Power Drives The Next Bull Run: IREN, CRWV, NBIS & BTDR News!

We watch Bitcoin climb toward 67,000 while we keep expectations grounded and focus on what actually changes the outlook for miners and compute names. We connect the AI compute arms race to power, pricing, and deal economics, then dig into updates from Nebius, CoreWeave, Iren, and a data-packed Bitdeer production report. 

• Bitcoin price strength and why risk control still matters 
• Google Gemini model releases and the shift toward token and usage credit pricing 
• Hyperscalers versus neo clouds and how bargaining power changes contract terms 
• Microsoft leasing capacity in Europe and why the region is a major AI market 
• Miner stock heat map and how fast sentiment flips after a pullback 
• Deal value per megawatt trends and why power remains the bottleneck 
• Nebius with Nvidia involvement and what it signals for the sector 
• CoreWeave downgrade context and what could change the narrative 
• Iren Horizon One progress and what commissioning means before handover 
• Bitdeer June production highlights, self-mining versus co-mining, and expanding AI ARR 
• Bitdeer Malaysia lease plan and the timeline toward next-gen Nvidia GB systems 

Let us know in the comment section below how you're feeling about the sector and your top pick currently in the space!

Anthonys Info:

Website:

https://www.powermininganalysis.com

X: 

https://twitter.com/cazenove_uk

Patreon:

https://www.patreon.com/Cazenove_UK

Bryce's Info:

X:

https://twitter.com/McnallieM

Patreon:

https://www.patreon.com/McNallieMoney

Merch:

https://shop.mcnalliemoney.com/

Website:

https://www.mcnalliemoney.com

Business Inquiries:

Email - powermininganalysis@gmail.com

Transcript

Welcome And Market Setup

SPEAKER_00 0:00

Hey guys, welcome or welcome back to the channel McNally Money, the official home of power analysis. Another great looking day in the markets. We're going to be discussing this in addition to some interesting news out from Iron, Nebious, and of course BitDeer. We've got a lot to uncover. Before we get into it, take a second, smash a 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. Let us know in the comment section below how you're feeling about the sector and your top pick currently in the space. With that being said, let's get into today's episode. All right, guys, Tuesday afternoon, away we go. Another great looking day in the marketplace. We're going to be talking about how quickly that sentiment has shifted. We've also got some big news out from the hyperscalers and neo clouds. We're going to be discussing in today's presentation, along with BitDeer and Iron. So let's get into it, Anthony.

Bitcoin Strength With Risk Reality

SPEAKER_00 1:01

Bitcoin price continuing to give us some love here today, making its way up closer and closer to 67,000. We've given you a five-day view here. You can see the start of a bit of some strength, but we still have a long way to go to see all-time highs.

SPEAKER_01 1:16

Yeah, we have, but we'll take we'll take uh the rise today. You can see from the five-day chart, Bitcoin up four percent this week. And um, you know, I'm I'm more than happy to be you know steady week by week, uh, as long as it's gone in that that right direction, heading towards you know, a potentially an all-time high. Seeing a lot of social media posts uh from some big names uh in and big institutions suggesting that you know the Bitcoin price in a year time will be significantly higher than it is today. Well, we we tend to get these a lot uh you know every year, and so you know, um just just make sure you're not putting your whole your whole house on on Bitcoin at the moment. Like we have seen some in the past do that. But uh yeah, the the the this this these green days are you know are more than welcome.

SPEAKER_00 2:02

They certainly

Google Gemini Updates And Token Pricing

SPEAKER_00 2:03

are, yeah. Now another thing we're seeing on the macro frame here is the investment in AI, the upgrading of the models, the amount of money that's flowing into the GPU compute space. We're gonna talk about that throughout today's presentation. But two of the big hyperscalers making headlines today, Google coming out with some new models. We talked about Kimmy yesterday, so we're seeing a lot of influx here, and then Microsoft inking a deal over in your neck of the woods, Anthony. So again, all the demand signals we're seeing here, everything we're seeing from a fundamental view, despite maybe the recent pullback, is saying there's a lot of money, a lot of interest coming into this space.

