CoinDesk Podcast Network THE MINING POD: Mike Alfred on IREN, Fintwit, and the Digital Infrastructure Thesis
Sep 16, 2025
Mike Alfred, the founder of Alpine Fox LP and non-executive director at IREN, dives into the intricacies of Bitcoin mining and investment strategies. He discusses the unique philosophy behind Alpine Fox, emphasizing a permanent capital mindset. Mike shares insights into AI-GPU arbitrage and the significance of owning physical infrastructure in the crypto landscape. He also candidly critiques Binance's practices, underlining the need for ethical investment principles, while highlighting the role of social media in shaping investment narratives.
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Bootstrapping A Permanent-Capital Fund
- Mike Alfred started Alpine Fox in late 2022 with one external LP and mostly his own capital.
- He resists fundraising to maintain a permanent-capital, long-term investment mindset.
People Over Past Data
- Alfred emphasizes being tactile: meet management and vet teams to gain an edge.
- He argues people-focused diligence beats purely backward-looking data analysis.
Execution Drives Re-Rating
- Iron executed on promises on time and under budget, which Alfred views as rare and valuable.
- He says execution credibility can produce large re-ratings when the market finally believes it.