Exploring Miner MCAP, mNAV, HODL & Margins in Q2!

Power Mining Analysis

#Trading #Business #Anthony Power & Bryce McNallie #Anthony Power #Bryce McNallie

33:58

On June 25th 2025, in collaboration with Open Folk, we presented our first ever live interview event in Los Angeles. As Open Folk put it: "In These Lines is a live event where three artists each bring one song — not just to perform, but to explore. They sit down with Sofia Loporcaro, host of Before The Chorus, to talk about where the song came from, what it meant to write it, and what it still holds. Then they play it. Just the song, and the truth behind it." Find Open Folk on Instagram: @openfolkla Find Gaby on Spotify: https://open.spotify.com/artist/0K9pSmFx0kWESA9jqx8aCW?si=Wz4RUP88Qlm_RKs7QTLvWQ On Apple Music: https://music.apple.com/us/artist/gaby-moreno/472697737 Instagram: https://www.instagram.com/gaby_moreno/ Find Lily on Spotify: https://open.spotify.com/artist/0p0ksmwMDQlAM24TWKu4Ua?si=Bmdg-uIUTHu-zRUc_dqL3g On Apple Music: https://music.apple.com/us/artist/lily-kershaw/526884610 Instagram: https://www.instagram.com/lilykershaw/ Find James on Spotify: https://open.spotify.com/artist/3u50TPoLvMBXNT1KrLa3iT?si=OoLoq7ZTRZyUiytQcz0FsQ On Apple Music: https://music.apple.com/us/artist/james-spaite/905076868 Instagram: https://www.instagram.com/jamesspaite/ Subscribe: ⁠⁠⁠⁠⁠⁠⁠https://beforethechorus.bio.to/listen⁠⁠⁠⁠⁠⁠⁠ Sign up for our newsletter: ⁠⁠⁠⁠⁠⁠⁠https://www.beforethechorus.com/⁠⁠⁠⁠⁠⁠⁠ Follow on Instagram: ⁠⁠⁠⁠⁠⁠⁠@beforethechoruspodcast⁠⁠⁠⁠⁠⁠⁠ & ⁠⁠⁠⁠⁠⁠⁠@soundslikesofia⁠⁠⁠⁠⁠⁠⁠ About the podcast: Welcome to Before the Chorus , where we go beyond the sounds of our favourite songs to hear the stories of the artists who wrote them. Before a song is released, a record is produced, or a chorus is written, the musicians that write them think. A lot. They live. A lot. And they feel. A LOT. Hosted by award-winning interviewer Sofia Loporcaro, Before the Chorus explores the genuine human experiences behind the music. Sofia’s deep knowledge of music and personal journey with mental health help her connect with artists on a meaningful level. This is a space where fans connect with artists, and listeners from all walks of life feel seen through the stories that shape the music we love. About the host: Sofia Loporcaro is an award-winning interviewer and radio host who’s spent over 8 years helping musicians share their stories. She’s hosted shows for Amazing Radio, and Transmission Roundhouse. Now on Before the Chorus, she’s had the chance to host guests like Glass Animals, Feist, Madison Cunningham, Mick Jenkins, & Ru Paul's Drag Race winner Shea Couleé. Learn more about your ad choices. Visit megaphone.fm/adchoices…

about a year ago 36:48

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McNally Money dives into Bitcoin miners' market caps, HODL positions, mNAV premiums, and live mining margins to understand why miners are undervalued compared to Bitcoin treasury companies.
• Bitcoin shows resilience after the Trump/Elon news, recovering to $108,000 over the weekend
• Miners showing a mixed trading day despite Bitcoin strength
• MicroStrategy (MSTR) trades at a 1.87x premium to its Bitcoin holdings while miners trade at or near their HODL value
• If miners received the same mNAV premium as Strategy, Marathon's market cap would nearly double to $10.1 billion
• Wall Street remains skeptical of mining economics due to inconsistent profitability and business decisions
• Q2 looking positive with Bitcoin up $25,000 since Q1, potentially adding $1.2B to Marathon's income statement through FASB accounting
• Live miner margins show Iren and Cipher leading with 75-77% gross margins
• Energy costs are just one component - compensation and G&A expenses often push miners into unprofitability
• Hive working to reduce power costs from 7.5¢ to 4.5¢ per kWh by leveraging Paraguay facilities
• Miners must prepare for the 2028 halving which will double energy costs per Bitcoin
Sign Up for Our Free Weekly Newsletter: https://www.powermininganalysis.com/newsletter

Chapters

1. Bitcoin Weekend Recovery (00:00:00)

2. Miner Stock Performance Analysis (00:06:07)

3. HODL Rankings and Treasuries (00:11:55)

4. MNAV Premium Explained (00:17:12)

5. Applying Strategy's MNAV to Miners (00:23:24)

6. Live Miner Margins and Profitability (00:28:41)

344 episodes

Exploring Miner MCAP, mNAV, HODL & Margins in Q2!

