about you know, Bitcoin mining in their earnings upstates because with the exception of core scientific who are getting far deeper into delivering that contract with with their core weave, the 590 megawatts, the remainder are still building out their facilities and won't start to get real revenues maybe until 2020, early 2027, and then we'll see a real change around then from this sort of you know dire um mining metrics that we're seeing at the moment, and you're quite rightly highlighting the hash rate index here. Um we're gonna have to go back a you know a couple of years to the halving, just before the halving, the hash price was over a hundred dollars per pet hash per day, I think around about 110, 120. So you know the halving occurred in April 2024, and you know, that's half the reward. So it went, it did drop down to 60, I think, then to 55. Today we're sort of you know hovering around the $30 mark. Um, and that's you know suggests even though we haven't had another halving, the difficulty over this last you know, two-year period has effectively created another halving for mining companies and you know made it so that the metrics just don't stack up, irrespective of how efficient your fleet is, and even if you're getting sort of relatively low power, and it depends on what you determine is relatively low power. We know most of the mining companies in North America probably average between four and five cents a kilowatt hour. There are a few that manage to get lower than that, um, but unless you've got the most efficient mining fleet out there, and maybe you'd have to have some of the SEAL miner A4s which deliver less than 10 joules a terahash, you're going to struggle to make significant margins to cover all your costs. So I think what's happening at the moment, the majority of miners that are mining are probably covering their energy cost and having what we call a little bit of contribution on top of that, that will cover some, not all, of their other of their other costs. And when I say other costs, remember these companies have to have paid for the mining machines, they have to pay for their salaries, they have to pay for their bonuses, uh, their stock compensation comes at a cost too. And so, you know, when you start adding all the costs together to deliver that um that uh that service, that strategy, you you know, it's not enough to um for the revenues that are coming through at the moment. They're just not meeting that. And that's why we're seeing this massive influx. You know, we only have to go back about a year ago, and effectively there were you know a couple of pure play Bitcoin miners, Clean Spark and uh and Mara was were certainly in that bracket. Uh now I I I don't think there's any. I think maybe um BitFoo Foo, probably one of the few that are still you know looking to make it in that Bitcoin mining space. Yes, Mara and CleanSpark will continue to mine. That's that's a given, and BitDear with the largest hash rate will continue to mine, but you know, the majority of their sites where possible now will be directed towards HPC. So Clean Spark have bought some sites in Texas, they've also suggested that the Sandersville site, which is a 250 megawatt site in Georgia, is very suitable for uh HPC. MARA have got a number of sites there, they've got into a partnership with Starwood, who've delivered you know quite a number of gigawatt HPC sites. So that's a strong partnership there. And BitDo, as we said yesterday, they've got some of the largest amount of power in their portfolio that is currently active, not this pipeline power. This is active or about to be active power. Um, so pretty much awaiting to be switched on, um, all approved, and that will take their power to about uh just over three gigawatts. And we're already seeing now they're starting to use host companies to enable them to make sure that some of their sites can be converted quickly to HPC. And the expectation is that we'll see um, in accordance with Matt Siegel's report, um, an update from Bit in the not too distant future announcing that first deal. Uh so we look forward to that.

SPEAKER_01 8:12

Yeah, we certainly do. ABTC, another peer play miner. We gotta think they have some insight into the direction of Bitcoin with their association to the president and his sons there. Now you mentioned where is the bottom here, Anthony. We honestly don't know, nor does anyone else in the world, but we're seeing a lot of the chartists online on X talking about the fact that we should be getting pretty close. Now, we talked about that 58, 68 kind of range as last cycle's high. It's it seems like a lot of the big name accounts on X are starting to think we're getting close to that area on the cycle.