SPEAKER_01 2:42

There is, there's a lot of competition out there, and uh Google's released three models there: Gemini uh 3.6 Flash, Gemini 3.5 Flash Cyber, and Gemini 3.5 Flash Lite. Now, it's said that you know by using these models you may use less tokens. We've talked about how you know how these models are gonna be priced in the future. Forget the sort of like monthly fee. Um, you'll probably be paying on a usage basis, a bit like we said before, like if you're using a lot of electricity in the summer because it's warm to keep it cool, got your fans on, and all that. Um you you've got a lot of other competition out there anthropic AI, open AI, Meta, and Moonshot, just to name four, um, who've recently topped the leaderboards in terms of these AI uh packages available for people out there. So Google has uh built in at the moment, as as do other sort of platforms as well, like Safari, uh, you know, you've got the co-pilot, etc. etc. So there's there are out there, but these are going to be sort of advanced AI tools, and and you'll be you know required to pay for those or pay for tokens to use it. The great thing is that they've done some testing on some of these, uh, some of these new models, and it suggests that maybe you know fewer tokens can be consumed. So 17% fewer tokens in testing, which suggests that the new models cut developer costs for equivalent tasks, and that means it's targeting the efficiency, quality, sweet spot um for the user. So um hopefully, as as we see more advanced models, maybe uh the ability to use less power uh is going to be the deciding factor because people are cost conscious there. At the moment, I'm paying a subscription, you're paying subscription on subscription, and we benefit from that. And you know, I'm sure that these companies are you know have a lot of lost leaders out there in terms of the packages that they're giving, but believe you me, now that they've attained that first four AI from the retail market, um, you'll see you know a change in the strategy. And I've been to a number of conferences where they've talked about tokenization, you know, you'd be buying tokens for usage like that. And so in the same way, you're buying for the power usage to deliver that um deliver that uh you know that that quality package for you.

SPEAKER_00 5:10

Yeah, I was gonna say it all comes down to price versus performance. And to your point, we've seen all these different models flood the market, try and take market share. Now we're starting to see the prices creep up. And interestingly, as we were putting this podcast together, I opened up Claude Fable 5 as their newest model or version and specifically says requires usage credits, so you can no longer use your monthly uh payment towards that. So uh interesting to watch. We'll continue to keep you updated on tokenization. Uh Mistral's the next one, Anthony.

Microsoft Leases Europe GPU Capacity

SPEAKER_00 5:42

This is interesting. So Microsoft is now leasing capacity over in Europe. I'll let you speak about the European market in a sec, but this is almost in polar contrast to that scare we saw from Meta on June 22nd saying, hey, we're gonna actually sell excess capacity. We've got so much. Now we're seeing hyperscalers saying, hey, wait a second, we we may have to lease some more. Demand's pretty high.

SPEAKER_01 6:07

Yeah, and demand in Europe will be high. I mean, you know, uh, don't look at Europe as a small market, it's a developed market, probably twice the population um of the US. And don't underestimate the quality of people working in some of those Eastern European countries. Technology um in some of those Eastern European countries, some of the Slovakia, uh, Hungary, extremely high quality uh technology over there compared to some of the maybe you know more more notable uh countries like maybe the UK, maybe France, maybe Spain. Um, so a really big market, and you can see that uh Microsoft looking to sort of like you know move into that market there in the same way that Nebius, iron, hive, and corey have also been building their European capacity. Uh, a big market and uh a big potential. You can see why these hyperscalers want to get in there. I was fortunate to go to the to the Meta data center in Sweden, and uh it was a it was an enormous site, but it's 150 megawatts, and we're hearing sites now 500 megawatts, a gigawatt site. Um, so that puts it into context. That was a you know 18 months ago, and things have changed, that the the landscape's changed significantly, and far more of these hyperscalers want to invest in Europe because they know that that market is there for the taking.

SPEAKER_00 7:32

Yeah,

Miner Stocks Rebound And Heat Map

SPEAKER_00 7:33

great to see. Now, speaking of investing, our investments have been looking pretty good the last couple of days, Anthony. You and I both took advantage of the weakness or the pullback we saw over the last few weeks. We were adding to our positions, we were updating that in Patreon and on the YouTube members only channel. Uh, looks like those were well-timed buys. We've seen two days of significant strength, another deep green day in the markets, and our good friends over at Cypher actually leading the charge.