Power Mining Analysis

published about a year ago

MP3•Episode home

Chapters

1. Bitcoin Weekend Recovery (00:00:00)

2. Miner Stock Performance Analysis (00:06:07)

3. HODL Rankings and Treasuries (00:11:55)

4. MNAV Premium Explained (00:17:12)

5. Applying Strategy's MNAV to Miners (00:23:24)

6. Live Miner Margins and Profitability (00:28:41)

344 episodes

#Trading #Business #Anthony Power & Bryce McNallie #Anthony Power #Bryce McNallie

All episodes

17 weeks ago43:03

43:03

Power Mining Analysis

1
The Bitcoin Mining Rollercoaster: Navigating Market Volatility... 26:53

18 weeks ago26:53

26:53

The Bitcoin mining sector is experiencing a rollercoaster of emotions as prices fluctuate, creating a stark divide between investors who see opportunity in the downturn and those exiting their positions. Though Bitcoin trades around $84,750, mining stocks have significantly underperformed relative to their operational improvements, causing many to question whether we're still in a bull market. • Industry leaders like Mike Alfred emphasize not letting price action guide investment decisions • Top performers like IREN mine Bitcoin at approximately $40,000 while growing hash rate 400% in 2024 • CleanSpark has seen significant investor exodus despite strong fundamentals and a 10,000 Bitcoin treasury • Trump administration has implemented pro-crypto policies while simultaneously creating market volatility through other economic measures • Mining stocks regularly experience 10-30% daily movements despite minimal changes in fundamentals • Community engagement in Bitcoin mining content and discussions has dramatically decreased • Miner Madness competition shows all participants down at least 20%, highlighting the importance of managing downside risk • Short-term trading strategies differ significantly from long-term investment approaches in the mining sector Join us for Mining Disrupt next week in Fort Lauderdale, Florida, where we'll be speaking and connecting with industry leaders!…

Power Mining Analysis

1
Bitcoin Mining Fundamentals & Top Miner News (BITF, HIVE & SLNH) 19:25

18 weeks ago19:25

19:25

The mining landscape is experiencing significant challenges despite Bitcoin's post-halving price rise, with difficulty increases acting as a "second halving" for miners. We analyze key metrics showing why price alone doesn't tell the full story of mining economics. • Bitcoin price currently retreating to $81,500 despite analyst projections of $180,000-$250,000 by end of 2025 • Difficulty increases (25% over 16 weeks) creating a "second halving" effect for miners • Hash price down from $110 pre-halving to around $50 today, making profitability difficult for many operations • Global hash rate has increased 60% in 14 months (from 600 EH/s to over 810 EH/s) • Bitfarms selling 200MW Paraguay facility to Hive for $85M, refocusing on North America • Hive expanding to 300MW in Paraguay, targeting 25 EH/s by September 2025 • Soluna Holdings secured $5M non-dilutive debt financing from Galaxy Digital • HPC/AI diversification proving valuable as Bitcoin price remains below December highs Sign Up for Our Free Weekly Newsletter: https://www.powermininganalysis.com/newsletter…

Power Mining Analysis

1
Prophets and Short Sellers: Bulls, Bears and Miner News! 26:45

18 weeks ago26:45

26:45

Bitcoin miners are turning green as the price retakes $84,000, with a fascinating contrast between a remarkably accurate Bitcoin price prediction and a massive $332 million short position highlighting the bull vs bear divide. • Former hedge fund trader Josh Mandel accurately predicted Bitcoin would close exactly at $84,000 on March 14th • Someone opened an $8.3 million position shorting Bitcoin with 40x leverage, creating a $332 million short • Both the United States and China now hold approximately 200,000 Bitcoin each as strategic reserves • Bitfarms completed its Stronghold acquisition, increasing its energy portfolio to 623 megawatts • Bitdeer Sealminer released impressive A2 Pro specs with efficiency of 14.9 joules per terahash • HIVE appointed Gabriel Lamas as Paraguay country president to lead their 300MW expansion • IREN secured a 600MW grid connection agreement for Sweetwater 2, advancing its 2GW data center Check out the Minor Madness competition for just two more weeks and get your picks ready for the third iteration coming in Q2!…

