4.8 • 689 Ratings
🗓️ 19 November 2024
⏱️ 68 minutes
🧾️ Download transcript
JP Morgan analyst Reggie Smith rejoins Colin and Will to discuss Bitcoin mining economics, valuation metrics, and the emerging intersection with AI computing. We go through how a big bank like JP Morgan values miners, including possible costs and revenues, before focusing on AI/HPC and mining. Lastly, we finish on mining costs, dilution and relative valuations of the mining industry.
Timestamps:
00:00 Start
01:53 Fintech team at JPMorgan
02:42 Valuing mining companies
03:38 Analyst goals
06:11 Miner report
07:51 Economic models
12:40 Calculating operational costs
18:38 AI and costs
21:52 How liquid is the AI compute market?
25:36 Good metrics for miner valuation?
28:42 Payroll costs
32:29 Equity dilution
39:17 AI strategies
46:40 The power of existing PPAs
51:22 Highest & lowest gains
54:18 Are miners overvalued?
58:12 M&A activity
1:01:40 Price & hashrate predictions
Published twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday!
👉Enjoying the show? Check out our newsletter at miningpod.blockspace.media!
👉 Check out Bitcoin Season 2 and The Gwart Show!
Follow our hosts on Twitter: @wsfoxley, @cbspears, @AsILayHodling, @MatthewKimmell
-
Thank you to our sponsor, CleanSpark, America’s Bitcoin miner!
"The Mining Pod" is produced by Sunnyside Honey Inc. with Senior Producer Damien Somerset.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Click on a timestamp to play from that location
0:00.0 | Audible brings your wildest adventures to life, delivering heart-pounding thrills at the touch |
0:05.8 | of a button. |
0:07.0 | Take Richard Osmond's The Thursday Murder Club, where four retirees turned amateur sleuths |
0:11.8 | solve crimes in the most unexpected ways, brilliantly performed by Leslie Manville. |
0:17.1 | Ready to unleash your adventure aside, from pulse racing suspense to epic quests, from supernatural |
0:22.6 | chills to far-off romances, every story comes alive through world-class narration. |
0:28.5 | Explore exclusive audible originals, chart-topping new releases, and unforgettable bestsellers |
0:34.4 | that transport you from the very first word, because the next great |
0:38.2 | adventure is just a listener way. |
0:40.8 | Start your free 30-day trial at audible.com slash Wondery UK. |
0:45.6 | That's audible.com slash Wondery UK. |
0:49.7 | What's up, y'all? |
0:50.7 | Welcome back to the mining pod. |
0:52.9 | For today's show, we have Reggie Smith, an executive director of equity research at J.P. Morgan who covers Bitcoin mining stocks. |
1:00.5 | He is a wealth of knowledge and comes packed with information on all of the leading Bitcoin mining stocks. |
1:06.4 | And over the show, we talk about some of his strategies for how he analyzes these stocks, the things that he |
1:12.0 | looks for for winners and losers. And of course, we touch on the AI question and ask him which |
1:18.7 | strategies he thinks will win out in the long run and which stocks he thinks are well positioned |
1:23.4 | for the coming AI boom. So without further ado, let's hop into it with Reggie. But first, a quick |
1:29.6 | word from our sponsors. Are you a retail or institutional investor interested in Bitcoin mining |
1:33.9 | companies? The Miner Mag brings you free data and analysis from all major NASDAQ listed Bitcoin |
1:38.5 | mining operations to know who stands out. Check out visualized metrics and data-dependent |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from CoinDesk, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of CoinDesk and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.