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Welcome back to The Mining Pod! Today, Kevin Dede, Managing Director at H.C. Wainwright, joins us to give a pulse check on the bitcoin miners pivoting to AI. We cover the latest deals from IREN, Cipher, Terawulf, and others, and pick apart whether the neocloud or powershell business model is the best fit for bitcoin miners. Plus, what the CoreWeave-Core Scientific deal’s failure means for the AI-miner market as a whole, why bitcoin mining won’t die easily in the U.S., and why Dede thinks the AI-miners are just getting geared up.
Notes:
• AI runway better than mining for miners
• IREN Microsoft deal is a win for powershell model thesis
• AI business lines give miners better access to capital
• Miners with exposure but no deals on the table could offer interesting opportunities
• Mining in the U.S. not done yet
Timestamps:
00:00 Start
02:34 Intro
03:33 Mining stock overview
04:13 AI
06:03 HPC
08:52 IREN
13:05 Infrastructure & Neo-Cloud
19:18 Miners w/ AI are ripping
20:16 Financing options
22:25 CORZ & Core Scientific
29:02 How many winners can there be?
31:18 JV deals
33:38 Bullish or bearish majors
