Power Analysis

Anthony Power & Bryce McNallie

Power Analysis is the premier destination for investors tracking the Bitcoin mining and AI infrastructure space.

Hosted by Anthony Power (@cazenove_uk) — one of the most respected voices in Bitcoin mining stock analysis — alongside Bryce McNallie (@McnallieM), Power Analysis delivers in-depth company interviews, earnings breakdowns, sector news, and market commentary — direct from the executives building the next generation of digital infrastructure.

Whether you're actively trading mining stocks, researching AI infrastructure plays, or just getting started — Power Analysis gives you the edge with timely, accurate coverage across the companies that matter most.

New episodes dropping regularly. Subscribe and never miss a move.

🐦 Follow Anthony on X: x.com/cazenove_uk

🐦 Follow Bryce on X: x.com/McnallieM

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For information and entertainment purposes only. Not financial advice.

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32 episodes
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S1 · E640
August 6 · 41 min
TeraWulf - CFO Patrick Fleury Q&A - Q2 Earnings, Anthropic & Outlook!
We walk through TeraWulf’s Q2 progress with CFO Patrick Fleury, focusing on Lake Mariner execution, lease economics, and why liquidity is a competitive weapon in AI data center buildouts. We also dig into power as the true bottleneck, how utility partnerships work, and what needs to happen for growth to scale without breaking timelines or returns. • CB3 coming online and beginning to earn rent revenue • Commissioning progress for CB4 and CB5 with a phased data hall ramp • Fluidstack amendments and rentalized costs that lift starting rent • Design changes that increase critical megawatts and boost lease term revenue • Liquidity strategy and why holding large cash balances enables flexibility • Letters of credit as a tool to protect ratepayers and shift execution risk • Capital allocation priorities across equity contributions, LCs, and new sites • Why annual growth targets stay disciplined despite massive demand • Supply chain, capital markets, and electrician labor as binding constraints • Power first strategy and preference for front of the meter grid connection • Industry outlook on leasing, future M&A, and potential REIT style evolution • Insider buying rationale and how management frames contracted value • Financing risk management with multiple contingency paths for debt Let us know your thoughts and feel free to subscribe! Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - powermininganalysis@gmail.com
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S1 · E639
August 5 · 12 min
Hut 8 - CEO Asher Genoot - Q2 Earnings, AI Demand & Deals!
We sit down with HUT 8 CEO Asher Genoot right after Q2 earnings to unpack the new data center leases, the financing behind them, and why repeatability matters more than hype. We also dig into Texas scrutiny and local pushback, plus how we think about long-term trust with tenants when AI demand is ripping higher. • Q2 earnings highlights including three leases and contracted capacity scale • Project-level financing approach and why non-recourse structure matters • Texas moratorium concerns including grid reliability, water use, and community protections • Correcting misinformation in local communities and building trust through process • Why the lease structure stays consistent across multiple tenants • Macro demand for AI capacity and why we avoid getting greedy on pricing • Co-location versus CSP considerations and what we watch next • Highrise.ai, chip needs versus wants, and why compute and infrastructure are separate bets • Our view of HUT 8 as a platform connecting power to technology Let us know in the comment section below what your thoughts are on HUT 8 and if you’re currently holding shares! Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - powermininganalysis@gmail.com
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S1 · E638
August 5 · 40 min
WULF & GLXY Earnings, RIOT Delays, IREN CEO Comments & CLSK Production!
We map the market mood from Bitcoin’s recent trough to S&P volatility, then pressure-test the “miners to AI data centers” thesis using fresh earnings and operating updates. We break down what’s real cash performance versus accounting noise, and why power delivery and contracted HPC revenue are becoming the new north star. • Bitcoin price action and cycle patience framing • S&P all-time-high headline then intraday reversal as a volatility reminder • AMD data center growth as a demand signal for HPC and AI compute • Miner stock heat map and why short-term moves can mislead • Riot earnings delay and what timing could imply without over-speculating • WhiteFiber pre-market earnings date and what to watch with NScale • CEO social posts and how leaders talk about drawdowns without pumping • CleanSpark July production metrics including hashrate, efficiency, BTC sold, and HODL value • Galaxy earnings focus on Helios and accelerating data center segment performance • TeraWulf earnings breakdown including HPC revenue, warrant fair-value impact, and megawatt expansion plans • Community and permitting realities for data center development plus on-site generation and battery storage trends Let us know in the comment section below what you thought of today's results and if you're holding any of these companies! Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - powermininganalysis@gmail.com