SPEAKER_00 8:49

Yeah, and um, you know, it's always interesting to you know have a have a look at these. We we don't tend to do any of the technical analysis out there that you know um we we you know, me personally being an accountant, I like to look at fundamentals. That's why, you know, um as an accountant and as a chartered accountant, I specialise in cost. So I understand cost probably better than the average person, and you know, I understand profit better than the average person. So um, you know, if if if people think, oh, why is Anthony harping on about cost all the time? It's because I'm qualified to harp on about cost all the time. And uh, you know, it's been my career for you know about 30 years. So um, you know, I enjoy the numbers part of it. I can read through these um um um earnings reports uh fairly quickly, get to the information I need to, and then you know, determine whether some of these companies are performing as well as they're claiming to uh perform uh through their updates. And so, you know, it helps having that understanding. And when we go through things like the Luxa hash rate um chart there, you know, having that understanding of what the hash price is, what does that mean in terms of revenues for a company, what does that mean in terms of meeting the cost of that company? I can tell you now, without going to any of their reports, even the most efficient and company with the lowest power are feeling the pinch at this type of hash price at the moment. When it's around 30, we used to question it when it was in the sort of 40s range and it's dropped 25% from there. This is where they're starting to feel the pinch. And uh, you know, when you see a lot of these companies highlight, you know, they can mine a Bitcoin for this price. I'm afraid when you start adding in all the true costs, it becomes uh a little bit more challenging than some of those are suggesting. So um, you know, uh that's and then go into the Bitcoin charts now. Yeah, yeah. Yeah. That's a that's that's something that I've been you know uh trained to understand, and it's something I've covered the last 30 years. Um, whereas the technical side, these these charts that we're looking at on the screen now, this is you know an expertise that I'm not as uh familiar with, but end of the day, you know, you're seeing the the patterns here from the previous cycles. And I do understand that, you know, over the last 16 years, there have been a number of cycles. They're usually about four years long, and during that cycle, you'll have a bull phase and a bear phase. And uh, you know, at the moment we're in the sort of like the bear case phase here, and it's these charts, what we have in consistency with each other, it looks like a lot of these analysts are suggesting we're getting ever closer to the bottom. Now, none of them are suggesting we've already reached the bottom, but some are suggesting we're getting closer to the bottom, and if we are getting closer to the bottom, then the next six months could be the turnaround um to get to a higher position than we than we currently are at the moment, and maybe higher, certainly towards you know, at least the all-time high, if not even higher price.

SPEAKER_01 11:52

Yeah, another commonality between them, Anthony, all calling for new all-time highs, whether you're looking at 150, 200, 250, you can see freedom by 40. He's calling for over 200 early next year. Even Mike Alfred, a bold statement here and press release stating 250,000 by year end. So some pretty optimistic year-end numbers. But

Leverage Cascades Hit Treasury Stocks

SPEAKER_01 12:17

when we come back to where we are currently, Anthony, in that $60,000 range, it's causing not only trouble for the miners, also trouble for the DATs, the biggest being strategy.

SPEAKER_00 12:29

Yeah, absolutely. And the problem that with with with the uh digital asset treasury companies like strategy um and like strive is that the Bitcoin price. And we've seen this Bitcoin uh route at the moment, it's already gone down as far as 58,000. Uh that's the first time uh since October 2024. Uh Stretchers itself, which is supposed to maintain a hundred dollar par value, um, has has fallen by as much as 26% all the way down to $74. And I've not seen that since I've been monitoring this for the majority of this year. SATA, which is the uh similar um stock uh for Strive, has already hit a record low of $84. Now they're both linked, they're both Bitcoin linked to their issuers' balance sheets. And uh the problem we've got at the moment is we've got a lot of these you know leverage liquidation cascades, Bryce. Um, you know, you've been talking a lot about this in the last few days. If you can talk a little bit more about you know what we're seeing from that position at the moment.

