We track a rough Bitcoin slide, then focus on how miners are hedging the cycle by building power, signing HPC contracts, and turning HODL into working capital. Earnings and production updates from MARA, CleanSpark, Riot, and HUT 8 show the pivot from pure hash to diversified compute.• Bitcoin price context, business cycle links, and miner decoupling• Cipher financing for Barber Lake and Black Pearl HPC pivot• Analyst split on IRON economics and model assumptions• MARA’s Delaware Basin energy plan and treasury management• Riot and CleanSpark monthly output, efficiency, and power credits• HUT 8 and ABTC results, 8.6 GW pipeline, and GPU-as-a-service• Hashprice pressure and the case for long-term HPC contracts• Forward hedging via Luxor’s hash rate marketplaceHit the like button, feel free to subscribe, and let us know in the comments what you thought about these earnings results and your current top pick 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 - [email protected]

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