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S1 · E637
August 4 · 1 hr 3 min
HUT & CIFR Earnings, Huge BTDR Deal , Top IREN, MARA, WYFI, GLXY & WULF News!
We walk through a packed earnings week where Bitcoin price stability masks major shifts in AI data center deals, grid constraints, and how miners are trying to turn power into predictable cash flow. We break down what Cipher and Hut 8 report, why Texas pausing new data center approvals matters, and how new contracts from names like Bitdeer and IREN reshape valuation. • Bitcoin price range and why we stay long-term focused • Clarity Act odds and why regulatory framework matters • Texas ERCOT pause on new data center approvals and the queue problem • What the pause could mean for existing powered sites • Bring your own power and behind-the-meter generation as a strategy • Bitdeer’s Norway tidal facility lease, PUE, revenue per megawatt, and margin discussion • Cipher earnings, one-offs, adjusted EBITDA, and the HPC rent timeline • Cipher pipeline expansion including Apollo and other site progress updates • Hut 8 earnings, bitcoin treasury mark-to-market impact, and adjusted EBITDA • Hut 8 project financing, contracted AI capacity, and delivery timelines • Cantor and Rosenblatt price targets and how analysts frame 2028 style multiples • ARR per megawatt chart takeaways and why deal structure still matters • Planned gigawatt portfolios and why diversification beyond Texas can help • Leadership and board changes at WhiteFiber and MARA • Terawulf RSUs, tax mechanics, and what insider holding can signal • IREN closing the Marantis acquisition and building a full-stack AI platform Take a second, smash a like button, guys. If you're not already subscribed, McNallie Money, feel free to join. And let us know in the comment section below what you made of today's headlines and your top pick in the space currently! Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - powermininganalysis@gmail.com
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S1 · E636
August 3 · 43 min
Power & The New AI Trade: CLSK, HUT, WULF, ABTC, APLD, BTDR & IREN News!
Bitcoin steadies near the mid $60Ks while AI infrastructure demand accelerates, pushing power, build timelines, and cloud backlog to the center of the trade. We connect custody headlines, miner stock volatility, and earnings-season catalysts to one big idea: the bottleneck is deliverable compute powered by real megawatts. • Bitcoin price range context and why we zoom out • Coldcard breach and the renewed custody debate • Michael Saylor’s reserve moves and interest coverage framing • Cloud backlog as the clearest capex demand signal • Why AI needs power and why GPUs still need places to go • Miner stocks rebounding and decoupling from daily Bitcoin moves • Rising build costs per megawatt and talent premiums • Earnings week watchlist across major AI infrastructure names • Bitdeer auditor change as a maturity and scale signal • Wall Street price target updates and what they imply • ABTC earnings positives, FASB fair value impact, and key metrics • Matt Prusek’s departure and ABTC interim CFO update • Iren’s Sweetwater construction progress and open investor questions Let us know in the comment section below how you’re feeling about the sector as a whole and your top pick in the space currently! Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - powermininganalysis@gmail.com
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S1 · E635
July 31 · 38 min
AI Power Plays: BTDR, GLXY, WULF & AMZN!
We track a wild week across Bitcoin, AI infrastructure stocks, and the HPC data center buildout, then connect the dots between volatility, forced selling, and what actually drives revenue per megawatt. We also break down Amazon’s AI-fueled AWS growth, key 13G institutional filings, and why BitDeer may be one of the most overlooked AI power plays. • Bitcoin price action and weakening momentum after base building • Situational Awareness unwind and what 4x leverage does in volatile small caps • Citadel’s role in the block trade and why timing matters • Daily performance check across mining and HPC names plus contract highlights • Wi-Fi and NScale momentum plus IPO chatter and partner upside • TeraWulf 13G details and what institutional ownership signals • Morgan Stanley’s view of undervalued capacity and the EV-to-watt lens • Bitdeer deep dive: vertical integration, SEALMINER economics, and HPC ramp • AI infrastructure constraints: grid timelines, labour shortages, rising build costs • Amazon earnings takeaways: AWS AI growth, capex, and customer deployment teams Let us know in the comment section below your top pick currently in the space? Make sure you pop over to the website poweranalysis.io you can sign up free to do so and we've also updated all the valuation analysis tables for each one of the companies we cover! Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - powermininganalysis@gmail.com
