We break down why miners are surging, where AI HPC demand is pulling capital, and how four operators—Bit Digital, Cipher, DMG, and IREN—are repositioning from pure Bitcoin exposure to power-first, co-location led models with steadier margins and larger moats. The thread through it all is power scarcity, pipeline depth, and the financial levers that unlock multiyear growth.
• Bitcoin holds above 120k and drives a broad miner rally
• Heat map shows multi-period strength across sector
• CoreWeave–Core Scientific deal mechanics, pricing spread, and vote stakes
• Bit Digital pivots to ETH reporting, stakes 81% of treasury, deploys convert into ETH
• Cipher’s 23.6 EH/s, 16.8 J/TH, 437 MW, and HPC-first expansion via Fluidstack
• Barber Lake and Black Pearl site progress and power pipeline strategy
• U.S. power bottleneck as the gating factor for AI compute growth
• DMG’s consistent production, rising HODL, market cap catch-up, insider buying
• IREN’s proposed convertible, capped call, GPU scale, and ARR scenarios
• Debate: AI bubble claims versus long-term megatrend in compute
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