Bitcoin mining is a mediocre business Renting GPUs is better, but over time it is largely a commodity Access to power and shovel ready data center projects are worth their weight in gold, for now Long term, locked in power supply deals from stable and low cost sources appear to be the real arbitrage, but few Bitcoin miners/AI-cloud companies have that advantage Speculators who are slapping a $1.5 mm per MW recurring profit stream forecast on their favorite AI-cloud company, who’s buying power from a wholesale grid or intermittent renewable supplier, are likely going to be sorely disappointed Parabolas rarely grow to the sky