Episode Details

We unpack why Bitcoin’s slide hasn’t stopped capital from pouring into AI, then break down Cipher’s rebrand to Cipher Digital, its exit from mining, and the shift to contracted HPC revenue with AWS and Fluidstack. We compare buildouts across Riot and IREN, detail ERCOT timelines, and map out how miners decouple from hash price.

• bitcoin sentiment at cycle lows and long‑term view
• hyperscaler capex and AI demand drivers
• texas power, interconnects, and siting advantages
• cipher’s JV sale, rebrand, and mining exit
• black pearl and barber lake conversions to HPC
• revenue escalators and financing stack secured
• ercot batching, site energization timelines
• riot and iren construction pace and staffing
• amd partnerships and ROI versus tier‑3 builds
• miner equity decoupling from bitcoin price action

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