How does HPC demand differ from LLM development?

Q2 and Q3 were explosive for bitcoin miners pivoting to AI. H.C. Wainwright’s Kevin Dede joins us to give his takes on the latest AI deals from IREN, CIFR, WULF, and more. 

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Welcome back to The Mining Pod! Today, Kevin Dede, Managing Director at H.C. Wainwright, joins us to give a pulse check on the bitcoin miners pivoting to AI. We cover the latest deals from IREN, Cipher, Terawulf, and others, and pick apart whether the neocloud or powershell business model is the best fit for bitcoin miners. Plus, what the CoreWeave-Core Scientific deal’s failure means for the AI-miner market as a whole, why bitcoin mining won’t die easily in the U.S., and why Dede thinks the AI-miners are just getting geared up.

Notes: 

• AI runway better than mining for miners

• IREN Microsoft deal is a win for powershell model thesis

• AI business lines give miners better access to capital

• Miners with exposure but no deals on the table could offer interesting opportunities

• Mining in the U.S. not done yet

Timestamps:

00:00 Start

02:34 Intro

03:33 Mining stock overview

04:13 AI

06:03 HPC

08:52 IREN

13:05 Infrastructure & Neo-Cloud

19:18 Miners w/ AI are ripping

20:16 Financing options

22:25 CORZ & Core Scientific

29:02 How many winners can there be?

31:18 JV deals

33:38 Bullish or bearish majors

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