Soluna Holdings, Inc. Common Stock H.C. Wainwright 28th Annual Global Investment Conference
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All right, who is ready to step up the voltage for this one? No? Biotech guys didn't get that. Yeah. Just had a double espresso, and I am running at at least a gigawatt right now, so I think it is a good time to begin. Good afternoon, everyone. I am Mike Colonnese. I head up H.C. Wainwright's crypto and digital infrastructure research franchise, and I am extremely excited and grateful to be joined by such an esteemed group of panelists to discuss one of the most prominent investment themes of our time, AI infrastructure. Simply put, the companies on this stage have sourced and secured the scarcest asset in the AI value chain today, access to scalable power. Some interesting data points to share with you to set the stage before we begin today.
First, as many of you know, the hyperscalers are expected to spend over $1 trillion on AI next year alone. Second, Bitcoin miners have secured over $160 billion of AI colocation deals to date, and the companies on this stage alone have line of sight to over 14 gigawatts of total power capacity. With that context set, I would now like to pass it over to the panelists, for brief introductions. Matt, why don't we start with you and work our way down?
Thanks, Mike. Good afternoon, everybody. Thanks for being here. My name is Matt Schultz. I am the Chairman and CEO at CleanSpark.
Fred Thiel, Chairman and CEO at Marathon Digital Holdings.
John Belizaire, CEO of Soluna Holdings.
Josh Kilgore, Executive Chairman for Big Digital Energy.
Michael Potter, I am the CFO of Bitdeer.
Russell Cann, I am the co-founder and Chief Development Officer at Core Scientific.
Thank you for that, gentlemen. I have had the great fortune to get to know a lot of the gentlemen on the stage today as one of the first publishing analysts on both crypto and digital infrastructure. What I have concluded over the years is that Russell is the best dancer on this stage. All right. Anyway. What? Wait a second.
You have not seen me yet.
Oh, sorry, John. Maybe after tonight, we will change that. All right. Well, Fred, listen, it would be great if you can kick us off to discuss Bitcoin miners' evolution and transformation into AI data center developers and really the broader market opportunity for the sector here.
Sure. As you think about Bitcoin mining, the focus was acquire power you could turn on, as low cost as possible, bring in compute to run to solve Bitcoin algorithm, and then generate as much Bitcoin as you could at as low as cost as possible. So we were constantly being driven by how do you get the latest infrastructure at the lowest cost, optimize your power, and make sure that you are not spending too much to build out your infrastructure. If we look at Bitcoin mining economics, typically, you would be spending somewhere around $1 million, $1.5 million a megawatt for infrastructure and compute. Very different than the business that most of us are transitioning to or find ourselves in today, around AI HPC. One thing that Bitcoin miners have a lot of is land and power that is turned on.
Those of you who are familiar with the AI HPC business know that the shortage of operating compute is driven by a lack of available power powering a building that is suitable for running AI HPC. Bitcoin miners are a very quick path to solving that problem for hyperscalers, frontier model providers, and neo-clouds. As I am sure all of my colleagues here can attest, they have been in conversations with all of them. We are a very quick way of solving a problem, which is getting a lot of AI compute online fast. If you look at a revenue per megawatt basis or an asset value per megawatt basis, it provides this considerable step-up for Bitcoin miners to convert their assets to AI HPC.
With Bitcoin price having gone through the more recent evolution since Q3 of last year, we have all had an incentive to accelerate our plans into this transition. That is why we find ourselves where we are today.
Great overview, Fred. Thank you for that. Russell, Core Scientific was the first Bitcoin miner to secure the first large-scale AI colocation deal, I think over two years ago now. If you could walk us through that first contract and how you have seen the market evolve since then, that would be great.
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