Hashrate & Utilities Feel Summer 🥵 + CRWV 👀s To Buy CORZ (Again): Vibe Check CXXXIX

W25 '25 | 6.23-6.29.25 | Issue CXXXIX | Block Height 903329

Welcome to the latest issue of the Vibe Check! Vibe Check Covers the intersection of BTC ⛏️ , data centers 🤖, and energy ⚡️through a lens of orange pills and memes.

After diving into the newsletter you’d like to stay tuned for 2025, subscribe below. While always free, the value-for-value model of the paid tier allows for further support of my Topochico fund. Drop suggestions, memes, or ideas in the comments! The Vibe Check is an open vehicle for all of us to stay on top of the latest.

W25’25 Vibe Check

• Overview Vibe

• BTC ⛏️ Vibe

• Datacenter 🤖 Vibe

• Energy ⚡️ Vibe

• The Media 🎥 Vibe

• The Meme 🐸 Vibe

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Grab a ☕ and start the week with all the metrics and stories that shake and bake across the Bitcoin, Compute, and Energy intersection!

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The Overview Vibe

It only took a head fake into WW3 and some fed cuts speculation for Bitcoin to u-turn back towards $110K (I hope y’all caught that dip!). Across the United States, summer is turning up the heat on Bitcoin miners and utilities, leading to grid warnings and the largest downward difficulty adjustment since the China Ban of 2021! We will dive into summer hashrate dynamics as well as the CRWV/CORZ M&A action and BBB speculation that keep us glued to twitter/X.

Bitcoin are taking a YUGE breathe (at least in the short term) as strong BTC price and 10+% drop from hashrate ATH earlier this year led to a `7% drop in difficulty and a 16% hashprice boost to levels rarely seen since the start of the year. While its a fun meme to think Trump’s Iranian side-quest were bombings of Bitcoin mines, we can thank summer heatwaves sweeping across North America for the significant drop in hashrate.

With homies from Ohio and NYC flabbergasted with 95F, hashrate from all across the country showed up to support the grid with economic curtailments during critical windows of load demand. PJM, MISO,NYISO printed $500-$1000+/MWH this last week for extended periods of time suggesting ideal ASICs in those geographies. SPP and ERCOT saw minimal action as prices remained chill though they have and will get their curtailment reps in this summer. The price sensitive nature of Bitcoin mining comes through this week, providing relief to grids during a time of regulatory uncertainty. NYDIG’s Greg Cipolaro does a quality dive into this HERE.

While everyone and their mom has all the opinions about the energy industry implications of the Big Beautiful Bill (sad face its not Big Baller Brand), all I know is that $$$ is going to be printed. Those in the thick of it (and not on twitter), like utilities and energy developers back the less FAFO version of the bill’s lean off solar subsidies. This is consistent with regulatory efforts in ERCOT, NYISO, and PJM/DUC scramble to address grid strains while serving load growth to these hungery hungery hippo data centers. If renewable growth does get tamed and grids enter some higher level of strain, what will happen to the value of flexible load assets? Do you think we might see a mass energization of old asics across the Untied States as their higher capacity market values go to the moon?

Just we were about to get our weekend on, Core Scientific shares pumped over 20% after it was reported that their long time and bestie tenant CoreWeave just can’t not try to buy them again. This time the rumors have the price to be closer to $25+/share vs last years bid of $5/share. Go on the CORZ team! PennyEther’s analysis is way more interesting than anything I could say. I am interested in how this potential deal will rerate the value of the fellow mullet miners “betting it all on black” aka AI right now.

The coolest thing I saw this week was this video by Crusoe’s Cully Cavness highlighting their partnership with Redwood Energy, with a solar + used EV battery storage microgrid power a couple of Crusoe’s AI modular datacenters. This is the type of innovation that feeds into the bullish future for all of us. I’d be interested to see how these tyhpes of solutions scale across different AI data center geographies.

Thanks for making it through the Vibe Check! Enjoy the BTC ⛏️ , Datacenters 🤖, and Energy ⚡️ specific headlines below. Remember to subscribe, call your mom, and stay hydrated! Give me a shout to catch up this week and chat!

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BTC ⛏️ Vibe

W25 ‘25 Bitcoin/Mining Metrics

• BTC price²: ~$107,585.89 @ EOW. +8.00% WOW.