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S1 · E634
July 30 · 46 min
AI Infrastructure Whiplash: MSFT, META, IREN & SLNH!
We watch a historic one day reversal rip through AI infrastructure stocks and explain why the fundamentals still point to runaway compute demand and a power bottleneck. We also break down Microsoft and Meta earnings, connect the dots to Iron and other power-first operators, and share how we trade volatility with patience and math. • Bitcoin rally context and why regulatory clarity matters • Record green day across many AI infrastructure names while weekly and monthly heat maps stay red • Why leverage and margin can break accounts during fast market swings • Upcoming earnings and interview pipeline plus how to submit questions • NScale acquisition as a vertical integration signal for AI cloud platforms • BlackRock 13G filings and what institutional positioning implies • Microsoft earnings strength, cloud growth, faster GPU deployment, premium pricing signals • Data center depreciation moving from 15 to 25 years and why that impacts margins • Meta revenue growth alongside margin pressure from massive AI CapEx • “GPU demand stays tight” commentary and why reselling compute is a real option • IREN Childress buildout progress, mining capacity coming offline, and true cost per megawatt • Our dip buys, options trades, profit taking framework, and keeping cash for value Let us know in the comment section below if you took advantage of yesterday's dip and how you're feeling about the account today! Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - powermininganalysis@gmail.com
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S1 · E633
July 29 · 45 min
Fed Hold Sparks AI Stock Panic: IREN, KEEL, HUT, DMGI & CORZ!
We react to the Fed holding rates and unpack why Bitcoin volatility and future rate expectations still trigger a brutal sell-off across AI infrastructure and miner-adjacent stocks. We then dig into what actually matters next: inflation drivers, staffing up with real HPC talent, contract economics, valuation methods, and what earnings could look like with FASB and big Bitcoin treasuries. • Fed decision context and why markets sell off anyway • Bitcoin volatility and how it feeds into equity fear • Inflation pressure from data center build bottlenecks and energy costs • Why power remains the core bottleneck for HPC demand • Core Scientific board appointment and what it signals about scaling • Hut 8 contract economics through NOI multiples and implied valuation ranges • How Bitcoin HODL positions can swing earnings under FASB • Keel timeline clues from job postings and the pace of deal-making • IREN investor relations hire and the broader talent land-grab • What makes an HPC deal attractive: revenue per MW, cost pass-through, WACC • Institutional interest and how we think about DMG-style upside scenarios Let us know in the comment section below what you thought of today's headlines and your top pick in the sector currently! Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - powermininganalysis@gmail.com
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S1 · E632
July 28 · 50 min
Core Scientific’s & AMD Deal Decoded, APLD Earnings, GLXY & HIVE News!
We break down why AI colocation revenue is starting to matter more than pure Bitcoin mining for public miners, even while the whole sector trades deep red. We dig into Applied Digital’s earnings surprise, Core Scientific’s earnings details, and the new AMD deal that pushes contracted capacity into gigawatt territory. • Bitcoin price weakness versus miner stock drawdowns • Clarity Act timing and why market structure matters • Heat map view of miners and where value is showing up • Upcoming earnings calendar and what questions to ask management teams • Hive price target upgrade and why Paraguay matters • Applied Digital’s HPC AI revenue ramp and why energisation timing drives quarterly results • Core Scientific revenue mix, adjusted EBITDA, and how noncash warrant charges distort net income • Core Scientific buildout progress and how billing scales with megawatts • AMD 530MW partnership details and what 1.1GW contracted capacity means • Data center cost breakdown per megawatt and the labour plus equipment bottlenecks • Galaxy’s second Texas data center site and the multi-campus strategy trend Let us know in the comment section below what you thought of today's announcement from Core Scientific and your top pick in the space currently! Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - powermininganalysis@gmail.com