SPEAKER_01 8:01

Yeah, Cypher's having a good day. There's no news out from Cypher to warrant that there, but it looks like uh some of those uh companies that you know were hit you know severely last week, and you know, we've had two exceptional days, and you know, um my portfolio over the last sort of five days is nicely in the green. But if I go back to a month ago, just just right back from a month, I'm still about 13% down, and we've had two fantastic days. That figure a month you know was nearly 30% you know on Friday. So you can see uh two days of changes can turn things around. Um, also uh last week with the price dropping you know for consistently for the best part of three weeks, it gave people an opportunity to maybe look at some of these stocks again and buy in. And you can see uh yesterday and today, people also again making that move to buy into some of these stocks. It wasn't long ago we saw Cypher over $30, core we've uh sorry, core scientific over $30, uh Riot $30, and they're now in the sort of like low to mid-20 dollar range. So even at today's prices, they're still on the way. I look at the 52-week range just to give you an indication, you know, how they are performing, and it's not a great map. You know, these stocks have been significantly higher in recent weeks. Uh you know, three weeks ago, uh, cipher was $30.14. I know that because I I sold some cypher um on the 22nd of June. I checked the portfolio and I I basically hit the high there, and I've managed to buy some back in sub $20. So you know it doesn't hurt to take a profit, and it also doesn't hurt to buy in when you see value again. Um, pretty much a green day across the board there. Saluna propping up the table, they had a phenomenal uh increase yesterday, and they're up you know nearly a couple of percent today, so they're having a great run as well. And you know, that company is getting a lot of attention at the moment. If you didn't see John's video from Friday, uh we interviewed the CEO, John Belazaire, phenomenal interview there. He put out their monthly update and decided just to mention you know, they had a hundred megawatt LOI uh for Caty2 in the update, and we thought, you know what, we need to get you on the channel to talk that through a bit more. And uh he he was he was glad to to do that. We had a great um a great podcast there, and you know, uh you can see now that the benefits of people understanding what what's out news out there and people have been going in and buying and buying the stock. So nice green day today, fantastic green day yesterday. Let's hope it continues the rest of the week. Probably helped a little bit by the fact that Bitcoin's up, but remember these stocks are uh decoupling from Bitcoin price, they're not moving in sync. But when Bitcoin rises 4% in a week, of course, these companies, even though they're moving to HPC, they're all still mining Bitcoin at the moment. And we'll talk about one who's mining more than everybody else later in the podcast.

SPEAKER_00 11:00

Yeah, we certainly will. BitDear, and they also came out with a couple of interesting lines in their monthly production report. So we've reached out to them in a similar capacity as Saluna, try and get you guys a little bit more details if you have any questions for the team. Uh now you move over to the heat map, Anthony. You say what a difference a couple days can make. You can definitely see that in the first two columns, but we wanted to just uh I guess add a grain of salt to that statement. If you look at the one month, still some considerable uh headwinds to make up.

SPEAKER_01 11:30

Yeah, absolutely. The one month uh average is down 20%. That's exactly what I was saying there. That number was probably close to 30-35% on Friday. We've had two really good days to get that, you know, to get that back down. Year to date, uh nicely up 51% on average. And if you look at the one-year change, we're getting closer and closer back to where we were um you know prior to that June the 22nd. Um, so nice couple of days. Um, you know, not too many stocks on the five day in the red there, but if you look at them there, they are actually uh you know, uh Wi-Fi, Bit Digital, and DMG. But um, you know, we can see these uh you know percentages change um significantly. Um, and the you know, the likes of you know Cypher, CORES, BitDear, and ABTC having the having the better of the days today, so that's really helped them today and the five-day change. If they continue this week, we may get that one month change back down to a more manageable uh position there. But everything else is looking pretty much green on the chart.

SPEAKER_00 12:32

Yeah, great to see. Hopefully that continues for the remainder

AI Data Center Deals Get Pricier

SPEAKER_00 12:35

of the week. Now, before we get into the neo cloud specific news, an interesting chart from Matt Siegel. We had him on the program recently. Make sure you guys check that one out. We always say, Anthony, don't use a single metric to make an investment decision or judge potentially a deal. So we don't want to imply which deal is best or worse in the space, but the general tone of this post you can see up into the right, we're seeing a lot more deals, we're seeing a lot more companies involved in making deals and a general trend that actually supports this demand thesis.