• Hash price¹: $58.18 PH/Day @ EOW. +16.20% WOW.

• Network Hashrate (SMA 7 Day)¹: ~821 EH/s @ EOW. -5.20% WOW.

• Difficulty¹: 116.96 T @ EOW. -7.48% WOW.

• ASIC Retail Price (s19/m30 family)¹: $2.85/TH/s @ EOW. 0.00% WOW.

Sources: Hashrate Index¹, Bitbo²

Weekly Hashprice - Block Height 903268 - Hashrate Index

Weekly Hashrate - Block Height 903268 - Hashrate Index

Mempool Stats - Block Height 903268 - mempool.space

Mining Stats - Block Height 903268 - mempool.space

General PubCo Updates

• Canaan Inc. Announces Strategic Realignment

• CleanSpark Reaches 50 EH/s Milestone; Escape Velocity in Action

• MARA Taps Auradine for Half of 2025 Bitcoin Mining Rig Orders: Report

• HIVE Digital Technologies Surpasses 11 EH/s Bitcoin Hashrate Milestone as 100 MW Phase 1 in Paraguay Completed Ahead of Schedule - Company on Track to Reach 25 EH/s by Thanksgiving

• Cipher Mining Commences Bitcoin Mining at Black Pearl Data Center

• Hut 8 Amends and Expands Bitcoin-Backed Credit Facility with Coinbase to $130 Million

• Hyper-responsive load management system for hyperscalers: MARA and TAE Power Solutions partner for first-of-its-kind grid efficiency platform

• Soluna Expands Long-Term Partnership with Compass Mining

Operations & Site Updates

• Dominant Chinese makers of bitcoin mining machines set up US production to beat tariffs

• Genesis Digital Assets Limited Acquires 1000 Air-Cooled Miners

Financing/M&A

• Bitcoin Miner Riot Unloads Another 6.5M Bitfarms Shares, Cutting Stake to 13.4%

• Bitdeer Cuts 8.5% Bitcoin Mining Debt with Shares at 60% Discount in $330M Raise

Regulatory/Legal Updates

• Norway plans temporary ban on power-intensive cryptocurrency mining

Research/Reports/Newsletters

• NYDIG Research - June 27th

• Miner Weekly: Bitcoin Mining Cools as Fees Plunge and Disclosures Dry Up

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Datacenter 🤖 Vibe

Site Selection, Development, & Commercial

• Cielo Digital Infrastructure plans 300MW data center campus in South Carolina

Critical & Cooling Infrastructure

• Crusoe and Redwood launch microgrid using recycled EV batteries to power data centers

Financing/M&A

• WhiteFiber, Inc. Announces C$60 Million Credit Facility with Royal Bank of Canada for Data Centers

• CoreWeave in Talks to Buy Core Scientific

• DigitalBridge and ArcLight invest $500m in new data center developer Takanock

Policy & Regulatory

• Texas Governor approves bill mandating data centers to contribute to costs of interconnection

Research/Reports/Newsletters

• Nordics and southern Europe to see 110% data center demand growth by 2030 - report

• AI data center power demand could soar to 123GW by 2035 - report

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Energy ⚡️ Vibe

Base Generation -🛢️⛽️🪨🌋☢️

• New York plans for 1GW nuclear power plant as AI demand grows

Utilities & Transmission

• Eight utility regulators challenge DOE order keeping Michigan coal plant open

• Utilities, energy developers back Senate’s more lenient tax credit timeline

• DOE grants Duke Energy authority to exceed power plant permit limits during extreme heat

• Oncor to propose rate increase, says 5-year capital expenditures could ‘soar’ by $12B

• Electrical manufacturers publish ‘digital substation’ standards

• Google, CTC Global partner to deploy advanced conductors

Policy & Regulatory

• FERC’s Christie calls for dispatchable resources after grid operators come ‘close to the edge’

• New York Gov. Hochul hints at ‘fleet-style approach’ to nuclear deployments

• Texas law gives grid operator power to disconnect data centers during crisis

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The Media 🎥 Vibe

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The Meme 🐸 Vibe

Meme Source

Meme Source

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Referral Links

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Top of Mind Vibe

Grid Status is a great product.

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