SPEAKER_01 13:36

Yeah, so I'm a shareholder of SATA, obviously bought in with the expectation of that stability in the hundred dollar par price. And it appears a lot of the traders were doing the same thing, Anthony. Open up very leverage positions, upwards of 10, 15, 20x positions, essentially betting on that volatility. We wouldn't see SATA or stretch uh deviate or have much volatility. However, uh to my earlier point, when Saylor kind of spooked the market there, we started to see a bit of a sell-off in Bitcoin. The price started to retreat towards some of those uh lower price target estimations. It started to cause margin calls or liquidations on some of these leverage positions, which started that cascade unwind we're seeing. So really self-detrimental here. I guess no one expecting to see this uh in these preferred equities, but we're seeing exactly that, Anthony, really causing them to adjust their dividend percentage to attract people back into the stock.

SPEAKER_00 14:39

Yeah, and this is the problem now because they have to, you know, um, in as this the stock price of these two preferred stocks um, you know, uh move further away from $100, they're increasing the amount of their dividend to entice people uh into buying the stock again to get it back to that $100, and then they can start, you know, selling the stock to buy more Bitcoin. Now there are fears um which have been highlighted by quick crypto quantum that Strategy's cash reserve, which is down 38% year today already to $1.4 billion, whilst the dividend obligations have quadrupled to $1.2 billion, means that they've got effectively coverage of the next maybe 12 to 14 months. They've also, you know, at the moment with the Bitcoin price lower, have a $10.6 billion unrealized loss on the Bitcoin stack on the balance sheet there. So um, you know, this is uh this is the challenge at the moment. We were only talking a few weeks ago about you know, these two companies look to have found that perfect um scenario for growing their Bitcoin uh stack by using this preferred uh share um to maintain that, but we're starting to see you know a faltering. And we don't know if this is you know, maybe when Michael Saylor tested the market with that small selling. I mean, he sold 32 Bitcoin one day, and I think he bought back 600 a couple of days later just to prove it was just a one-off. He was just testing the again the liquidity and proving that you know if he sells in the future, you know, he's prepared to sell if he needs to, but he was just really it was a test of the market, and um, I'm afraid it hasn't quite worked out as he imagined.

SPEAKER_01 16:29

No, it hasn't. They say there's no free lunch in the marketplace, and I guess uh a little bit too good to be true. I do think they'll figure out a way through this. I do think it's a great buying opportunity at these discounts, but that's just my two cents. Now, moving

AI Infra Stocks Bounce Into The Close

SPEAKER_01 16:45

over to the AI infra players, Anthony, I mentioned this was looking pretty red to start off this morning. Again, uh not the best week overall for these companies, but we know today's the reconstitution date for the wrestle. Uh, we know that on Monday a number of these companies are gonna be bought by the indices, and it seems they've turned the corner here to close out the week mostly in green.

SPEAKER_00 17:09

Yeah, and this is exactly the opposite of what's been happening the last few days. So, you know, these companies on here were very much in the red, significantly in the red. I think at one point I was monitoring Keel was about eight percent down. If we look at um the change there, it's now uh four percent up. So there's a 12% um swing there just in the in the in the day, and you can see that from the day range. Look at the day range for some of these uh stocks there. You can see the blue line where it starts and where the current share price is, and the current share price is pretty much for all these stocks, maybe with the exception of bit zero, um, they're all sort of heading towards the highs of the day range. Um, but we've seen that you know, you know, uh what I would say is a very challenging week for some of these stocks, but what this recovery date today um is very much welcomed. And you know, on top of that, we're still starting to see maybe a little bit of input on Monday as a number of these companies um you know are welcomed into the Russell III and Russell 2000.

SPEAKER_01 18:14

Now we zoomed out on Bitcoin to a five-year interval. If we move over to the heat map again, probably want to zoom out here, Anthony. The one year, the year to date looking great, a bit of a mess prior to that. Anything catching your eye today?