SPEAKER_01 13:09

Yeah, so what uh Matthew and the team have done there, they've looked at the value created, the equity value created in terms of um you know megawatts uh for these deals. And you can see at the start there, you know, applied core scientific the early um uh uh companies that were in contract there, and where these contracts now getting better and better. We've had Patrick Fleury on the channel a number of times there, and he's saying uh, like uh we have also had Ben Ganyon in you know in the conversations that he's having, you know, deals are getting better, and you know, they don't want to just sign any deal. Well, Patrick came on uh literally just over a week ago and um he talked through the latest deal by Wolf. I mean 2.35 or 2.37 million per megawatt, uh, phenomenally higher than their previous deals. And you can see uh from that chart there, the Wolf deal looks to be one of the best deals in terms of that value creation. Uh, people were on CNBC were sort of giving uh Clean Spark, the presenters on there were giving Clean Spark a bit of a hard time, but actually, Clean Spark deal looks pretty good compared to the majority. Um, also, we don't really understand all the costs that are going to be associated with these deals. There'll be a lot of assumptions in there. Remember, um, you know, Clean Spark have just signed uh the deal there for 175 megawatts. They'll now have to go out and raise you know the capital to deliver that that contract, and then once we find out how they're going to do that, which levers they're going to pull, the market will then reassess that there. But I think it's a I think it's a good graph just to show you that prices are increasing. The three that stand out to me are the are the applied deals in terms of to the right of the chart there. Um I mentioned this on a on a previous podcast, we covered applied because they'd signed, I think, something like five, six, or seven deals, and the last three were with hyperscalers. And what you can see is that the conversations with hyperscalers are quite different from the conversations with neo clouds. So if you're talking to a a Nebius or a core weave uh rather than a sort of um a Meta or a Microsoft, uh, you know, you you've got a you've got a big hyperscaler on the other side of the table there, they've got the power to sort of drag those contracts down a bit. On the grounds that they know you're gonna get value in terms of when you go to uh you know a funder to to to help you raise the capital, you're gonna get really attractive rates because of the client name, and so they're basically saying we want our share of that benefit, you know, we're giving you gonna give you a great deal, and so you can see those those last three deals there that they've signed, sort of at the bottom there. But uh we'll flying the flag at the moment, clean spot having having a good time there, and we're getting these contracts are coming in fast and furious in 2026. Demand is out there, power is the bottleneck, and we said before who's got the power, the companies that we talk about on a daily basis.

SPEAKER_00 16:11

They sure do, and so many people on social media have been saying when deal, when deal, having this sense of urgency. We've been hearing from the likes of Iron, even Daniel Roberts in that most recent press release. The pricing economics are in favor of these companies. The deals are getting better. There's no rush to go out there and sign any deal. Ben Ganyon made that statement very clear as well. Now, Nebbius, the first NeoCloud we wanted to talk about today,

Nebius Nvidia Stake And CoreWeave Downgrade

SPEAKER_00 16:38

Anthony. This is a direct competitor of, say, an IRI, a core weave. Uh, they obviously have signed a lot of deals, maybe not the same level of vertical integration as an iron, but an interesting tidbit of information came out today. Good old NVIDIA seems to have a nice little stake in uh Nebius. And this is something we've seen pretty common now with NVIDIA and even some of the hyperscalers. If you think about maybe the Cypher or the Wolf uh equity stake that Google took.

SPEAKER_01 17:07

Yeah, and NVIDIA have got stakes in a number of AI companies over the past few years. And if you look at the Nebiaus share price, it's it's risen 250 250% just in the last 12 months. So you can understand why uh they're doing that. We've also seen the likes of Google uh take positions, um not buying shares, but literally getting shares as part of the deal in TerraWolf and Cypher Digital. So um that's going to you know be a sort of like a continuation. Nvidia offered a stake in in iron at about $70 uh dollars there, you know. I think it was a total of heading towards two billion dollars in a company. So uh these are going to be you know more frequently um you know uh shown as we go through deal-by-deal. Um there's a lot of um benefit from these companies. The technology sector has risen probably more quickly than any other sector out there, and um it's helped by the companies that you know we talk about on a regular basis.

SPEAKER_00 18:07

Yeah, agreed. Now, this is an interesting update. Speaking of NeoClouds as well, Core Weave. So I just mentioned the difference between some of these companies, really that vertical integration. Now, we saw Core Weav try and fix that by actually purchasing Core Scientific last year. That didn't work out, and we've now seen an analyst downgrade for Core Weave. So while we're seeing a lot of excitement in the space, they're actually citing some of the concerns around the AI adoption in software, service as a software, and some of the pressures as those companies try and adopt and implement AI as we just talked about with Microsoft and Meta.