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S1 · E631
July 27 · 1 hr 2 min
Data Center Demand Surges As AI Infrastructure Players Race To Deliver!
We track how the AI infrastructure trade shifts from headlines to execution, where megawatts, grid regions, and build timelines decide who gets paid. We also debate co-location vs bare metal, using real company updates to show how contracts, financing, and delivery convert into durable revenue. • Bitcoin price action and why we zoom out on volatility • Strategy preferred shares buyback, yields, and how the capital levers work • Sector heat map pullback across AI infrastructure and mining names • Data center demand growth toward 2035 and why PJM deserves more attention • ERCOT capacity, gigawatt sites, and why “ready and waiting” power matters • Keel’s deal expectations, rerate logic, and what to watch into earnings • WhiteFiber NC1 delivery, retrofit speed to market, and contract economics per megawatt • Core Scientific and CoreWeave buildout progress, revenue ramp math, and why who funds capex changes margins • AI bubble question, plus the trade-off between co-location safety and GPU ownership upside • IREN’s three-layer stack framing: infrastructure, compute, software and services • Soluna’s transparency, renewable power pipeline, and the market signal from notable buyers Let us know in the comment section below which of these companies is your favorite in the space or your top pick currently in the sector! Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - powermininganalysis@gmail.com
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S1 · E630
July 24 · 40 min
Wall Street Price Targets For AI Power Plays: CIFR, RIOT, HUT & AMD!
We walk through the clearest AI demand signals of the week and connect them to updated Wall Street price targets across chips, hyperscalers, and AI infrastructure players. We also pressure-test the business models behind the headlines by digging into cost of capital, co-location versus CSP risk, and what upcoming earnings could reveal. • Bitcoin volatility and what it means for digital asset treasury companies • Leadership change at 21 and the challenges DATs face without durable revenue models • Google Cloud growth, operating margin expansion, and hyperscaler CapEx as a demand signal • Intel’s AI-driven turnaround narrative and what it implies for compute demand • GPU versus CPU dynamics as training shifts toward inference and agentic AI • AMD price target increase and how Wall Street is modelling future AI revenue • Mining and AI infrastructure stock pullbacks, market caps, and the week’s heat map • DMG and Riot developments, including power expansion logic and option value at Rockdale • Galaxy’s Helios financing, interest rate context, and what drives different borrowing costs • Why co-location often looks more predictable than CSP today • Earnings calendar and what we want to learn from management teams Let us know in the comment section below how you're feeling about the sector and your top pick in the space! Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - powermininganalysis@gmail.com
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S1 · E629
July 22 · 30 min
KEEL Site Update, IREN Price Target, GLXY, WULF & CIFR News!
We zoom out on Bitcoin to read the longer cycle, then zoom in on what is actually moving crypto and miner stocks right now: policy clarity, signed AI compute contracts, and execution risk. We also run through major company headlines and the coming earnings calendar so you can track catalysts without getting whipsawed by day to day noise. • Bitcoin’s multi year chart and why base building can take time • Senate attention on crypto conflicts and what the Clarity Act could change • Miner performance, green days, and why market caps have compressed • How contracts, delivered capacity, and credibility drive valuation versus “power on paper” • OpenAI’s massive capex ambition and why talent migration matters in AI infrastructure • Earnings season watchlist for Cipher, TeraWulf, and Galaxy • Galaxy’s 8-K and the plan to finance a Texas AI data centre campus • Hut 8 analyst targets and what expanded coverage signals for HPC pivots • IREN’s updated revenue outlook, price target upside, and the Horizon commissioning timeline • Keel’s Scrubgrass ordinance, local scrutiny, and long dated 2028 to 2029 build path • Jim Cramer’s Keel comments and why we still rely on our own research Let us know in the comment section below what you think of today's headlines and your top pick in the space currently! Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - powermininganalysis@gmail.com
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Showing 21–32 of 32 episodes