SPEAKER_00 18:28

No, it's it's to be honest, it's the five days really sort of affecting the whole chart, really. If the five day was sorted out, the one month change would also be sorted out. And the year to date and the one year are still very, very strong. 85% up from the year to date, 176 from the one year. That's the average, you know. As I say, if you're with Keel, um, you know, you'd be up 664% if you'd have bought 12 months ago. That's a healthy return by any stretch of the imagination. Um, keel's, as I say, had a nice swing today, down 8%, up to 4%. And the majority, you know, all these stairs, apart from maybe um bit zero, uh, were in the were in a significant ready. It wasn't even close. I think uh my portfolio has seen a sort of like a uh a real um you know uh shift in terms of the few hours since market opened, and hopefully for the next few hours it can stay that way as we uh reach the weekend and have a bit of a cool-off. Bitcoin's still there, Bitcoin is seven uh 24-7,365 days a year. Um, it does tend to sort of like stabilize over the Saturday, most of Sunday, but as soon as Asia wakes up, we start to see a pattern of what we're going to expect for the start of the week. Um, and we'll hopefully see um, you know, maybe um uh some some more green in the in the in the Bitcoin price as it sort of you know stays above that 60,000 range, which we'd we'd like it to maintain at least that and give a little bit of hope to some of the mining companies out there that will be for the next 12 to 18 months still mining as part of their main business.

SPEAKER_01 20:04

Yeah, you might have a little extra pocket money for the England game on the weekend here, Anthony, with the way things are going.

Why Shareholder Votes Actually Matter

SPEAKER_01 20:10

Hey, quick housekeeping. We got, I think Sam Tabar there dressed up for the big vote at Bit Digital. Uh, we talked about the AGM. Again, some people say, hey, does my vote matter, Anthony? Should I even bother putting it in or voting? Uh you could ask the shareholders of core scientific. They do count, they do matter. And this is what's so nice about these companies, you guys. We see a lot of people maybe complaining on social media, but you've actually got the opportunity to input how the company uh governance works as well.

SPEAKER_00 20:43

They do. And the thing is, I mean, it's interesting you mentioned core scientific there, because we have we did talk all the way through that period where shareholders were you know having the time to think about it and then voting. Uh, yesterday we actually covered Core Weave in terms of a couple of price targets, and one of them stood out um uh and it still stands out with me today, actually, that $250 price target. Um, just imagine if it had gone ahead and you would have got your shares valued at, I think it was like $160, your proportion of core scientific shares, but with the potential of that share price going to $250, may have had um you know an even uh bigger upswing. But uh, you know, time will tell. I still think Core Scientific in charge of its own destiny with a significant amount of power left can certainly deliver um another you know one or two big contracts and you know achieve some of the revenues that some of these other peer companies are achieving at the moment in terms of the likes of um HUT and the likes of Wi-Fi getting very much close or over two million dollars per megawatt.

SPEAKER_01 21:51

I think the core weave growth is very beneficial for core scientific. My only concern there is customer concentration. You don't necessarily want to have all your Eggs in one basket, but I I believe Core Weave would probably take that whole portfolio if they could.

Hive Raises 0% Notes For GPUs

SPEAKER_01 22:06

Uh now we move over to Hive and an update here, $115 million uh upsize on the private offering. You can walk through the details. We're surprised how quickly this came out, Anthony. But again, we're seeing that direct follow. You announce a deal, you go to the market and get money.

SPEAKER_00 22:23

Yeah, so originally yesterday they came out with 100 million. Now it's been up size to 115 million. It's 0% exchangeable notes due in 2031. And as we said yesterday, the proceeds of these are going to fund GPU and data center build out. And remember, they've got two big co-location deals to deliver over that period there. We'll talk about one of them um a little bit um, you know, a little bit later. Now, that raised to 115 million at a 0% coupon is due July 2031. The notes carry no interest and don't accrete, and they're fully guaranteed by Hive. Now the exchange price is $4.83, which is a 27.5% premium. Hive, like many of its peers, are also going to place a cap call at $8.52 and change. That's $125% premium to the $3.79 close, and hopefully that mitigates economic dilution on exchange through maturity.

