Cipher’s Amazon Deal, IREN’s Microsoft Deal, Q3 Earnings Recap, and is China Winning the AI Race?

9 snips

Nov 7, 2025

Colin and Matt dive into major hyperscaler deals, highlighting Cipher Mining's impressive $5.5B partnership with AWS and IREN's $9.7B agreement with Microsoft. They explore Q3 earnings for public miners and a notable lawsuit involving OpenAI. The discussion also touches on the implications of these deals for AI's future in the industry. Finally, they ponder whether China is pulling ahead in the AI race, backed by remarks from Nvidia’s CEO and geopolitical dynamics that favor China's tech growth.

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INSIGHT

Crunching Mining Economics

Hash price has crashed to about $40 per PH/s/day while hash rate continues rising and fees remain low.
Bitcoin's price retraced from $126K to near $101K, pressuring mining economics and margins.

INSIGHT

Cipher Lands Massive AWS Deal

Cipher signed a $5.5B, 15-year AWS lease for roughly 300MW at Bear Lake, starting July 2026.
Cipher also announced a 1GW data center JV and will finance most of the project while retaining ~95% ownership.

INSIGHT

Iron's Microsoft Commitment Validates Model

IREN signed a $9.7B, five-year Microsoft agreement for 200MW at Childress, Texas, plus a $5.8B Dell procurement tie-in.
The deal validates the power-and-infrastructure business model miners are offering hyperscalers.

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