JP Morgan analyst Reggie Smith rejoins Colin and Will to discuss Bitcoin mining economics, valuation metrics, and the emerging intersection with AI computing. We go through how a big bank like JP Morgan values miners, including possible costs and revenues, before focusing on AI/HPC and mining. Lastly, we finish on mining costs, dilution and relative valuations of the mining industry.
Timestamps:
00:00 Start
01:53 Fintech team at JPMorgan
02:42 Valuing mining companies
03:38 Analyst goals
06:11 Miner report
07:51 Economic models
12:40 Calculating operational costs
18:38 AI and costs
21:52 How liquid is the AI compute market?
25:36 Good metrics for miner valuation?
28:42 Payroll costs
32:29 Equity dilution
39:17 AI strategies
46:40 The power of existing PPAs
51:22 Highest & lowest gains
54:18 Are miners overvalued?
58:12 M&A activity
1:01:40 Price & hashrate predictions
Published twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday!
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