Episode Details

We step through the latest earnings from major Bitcoin miners and AI infrastructure names, then use the actual financial statements to explain why so many teams are pivoting toward high performance computing. We connect contracts, megawatts, margins, stock based pay, and balance sheet strength to the share price rerates the market is handing out. 

• Bitcoin price volatility and the sector’s mixed daily tape 
• Why many earnings calls gloss over the “earnings” lines 
• How to read the income statement for miners and HPC builders 
• What adjusted EBITDA excludes and why it can mislead 
• ABTC’s Bitcoin accumulation strategy and Satoshis per share focus 
• CleanSpark’s development pipeline and late stage AI pivot 
• Total revenue comparisons and why low revenue can still re-rate 
• Cipher’s contracted revenue inflection and the appeal of predictability 
• Core Scientific’s CoreWeave deal and gigawatt expansion optionality 
• Net losses driven by depreciation and fair value Bitcoin write downs 
• Hut 8’s long duration contract economics and pipeline upside 
• IREN’s contracted ARR curve and vertical build approach 
• Keel’s execution roadmap and market anticipation before deals 
• MARA’s “digital infrastructure triad” and power asset strategy 
• Stock based compensation as a percentage of revenue and alignment 
• Riot’s Corsicana campus design and co-location potential 
• TeraWulf’s repeatable finance-and-build playbook 
• Retained earnings as the blunt proof of mining’s difficulty 
• Balance sheet checks: current ratio, net assets, leverage 
• Nebius Q1 surge, capex pace, margin improvement, and new PJM land 

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