Episode Details

We break down Q3 results with Frank Holmes and CFO Darcy Daubaras, showing how Paraguay’s low-cost energy and smarter hardware expanded margins while HPC demand accelerated. We share our path to tier three data centers, conservative financing, and the catalysts we see into 2026.

• Paraguay’s 300 MW online driving lower energy costs and higher efficiency
• Margin expansion through S21 hydros, fleet optimization, and daily cash control
• Accelerated depreciation choices on ASICs to reflect real-world lifecycles
• Sweden footprint consolidation to prepare for tier three HPC
• $30m Bell deal in Winnipeg and 4 MW Toronto retrofit progress
• Optionality between tier one mining and tier three compute at new sites
• Paraguay land, power, and dark fiber as the long-term HPC foundation
• GPU lifecycle strategy, H100/B200 financing, and pricing power
• Policy risk contrast across Canada, Sweden, and pro-business Paraguay
• Funding mix: ATM, asset sales, vendor financing, and disciplined capex
• 2026 goals: more exahash in Paraguay and scaled recurring HPC revenue

Hit the like button. If you’re not already subscribed, feel free to join. Let us know in the comments if you’re holding HIVE and what you thought about the results!

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