We break down a brutal week in markets by zooming out on Bitcoin’s cycle and asking what “near the bottom” really looks like when miners are under real margin pressure. We also dig into why AI infrastructure and HPC conversion is becoming the survival plan, from financing moves to execution signals that hint at the next wave of deals.

• zooming out on Bitcoin’s five-year cycle and where $60K sits versus the last peak
• using hash price and the hash rate index to gauge miner profitability after the halving
• why true mining costs go beyond energy to include fleet, payroll, and overhead
• the shift from pure-play mining toward HPC and AI data center conversion across major miners
• leverage liquidation cascades hitting Bitcoin treasury preferreds and pushing them off par
• how dividend resets and cash coverage fears change the risk profile for preferred structures
• Russell reconstitution effects and why flows can flip AI infra names intraday
• why shareholder votes matter, with Core Scientific as the example
• Hive’s $115M 0% exchangeable notes, cap call structure, and what the funding targets
• a simple valuation framework for GPU colocation deals using $/MW, margins, capex, and multiples
• Bitdeer’s AI platform recognition and why vertical integration matters in mining and AI

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