Bitcoin's correlation with the miners has collapsed to an all-time low (chart below). Intuitive given the AI pivot but arguably has gone too far. I think there's a case it reverses in a BTC bull market --> One major reason the miners have fallen so much is that every lease they sign requires a bond issuance and some equity contribution. Given negative earnings with BTC at $60k and the rising 10-year, the market has been pricing in dilution. That could be very wrong in a Bitcoin bull. Assume 80/20 debt to equity, roughly where these projects were originally guided: A critical megawatt costs about $11M. That puts the equity check on the visible unfunded pipeline at $774M for HUT's Beacon Point Phase 2 (352 MW), $385M for CLSK's Sandersville (175 MW), $475M for RIOT's Rockdale AI lab plus t
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