SPEAKER_01 18:44

Yeah, you're quite right. On this one here, we've got a price target uh reduction of 25% from $120 previously down to $90. Just checking the current price at the moment, it's around about $79. So not too far away from its current price. Um, I would suggest, you know, if core we were to announce more more deals uh for compute power, remember they've got that 590 megawatts, um, which is about half their half their current compute power with uh with one customer uh core scientific. Remember, they try to acquire core scientific. They're a big company in terms of market capitalization, probably about three times the market cap of iron at the moment, they're in probably 44 billion dollars. So, you know, um a sizeable company, and uh I think the deal they they offered uh core scientific just wasn't the deal that the retail shareholders were hoping for. That floating share price um did no good. And bear in mind during that period um between the shareholders voting, they had um you know, initial investors were able to uh sell some of their shares, which affected the share price. So the the shareholders voted unanimously. I think it was over 90% against the deal. Uh both companies working really well together since then, they've carried on and they've made their announcements, and everything seems to be on target. The I think uh last I heard from Core Scientific, they've delivered nearly 450 megawatts of the deal, it's a 590 megawatt deal. The rest of it will delivered by the end of the year or extremely early into 2027. And when that's occurred, you're then talking about the full uh level of revenues coming through there. But we'll should see in quarter two uh a sizeable change to their AI revenue compared to previous quarters, and it should now be the dominant uh revenue coming through. They're still doing mining, we don't quite know how much hexa. I would suggest it's probably uh less than 10x a hash at the moment. Remember, they're not going to be using mining machines uh that are uh not in that that are low in efficiency in this current climate, although you know Bitcoin price is rising a little bit. I still think it's a challenge for most companies to achieve a margin even at 66,000, 67,000.

SPEAKER_00 21:02

I think so too. And we know these companies definitely not backfilling their ASIC fleets. Now, you just mentioned

Iron Horizon One Nears Handover

SPEAKER_00 21:08

iron. We've talked about obviously Horizon 1. We know there's an expected handover date to Microsoft sometime in Q3. An interesting post yesterday from Facebook, Anthony, talking about the completion of at least a component of this project.

SPEAKER_01 21:25

Yeah, so the electrical contracting services Southwest, they've done their part now. So they had a completion celebration on the 16th of July. But anyone that's worked on big projects, I've worked on some big projects in the oil and gas industry there. Once you've gone through this sort of process there, there's going to be commissioning, testing before the handover, all the sort of like the handover uh booklets are all put together. Uh so there's a lot of work still to be done. That's probably the reason why we've not seen an update from our. So I don't want people running for the hills and saying Horizon One has been handed over. What it means is uh and elements of the works around horizon one are now complete and they'll be doing their final their final uh parts of the of the of the project management before it's ready for handover and there's a few layers of um of uh of of of things to do and then i've already have explained those but you know we're in q3 now so you know we've in the next month and a half we'll probably get an update from iron to say it's now been handed over and they'll probably give us some indication about horizon 2 3 and 4 at the same time but uh great to see the team uh working there we went to that site just in November last year it was literally a shell we couldn't even take any photographs it was just basically the beams were in place there we actually got to walk inside it it was empty they were doing some of the sort of like the outside structures the some of the cooling structures were just being started to be uh to be to be built um but as we can see from some of the photographs provided from some of the friends on the iron group uh things have been happening really really quickly the level of workforce on that site it literally is a small town we got to meet you know uh you know quite a few people while we did a walk around the site and I was amazed how many people were listening to the podcast we've got a lot of them coming up shaking hands and saying you know great great job and uh a really really great team there but it is it's like everything's moving at all at once there so it's all got to be coordinated um and you know the speed of what they put those initial buildings up for mining you can see that same work ethic in the way they delivered horizon one and we'll see those four buildings um being achieved in the timeline that they've stated there so that Microsoft can get on with that contract and start um start paying iron the the the money that they're due.

BitDeer Mining Scale And Malaysia AI Expansion

SPEAKER_00 23:48

Yeah that'll be nice see those revenues flowing and a big congratulations to the Southwest electrical contracting service so with that being said you guys moving over to BitDeer now this is an interesting update we mentioned Soluna really putting some key nuggets in that production update last month BitDear has done the same thing.