SPEAKER_01 23:26

Yeah, we're seeing the cap call with nearly every one of these fundings or raising styles, Anthony. Now, one thing that happens, you get the deal, you get the money, then you get the analyst re-rate. We've been looking at a lot of analyst price targets this week. You did an updated valuation analysis for this most recent hive deal. So I'll let you walk through the numbers, what it could mean for share price. But this is the exact process those Wall Street guys go through to derive those price targets.

SPEAKER_00 23:55

Yeah, and so this is just taking account of the latest um update, which is this 25 megawatt co-location deal at Bowdoin. This is an area I've been to visit. I went to Bowdoin uh in northern Sweden, so the cooler part of Sweden near the uh near the Arctic Circle. You know, it's quite interesting. I've I've now been to the Arctic Circle and I spent six months living in the Antarctic Circle with the military back in like 1988 in a in a small island called South Georgia. So um I've since have been two of the most extreme places in terms of cold weather. Um this particular 25 megawatt deal there uh of compute power, remember there's 32 megawatts in total. If we use some of the um uh standardized um numbers, we're gonna put in there 1.85 million per megawatt. I think that's a uh sort of a you know a reasonably good area to be in. Remember, anything between 1.75 and 2 million um is probably where you want to be. EBITDA margin, many of these uh miners are quoting around about 80%. Capex, um, I'm assuming 9.5 million per megawatt for capex. Uh generally we've seen anything between 9 and 11 million there, but I think in in northern Sweden they may be able to uh do this uh for about 9.5 million. The eBidDar multiple, which is uh also a key there, we're using 15. Now we've seen on some of the updates recently that some of the Wall Street analysts for some of their price targets have been using 20, 25, 28. So again, 15 seems to be um you know more pessimistic, you know, less optimistic than there. So this is you know, keeping it uh reasonable, this is not overselling uh the potential here. And once you plug those metrics into it, you'll see how much value um you can create. And this small contract here, this 25 megawatt contract, could deliver over 318 million dollars over that first 15 years. Now, what does that mean in terms of a share price increase? Well, today the current share price, I can see it now live at 417. When I did the chart, it was $4.12. This 25 megawatt deal could have an implied share price increase of $1.25 just for the 25 megawatts. Now, if you're to convert that in, say, what would it be if it was a hundred megawatts, a hundred megawatt site, and they are looking at a hundred megawatt site in Paraguay, that could um have an implied share increase of five dollars and one cent, and that's you know, nearly 90 cents higher than where the share price is at the moment. So it just goes to show these companies moving into the HPC space, most of them are looking at the co-location deals, and we can see there's a lot of consistency in here using the sort of the uh the metrics analysis that I've included here. Um, you've got anything there of around about 125. Now I have put some sensitivity, so if they're able to achieve more than 80%, or they're able to achieve more revenues than one dollar eighty one point eight five million dollars, uh you can see that that one dollar twenty-five can rise to as high as two dollars and two for a 25 megawatt uh contract there. Um, so you know, even a small contract can deliver significant um value for these companies in this new space, in this new strategy.

SPEAKER_01 27:32

That's exactly why you want the cap call in there to limit dilution. You can see how quickly the share price can move. Now, you talk about the co-location strategy uh with the Hive example. If we

BitDeer’s AI Platform Momentum Builds

SPEAKER_01 27:43

move over to CSP, BitDear is one of the companies that's been operating in this sector for quite some time. This is the second consecutive year they've actually been recognized uh through the AI Breakthrough Award. So congratulations to the team at BitDeer. But really for us, this means the execution, the expertise, and the notoriety that could bring more clients into this AI platform.

