Why are mining stocks re-rating with the AI/HPC narrative?

Fan favorite Pennyether joins the show to discuss the bitcoin mining stocks, the future growth of Bitcoin’s hashrate, and more.

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Welcome back to The Mining Pod! Today, independent stock analyst Pennyether joins us to talk about Bitcoin hashrate crossing 1 zettahash, the economics of ASIC manufacturing, and how Bitdeer could challenge Bitmain's dominance. We explore why miners spend 35-40% of revenue on ASICs, the HPC narrative driving mining stocks up, and why hashrate will continue growing exponentially despite megawatt concerns.

**Notes:**

• Bitcoin hashrate officially crossed 1 zettahash

• ASIC manufacturers capture 35-40% of mining revenue

• $19B+ annual Bitcoin mining revenue potential

• Bitfarms stock rose 138% in one week

• Bitdeer using TSMC for competitive advantage

• HPC deals 2-5x more profitable than mining

Timestamps

00:00 Start

05:38 Who is Penny?

08:39 Testing ideas & mining data

14:31 ASIC manufacturing market

24:10 Hashrate

28:28 HPC & AI

31:14 Valuation with & without deals

36:24 ASICs & Bitdeer

40:34 ASIC margins

45:21 Cannan

49:19 Vertical integration

52:42 When mining stocks polymarket?

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