Company
Miner reported selling bitcoin to fund AI data centers, with a $267.5 million net loss and mining revenue down 29 percent quarter on quarter.
The EIA projects US electricity demand will set records in both 2026 and 2027, reaching 4,356 billion kWh. National growth is under 4% over the two years, so the power constraint on AI building shows up locally, in regional prices and in what a connected megawatt sells for.
Reality
CME plans to list two Nvidia GPU compute futures on October 5, pending regulatory approval, with prices running 36 months forward. Bitcoin miners that moved into AI hosting can hedge with them only if what they are paid moves with a GPU rental index.
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The five-year deal reported by Bloomberg takes Jane Street's rented GPU commitments to about $19 billion across two vendors, at a firm that already runs its own GPUs in Texas and owns equity in one landlord.
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CoinShares marks stabilised data centre capacity at $27m a megawatt and energised mining capacity at $3m, and the conversion cost in between explains why Core Scientific, Keel, Cipher and IREN are walking away from hashrate.
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With CoinShares putting the second-quarter cash cost of a bitcoin at about $75,500 against a $58,400 price, public miners are switching off rigs they own and paying cash to cancel the ones they ordered.
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Revenue per petahash rose almost exactly in step with the coin in August, so the miners' equity gap says more about how they are funding AI build-outs than about the margin on a mined bitcoin. Luxor's forward curve offers no relief before February.
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Peter Schiff says AI bids against Bitcoin for capital, power and space. The contract arithmetic suggests that at the level of the individual site, the argument is already over.
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Abbott's August 3 order tells PUCT and ERCOT to audit every data center interconnection request. Cipher endorsed it on August 10 and the shares closed 7.37% higher.
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