SPEAKER_00 28:08

Yeah, this is really this is really um you know a good result. This is the second year on the trot they've won this award. But what's interesting is that you know, BitDeer go around their business without really, you know, standing on a box and shouting out loud. Um, you know, they came into this space, um, you know, a group of them split away from Bitmain, who are the largest um builder of ASIC machines in the world and have been for a number of years, and their co-founder Ji Han Wu decided you know he wanted to move away, set up on his own, and and managed to take a significant amount of uh key staff away with him, of which there was a quite a few of RD staff there. And the benefit of having RD staff is they're always thinking and and trying to uh look at how to um you know build things that uh are more efficient and more cost effective. And you know, if you look at what BitDear have done in the last few years since they've been operating about four years, it's nothing less than amazing. They're already the largest hash rate uh you know um provider of a company in the North America um public markets there. They've overtaken Iron, Clean Spark, and Mara extremely quickly in a very, very short space of time. You go back two years ago, this company had about six exahash. You look today, it's got closer to 90xh. That's some phenomenal movement there. You know, we've seen companies do 25 in a year, they're doing probably double that in the last two years. So uh amazingly. So we've already said they've probably got the most energized power of all the mining companies that we look at out there uh on a on a regular basis. Um, and they started to build their own machines, which was you know not a total surprise. Remember, you know, if you're working in that bit main environment and you decide to sell up your own company, there's nothing to stop you, you know, thinking they can probably do something with the technology and with the expertise of some of those staff there. Then they started to go into the AI space and they set up um a couple of test and see sites in Singapore and Malaysia and just basically didn't say anything else. In fact, you know, I went out to visit the team in Singapore. I did try and see if we would get a visit to the AI site, and that that wasn't allowed, unfortunately. And they're just not really highlighting much about them, except in these last few updates, they're now highlighting the revenues coming from these sites. And, you know, you talk about you know iron when they were um doing their own um AI um in in British Columbia and the likes of Hive and the likes of um uh Bit Digital, um, you know, in a very short space of time, BitDeer have achieved already 63 million dollars of annualized revenue, and that's already set to increase significantly once they start announcing some deals. The first of which is likely to be tidal in um in in Scandinavia, and there's two uh sites there, Tidal I, Tidal II, there are a total of 225 megawatts of power, probably going to deliver very much close to 200 megawatts of compute power. Um, that's going to be some significant revenues there. And they're already now aligning some of their US sites, some of these big US sites, of which there's a couple of them, well over 500 megawatts each, they're aligning these to um AI as well, and you know, doing more than one project on the go. So I'm expecting you know 2026-2027 to be really big years for these. They've been named the AI Cloud Platform of the Year for 2026, uh, you know, second consecutive win. It's recognized by the AI breakthrough for full stack vertically integrated AI factory architecture, also announced the fact that their preferred NVIDIA cloud partner with a deep silicon integration, um, which grants them um access to the next gen NVIDIA architecture software and guaranteed capacity. You know, it's just um it's just it's just a staggering at what they've done in a very short space of time. And we were amazed at the SEAL miners price, you know, having created a seal miner A4, well, within 18 months, they're already sort of producing the SEAL miner A4 now, which is the first Bitcoin miner to be under 10 joules a terahash in terms of efficiency, the best, most efficient miner on the market at the moment, and about to go into sites um around the world for uh bit deer, or should some customers want to buy it. So they are selling at first first choice, and if they don't sell, they put them into their own sites.

SPEAKER_01 32:53

Who knows? Maybe we'll see them start to get into the GPU production as well, Anthony. But uh hats off to the team there. They talk about the vertical integration, a key differentiator both on the Bitcoin mining side and now on the AI side.

Earnings Season Setup And Wrap Up

SPEAKER_01 33:07

So, with that being said, you guys, we've talked about a number of these key interviews. We're going into earnings season. It's always a good time to dust off the last interview just to reset expectations. If you pop over the power analysis website, you can go through, see all of our most recent CEO interviews. I know we've got a lot of expectation around Q2, around deal announcements, and again, some great weekend watching. So, with that being said, let us know your thoughts on today's news, your top pick currently in the space. Hit the like button, and we'll see you back here on Monday.