Power Mining Analysis

Bitcoin mining stocks rally impressively as BTC rebounds to $105,000, with major companies announcing strategic financing initiatives and milestone achievements in both mining and high-performance computing. • Bit Digital secures $60 million credit facility with Royal Bank of Canada at 5.25% interest for data center expansion • Bitdeer formalizes $330 million convertible note offering (potentially increasing to $375 million) at 4.875% interest • Cipher Mining energizes first phase of Black Pearl facility, adding 2.5 Exahash with plans to reach 23.1 Exahash by Q3 end • CleanSpark achieves 50 Exahash milestone ahead of schedule, maintaining pure Bitcoin mining strategy across 30 US locations • Hive launches new NVIDIA GPU Hopper cluster, targeting $100 million annual HPC revenue by year-end • Hut 8 doubles Bitcoin-backed loan with Coinbase to $130 million at 9% interest • Soluna expands hosting partnership with Compass Mining to approximately 13 megawatts across Dorothy 1 and 2 projects • Miner Madness 4.0 competition announced with new automated entry system and grand prize interview opportunity Join us tomorrow for a special interview with Luxor discussing derivatives and hashrate forward contracts. Sign Up for Our Free Weekly Newsletter: https://www.powermininganalysis.com/newsletter

Bitcoin dropped below $100,000 over the weekend, raising questions about whether this signals a bear market or simply represents a temporary pullback in the ongoing bull cycle. The cryptocurrency quickly rebounded above the $100,000 threshold, but mining stocks continue to face significant pressure. • Bitcoin miners are down 35% year-to-date despite Bitcoin reaching new all-time highs • Hash rate dropped to 670 exahash, likely due to curtailment in Texas rather than geopolitical factors • Anthony Pompliano launched ProCap, raising $750 million for a new Bitcoin treasury company • MetaPlanet and Strategy continue aggressive Bitcoin accumulation strategies • A 6.8-6.9% difficulty reduction expected on June 28th would provide relief for miners • Hive Digital Technologies acquired a tier 3 data center in Toronto for their HPC subsidiary • Data center-focused miners appear undervalued compared to pure data center companies Hit the like button, subscribe to McNally Money, and let us know in the comments if you think the bull market is in trouble or if this is simply a regular pullback. Sign Up for Our Free Weekly Newsletter: https://www.powermininganalysis.com/newsletter

Bitcoin mining companies are rapidly evolving their business models, with Iron's stock surging 10% amidst speculation of an imminent HPC deal announcement and Hive Digital Technologies exceeding their hash rate targets ahead of schedule. • IREN's shares jumped over 10% without any formal news, suggesting potential developments related to their Horizon One data center • The company recently closed an upsized $550 million convertible note offering, providing capital for HPC expansion • CEO Dan Roberts previously stated they expect to have a client named for Horizon One by Q4 • Sweetwater facility has capacity to support $70 billion worth of GPUs and IT equipment at full build-out • Wall Street analysts increasingly covering Iron with bullish price targets exceeding $20 • Hive Digital Technologies reached 11.4 exahash ahead of schedule • Hive now targeting 25 exahash by American Thanksgiving instead of year-end • Two consecutive mining difficulty reductions expected, providing miners temporary relief • Multiple industry experts suggest Bitcoin miners with potential HPC deals are significantly undervalued • Long-term viability of pure Bitcoin mining operations questioned, with some suggesting only 2-3 years remaining Sign up for the Power Mining Analysis newsletter for weekly updates and enter our Minor Madness 4.0 competition with prizes and a chance to be featured on our podcast. Sign Up for Our Free Weekly Newsletter: https://www.powermininganalysis.com/newsletter

The complex world of Bitcoin miner valuations reveals a striking disparity between how the market values treasury-focused companies versus operational mining businesses despite their substantial underlying assets and revenue potential. We explore how miners with significant infrastructure, equipment, and profitable operations are often valued only at their Bitcoin holdings while pure Bitcoin treasury companies enjoy substantial premiums. • Bitcoin miner valuations often fail to account for valuable underlying assets beyond their hodlings • MicroStrategy trades at 1.86x its Bitcoin holdings while miners like Marathon are valued at just their hodl • Marathon's market cap is 98.6% of their hodl value despite owning $480M in sites and $1B in machines • Soluna has zero Bitcoin but owns multiple operational data centers yet trades at just $6M market cap  • Core Scientific's $10B HPC contract spanning 12 years seems minimally reflected in current valuation • Growing HPC/AI revenue streams like Bit Digital's $100M annual run rate aren't fully appreciated by markets • Miners face operational complexities but also have strategic advantages Bitcoin treasury firms lack • Contrast between Iron (0% hodl) and CleanSpark (51.5% hodl) highlights different approaches to value creation To participate in Miner Madness 4.0, sign up for the newsletter on the Power Mining Analysis website. You'll receive a form to submit your entries for the competition, with the grand prize being an appearance on the Power Mining Analysis podcast. Sign Up for Our Free Weekly Newsletter: https://www.powermininganalysis.com/newsletter

The Bitcoin mining industry is experiencing a major strategic shift as public miners pivot from pure cryptocurrency mining toward high-performance computing and AI infrastructure due to economic pressures and emerging opportunities. Global hash rate has increased 15x since China's 2021 mining ban, reaching over 900 Exahash today, forcing miners to grow substantially or lose market share while facing reduced rewards from the April 2024 halving. • Most public miners now pursuing HPC/AI strategies with predictable long-term contracts offering 75-80% profit margins • Only Marathon and CleanSpark remaining committed as pure-play Bitcoin miners • Core Scientific leading the transition with $10.2 billion, 12-year CoreWeave contract • HPC/AI contracts provide lower cost of capital and more predictable revenue than Bitcoin mining • IREN pausing Bitcoin expansion at 50 Exahash to focus on Horizon One facility • Bitdeer leveraging in-house Seal Miner development to improve efficiency and margins • Hive expanding to 25 Exahash with Paraguay acquisition while growing HPC revenue • Current US AI computing capacity at 4GW with projected need for 40-80GW creating massive growth opportunity • Management flexibility and data center expertise becoming critical differentiators for success Take a second to hit the like button! If you're not already subscribed to McNally Money, feel free to join and let us know in the comment section which miners you're currently most bullish on and why. Sign Up for Our Free Weekly Newsletter: https://www.powermininganalysis.com/newsletter