SPEAKER_01 24:06

I'll let you walk through the production report first Anthony and there's definitely a few lines that caught our attention yeah the the I mean I really impressed with BitDear and the update they they've been doing this for a long time and they do obviously take the time with today's the 21st and this is the June update remember we used to get updates I think um Keel used to bring their update out on day one and then many other miners were getting out in them first few days but as these updates are getting bigger and bigger and this is getting towards like war and peace in terms of the amount of information in there there's a lot of information stacked in there if you look at the table that I'm about to go through there's a lot of information on this it's probably the biggest table of all the companies that we cover June was a phenomenal month again in terms of Bitcoin mined uh may had it was a great month 921 bitcoin in May 31 day mining month there well we're not going to better that in June well they did 990 bitcoin mined nearly a thousand bitcoin I think clean spark was a little over 600 that just puts into context the size of BitDear from a mining perspective and they are selling on a on a regular basis so they sold just over a thousand bitcoin they reduced what they had in terms of HODL from the previous month they had 171 they've now got 150 valued at 8.8 million dollars as at the end of June that bitcoin price a little bit higher than the end of June now so that's obviously that that will look that will also affect the the valuation up but they are selling on a regular basis this is literally Bitcoin that they've had for maybe two or three days it's not a it's not a it's not a big deal now in terms of energized hash rate that increased massively they've got self mining of about 73x hash and they've also got co-mining so they're using host uh arrangements they've got something like 15.9 um exahash uh hosted at the moment so that's really driving it remember you know this company are building their own ASIC machines the seal miners a2 a3 a4 now in production and the deal was if they're not selling them and and maybe it's a challenge at the moment with the Bitcoin price um you know unless you've got access to some really really cheap power um some of these machines are just not going to deliver you that deliver you that return on investment as quickly as you'd like but the back the backdrop for BitDer is because they can produce these machines far cheaper than they can buy them from other providers it makes sense if they produce them and don't sell them they put them in their own facilities that's why they're taking on more and more hosted sites there that hosting capacity is growing up is growing uh significantly I mean they class it as code mining there but they're ho they're hosted with third parties and you know 15.3 exahash that's a sizable uh amount there we've been to Rockdale which is a phenomenal site 500 megawatt site at Rockdale there they don't have that level of exa hash at that site alone there you know so this tells you they've significantly got a lot of these machines being put in in third parties because you know you want to make money from these machines you might as well use them and you know the efficiency of the latest machines is sub 10 joules per terahash and if you've got that sort of efficiency and you've got access to some reasonably cheap power you're gonna make a margin from the fact that you know Bitcoin price is between 66 and 67000 absolutely um you know and and if the Bitcoin price continues to rally you're gonna make a bit more of a margin operational power remained the same during the month there 1797 but the total global contract capacity that did increase and we'll come on to the reason why there it's gone up by 21 so remember that number 21 megawatts they've now got 3025 uh megawatts in their pipeline and that's a real pipeline you know I don't want you to confuse pipeline with um you know uh blue uh blue uh what do they call it blue blue sky blue sky we don't want to confuse it with blue sky uh it's never gonna happen this is absolutely happening they've got so many sites that are coming online in the next 12 months total mining rigs so this again it tells you what's happening 12 000 more rigs added in the month of June from July that's where you get that uh uh additional hash rate from uh we don't know the mining fleet efficiency but we're gonna suggest it's very very close to sort of 1516 I've put 17 there but it could be even lower significantly lower than that if they're now using predominantly a3s and some of the A4s are coming off the pipeline into these sites you're gonna have you know efficiency you know really really low probably competing with the likes of Hot who are sub 15 and Iron who are at 15 and Clean Spark are about 16 so very much in that top tier bitcoin mine per day 33 bitcoin every day in June as opposed to 29.7 in May so a nice 11% increase there and now we move on to the sort of like the other parts of the of the of the uh update is all about the AI and we know that uh GPU is deployed they've got some H100s H200s B200s and GB200s so a whole mixture of you know newer machines and and a few older machines there 4248 machines uh still uh um switched on in the month of June the same as May there but the utilization rate has increased now to 95% and the GPUs under external subscription uh 3517 as opposed to 3305 that's another six percent increase there now the one thing that caught my attention caught your attention Bryce was the annual recurring revenue we see this from a lot of uh companies now print out once they reach targets we know hive are looking to get their ARR significantly high during 2026 and they managed to reach their target in 2025 and have a big increase in the early part of 2026 well bit deer have been increasing this significantly it stands at 76 uh million dollars now and we'll come to a uh you know another slide in a second which shows you where they were literally about four months ago yeah a couple observations here Anthony so ARR for BitDeer calculated on the daily revenue times 365 so this is their current ARR as of the end of June not a projected year end exit rate so that's one thing to keep in mind.

