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Latest Report
From Hashrate to Rent
Bitcoin mining has been a hard way to make money from bitcoin. This year the listed miners began signing decade-long leases with AI labs and hyperscalers. Our October thesis gives a Graham-and-Dodd reading of whether the business has changed, or only the story.
Delivered by email. For informational and educational purposes only; not an offer or solicitation. All investments involve risk, including possible loss of principal. Past performance is not indicative of future results.
Prior Research
- September 2026 The Rules Arrive
- August 2026 When the AI Money Moves
- July 2026 Fear Valuation Framework
Delivered by email on request. For informational and educational purposes only; not an offer or solicitation. All investments involve risk, including possible loss of principal. Past performance is not indicative of future results.