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Manage episode 520120046 series 3570269
Content provided by Anthony Power & Bryce McNallie, Anthony Power, and Bryce McNallie. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Anthony Power & Bryce McNallie, Anthony Power, and Bryce McNallie or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://staging.podcastplayer.com/legal.
We break down IREN’s leap from top-tier bitcoin mining margins to a $10B Microsoft GPU-as-a-service contract, and how prepayments, Dell terms, and disciplined financing de-risk the build. The conversation spans GPU paybacks, ERCOT policy shifts, BC growth, and the balance between mining and AI.
• Q1 operating highlights and mid‑60s gross margins
• Details of the $10B Microsoft agreement and diligence
• Prepayments, Dell payment terms, and lease financing
• Two‑year GPU paybacks and mid‑30s equity IRRs
• GPU lifespan versus 20‑year data center life
• Repairs, warranties, and Dell‑backed liquid cooling
• Expansion at Childress, Horizons 1–4, and Sweetwater
• Security design for multi‑tenant hyperscaler sites
• Mining cash flow versus staged AI displacement
• Fleet efficiency, upgrade posture, and strategy
• ERCOT SB6 queue cleanup and grid approvals
• Global site criteria: renewables, OECD, colder climates
• BC update: pre‑contracted GPUs and rapid conversions
• Funding mix: converts, corporate debt, ATM optionality
• Local hiring, training, and community investment
Hit the like button. Feel free to subscribe. If you have any additional questions for the team at IREN, let us know in the comment section below
Anthonys Info:
Website:
https://www.powermininganalysis.com
X:
https://twitter.com/cazenove_uk
Patreon:
https://www.patreon.com/Cazenove_UK
Bryce's Info:
X:
Patreon:
https://www.patreon.com/McNallieMoney
Merch:
https://shop.mcnalliemoney.com/
Website:
Business Inquiries:
Email - [email protected]
Chapters
1. Welcome And Q1 Highlights (00:00:00)
2. Margins, Mining Output, And Earnings (00:01:16)
3. GPU Leasing And Payback Math (00:04:45)
4. Inside The $10B Microsoft Agreement (00:06:52)
5. Prepayments, Dell Terms, And Financing Mix (00:09:35)
6. No Warrants, No Options, Shareholder Upside (00:12:10)
7. GPU Lifespan Versus Data Center Life (00:14:42)
8. Repairs, Warranties, And Dell Support (00:18:24)
9. Expansion Path: Horizons And Sweetwater (00:22:03)
10. Site Security And Multi-Tenant Strategy (00:25:03)
11. Balancing Bitcoin Load And AI Capacity (00:27:15)
12. Mining Fleet Efficiency And Strategy (00:30:29)
13. ERCOT, SB6, And Queue Cleanup (00:33:10)
14. Global Site Development And Criteria (00:36:55)
15. BC Progress And Pre-Contracted GPUs (00:40:10)
16. Funding Levers: Converts, Debt, And ATM (00:44:10)
17. Local Hiring, Training, And Community Impact (00:47:12)
18. Closing Thanks And Subscriber CTA (00:51:40)
452 episodes
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