We dive deep into the evolving landscape of Bitcoin mining and treasury companies, examining key metrics that investors should watch during this pivotal earnings season. The conversation reveals significant valuation gaps between Bitcoin miners and pure treasury companies despite impressive profit margins approaching 70-80% for efficient operators.

• Bitcoin price stabilizing around $118,000 with hash price at approximately $59, creating healthy margins for efficient miners
• MARA announces $850 million convertible note offering for Bitcoin purchases and debt refinancing
• Soluna Holdings secures $20 million funding for their 35-megawatt Texas mining project
• Emergence of Ethereum treasury companies following the success of Bitcoin treasury strategies
• Bitcoin miners receiving no premium valuation for their operational assets despite substantial infrastructure
• Iren, Cipher, and Riot leading with impressive gross margins of 70-77% due to low energy costs
• Core Scientific receiving a $9 billion buyout offer from CoreWeave, highlighting significant valuations in the sector
• High-performance computing and AI infrastructure presenting additional growth opportunities for mining companies

Join us for our upcoming podcasts featuring Mara's CFO Salman and Riot's Jason to discuss Q2 earnings and future growth strategies.

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Anthony Power and Bryce McNallie examine their selling strategies for Bitcoin mining stocks during this bull market cycle, revealing lessons learned from previous cycles and the importance of predetermined exit points.

• Bitcoin has broken its all-time high of $123,000 with miners surging 50-90% in the last month
• Bitfarms announced a 10% share buyback program (up to 49.9 million shares) to reduce their 557 million outstanding shares
• Mining stocks don't move in perfect correlation with Bitcoin's price - each miner peaks at different times
• This cycle differs from previous ones with ETF adoption, corporate treasury purchases, and pro-crypto regulations
• Setting predetermined sell targets based on price or percentage gains removes emotion from selling decisions
• The "second halving" effect of difficulty increases presents ongoing challenges for pure-play miners
• Most miners are diversifying into HPC/AI computing strategies with only Marathon and CleanSpark remaining pure-play
• Dollar-cost averaging out of positions is more effective than trying to time the absolute market top
• Journaling trades, joining a community, and having accountability partners helps maintain discipline
• "It never hurts to take a profit" - partial selling allows capturing gains while maintaining exposure

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McNallie Money examines the significant market movements among Bitcoin mining stocks with High-Performance Computing (HPC) aspirations, analyzing which companies are best positioned to secure lucrative hyperscaler deals.

• Iren reaching a 52-week high of $21.54 with massive trading volume
• Miners with HPC plans (Iren, Cipher, Bitfarms, Hive, Riot) outperforming pure-play Bitcoin miners
• Iren pursuing both vertical integration and co-location strategies for HPC
• Cipher Mining potentially close to announcing a hyperscaler deal with BlackRock backing
• Bitfarms strategically positioned in Pennsylvania where major tech companies are investing billions
• Hive targeting $100 million in annual HPC revenue by 2026 through organic growth
• Riot pivoting its Corsicana facility from Bitcoin mining to HPC with significant capital investment
• Co-location deals offering more predictable returns than GPU ownership for mining companies
• Trump administration expected to release a Bitcoin report with potentially favorable regulations
• Michael Saylor's MicroStrategy continuing aggressive Bitcoin purchases with $740 million acquisition

Hit the like button and subscribe to McNallie Money for more power mining analysis, and let us know in the comments which of the five companies discussed you think will ink an HPC deal first with a hyperscaler.

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