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

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