SPEAKER_00 30:36

Now you mentioned the same number of units utilization accounts for a 5% increase but we saw revenue or ARR increase by 10%. So again that would imply that rates are increasing under this CSP model. Now we wanted to dig into this a little bit deeper we know they've got operations in Malaysia currently operating we know they're expanding a facility there it sounds like they're now doubling down on that bet. This is a Malaysia based company and they're making a big statement in that market.

SPEAKER_01 31:08

Yeah absolutely this is their this is they're in their own market here so they'll have a good indication of what's working what's not working and they've grown that that rate of of of megawatts um in Singapore and Malaysia um you know over the past couple of years now so uh cyber java malaysia 9.5 uh megawatts they've already got uh a couple of megawatts in Singapore so maybe operating somewhere between that two and and 11.5 the total there but the interesting part that came up in the in the update really was the fact that they are about to sign another 10-year lease agreement for 21.7 megawatts at Jahor Baru in Malaysia um for you know 21.7 megawatts of IT capacity now the handover for that is expected to be in the first quarter of 2027 and the facility plan to support development of the 128 Nvidia GB300 um NVL72 systems so that's the most uh efficient GPUs that on the market at the moment um that are in production so you can see um you know how they're growing this and that should significantly start to to rise um alongside that they've also announced the fact that they've now uh signed and executed the deal uh for phase one and phase two at tidal that's a total of 225 megawatts and that's expected those sites are expected to be completed by the end of 2026 so we'll start seeing revenues coming through in 2027 for those sites there but uh it looks like um you know bit deer having a little bit of the miners touch at the moment there have a look at the uh stock price there do some due diligence we're just here to provide parts of the information it's how you get that that bit forward there but there's a lot of moving parts in bit deer you know they mine bitcoin they're using host companies to to host it for there because they need more more power they've got probably the biggest amount of power of any of the companies that we talk about on a regular basis uh energized at the moment nearly 1.8 gigawatts uh you know compare that to some of the other big names out there clean spark have only got 808 megawatts energized BitDear twice as much so you know extremely extremely big they're building their own and producing their own machines and if they're not selling them they're growing their hash rate and that hash rate's growing quickly and we'll probably see uh potentially a three-digit hash rate maybe in a few months' time if their production of the s4 starts coming off there and they're not being sold as quickly as anticipated BitDeer might just decide we'll fill off our sites with those because if the Bitcoin price starts to you know get closer to $708000 the margins start to really increase there and it might just be that you know having that backup of a second strategy to AI is going to be a really good strategy for BitDear to to accomplish.

SPEAKER_00 34:02

And I think you're right maybe a little more attention deserved for BitDear we know they just broke ground on their Nevada manufacturing facility as well so to your point manufacturing and interesting little memory here if you pull up their Q1 deck you can see that Malaysia site 11.5 total megawatts expected so continuing to ramp that and the ARR again from Q1 they're citing the growth from 10 to 43 million now up north of

Where To Listen And Final Thoughts

SPEAKER_00 34:31

76. So pretty phenomenal work there at BitDear we look forward to their next round of earnings I also wanted to shout out on our website Anthony our audio podcast receiving a lot of attention now we've got Amazon Spotify Apple Music uh if you're on the go you want to listen to these podcasts on a daily basis a great option for you guys we'd love to hear your thoughts in the comment section below on the neo cloud space some great updates some great price action and hopefully this continues through the week.

SPEAKER_01 35:00

Yeah and just final thoughts a lot of people put in the comments that I've definitely got the face for radio so you know actually go in there and listen to these podcasts as well so you know you might prefer that but uh yeah it's been a great great uh great set of news today and uh look forward to seeing you all tomorrow hey based on the number of podcasts we've done I think we've got a face for both Anthony but uh thanks for the time guys talk to you soon