Power Mining Analysis

1
Bitcoin Mining: Down but Not Out & February Production Analysis! 45:34

18 weeks ago45:34

45:34

Bitcoin mining companies are navigating challenging market conditions but showing resilience through operational improvements and strategic diversification. The sector faces headwinds from increased global hash rate and post-halving economics, yet miners continue to adapt with technological upgrades and expansion into high-performance computing. • Bit Digital transforming from pure Bitcoin miner to hybrid model with HPC/AI now competing with mining revenue • Global hash rate approaching 900 exahash, up from 500 exahash a year ago • Difficulty increases functioning as "another halving" for miners, compressing profit margins • Fleet efficiency becoming critical factor separating successful miners from struggling ones • Marathon holds 46,374 Bitcoin, second only to MicroStrategy among public companies • FASB accounting rules creating earnings volatility for Bitcoin-holding miners • Competition intensifying with minimal separation between top producers • CleanSpark closing in on Marathon's leadership position in monthly Bitcoin production • White House officials suggesting "no limits" on potential strategic Bitcoin reserve • Many miners exploring HPC/AI services as alternative revenue streams Take a second to smash the like button and subscribe to McNally Money. Let us know in the comments whether you think miners are out of the race or if there's more upside ahead.…

Power Mining Analysis

1
Bitcoin Mining's Social Media Showdown: The CleanSpark Fall Out... 29:59

18 weeks ago29:59

29:59

The controversy surrounding Bitcoin mining Twitter erupts when a viral tweet comparing CleanSpark's performance to other miners sparks debate about data representation and corporate ethics in the sector. Power Mining Analysis steps in to provide a balanced view by showing multiple timeframes, revealing significantly different performance pictures depending on the selected time period. • Power Mining Analysis platform's commitment to unbiased, educational content for Bitcoin mining investors • Rex Finance's viral tweet highlighting CleanSpark's year-to-date performance compared to other miners • Anthony's expanded data response showing short, medium, and long-term performance metrics • CleanSpark Executive Chairman Matt Schultz's confrontational response implying bias due to lack of sponsorship • Examination of CleanSpark executives' $40 million share sales near 52-week highs • Timing questions regarding the $800 million ATM offering announcement immediately following executive stock sales • Discussion of CleanSpark's controversial $11 million private jet purchase • Importance of considering multiple data points and timeframes when evaluating mining companies • Warnings about single-sponsor bias among crypto influencers and lack of proper disclosure Remember to always examine multiple metrics and timeframes when evaluating mining investments, and be wary of influencer bias, especially when content creators consistently promote a single company without proper disclosure.…

Power Mining Analysis

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Will History Repeat in Bitcoin? 40:35

19 weeks ago40:35

40:35

We explore the current state of the Bitcoin market and mining sector, examining whether we're witnessing the end of the bull cycle or just a mid-cycle correction before further upward movement. • Bitcoin's historical performance shows consistent outperformance across 1, 3, 5, and 10-year timeframes • Corporate Bitcoin adoption has reached unprecedented levels, with 70 major companies holding and increasing their Bitcoin treasuries • 21 countries now considering Bitcoin as a strategic reserve, a concept not even discussed a year ago • Technical analysis suggests similarities between current market conditions and those before the October-November 2023 rally • Bitdeer's technological advancements in ASIC efficiency could dramatically reduce mining costs, with their Seal Miner A3 achieving 9.7 J/TH • Minor volatility should be viewed in context – the S&P 500 is essentially flat over the last six months despite mainstream market panic • Griffin Mining resolved its dispute with Sphere 3D and received NASDAQ notification regarding minimum bid price requirements • Miner Madness competition demonstrates extreme mining stock volatility with complete reversals in the analyst leaderboard in just weeks Let us know in the comments which camp you're in – do you think the cycle peak is behind us, or are we partway through the bull cycle with more upside ahead?…

Power Mining Analysis

1
The CoreWeave-OpenAI Partnership: A $12 Billion Game-Changer for Bitcoin Miners! 23:41

19 weeks ago23:41

23:41

We explore Bitcoin's dramatic price recovery above $83,000 and the resulting rally in mining stocks, highlighting how volatility creates opportunities for prepared investors in this dynamic sector. • Bitcoin bounced strongly off the 200-day moving average, recovering from a 40% pullback since December • CoreWeave secured a massive $12 billion deal with OpenAI, bringing confidence back to Core Scientific's stock • The deal represents part of OpenAI's $100 billion investment commitment to AI infrastructure • Bitcoin mining stocks aren't operating in isolation but follow broader market trends seen in NASDAQ/QQQ indices • Saluna Holdings maintained steady Bitcoin production in February despite fewer days in the month • Saluna continues executing its strategy of partnering with stranded renewable energy sources • Access to power infrastructure is increasingly valuable for both Bitcoin mining and AI applications Let us know in the comments if you've given up on Bitcoin mining stocks or if you're continuing to buy, and share your strategy for the remainder of 2025. Don't forget to check out your current position in the Miner Madness competition!…

Power Mining Analysis

21 weeks ago1:00:07