Bitcoin Mining Economics
summary
Panel contrasts Bitcoin mining vs AI/HPC economics with hard numbers: typical Bitcoin site costs ~$0.5M per MW (all‑in ~$1M/MW), HPC conversions run $10–12M/MW and H100 fills ~$25M/MW, whole Blackwell stacks ~$50M/MW; payback for miners 12–80 months, infrastructure ~2–2.5 years. Operators cite 200–800MW sites, 2.3GW optionality, 270MW GPU racks live and hundreds more queued, and 1.6GW of owned substations. Modeling assumes hash‑price volatility (plan 7¢→1.2¢; turn off at ~2.5¢) and rising role for transaction fees and power flexibility in revenue.
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chapters (9)
- 0:00Introductions and Company Updates
- 4:40Bitcoin Mining and AI Talent
- 9:23The Difference in Skill Sets in AI and Bitcoin Mining
- 13:46Conservative Scenario Modeling
- 17:56Diversifying Energy Sources for Bitcoin Mining
- 22:12The Importance of Capital and Return on Investment
- 26:44Planning for Transaction Fee Volatility
- 30:53Making Decisions on Capital Allocation in Mining
- 35:06Power Capacity Shortage
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