JW

Thought it was time for a formal introduction! I’m Jeff- a landscape & wildlife photographer based in the Canadian Rockies. With camera in hand for over 15 years, I’ve been privileged to share the beauty of our natural world through my work. I can’t wait to connect with you.

@mikealfred Made it easier to digest

Alpine Fox Capital 13F for Q4 2025 now posted on the SEC website here: sec.gov/Archives/edgar…

@BitByBitBullish @mikealfred @barkmeta @PeterSchiff Is there a link to the space and timestamp?

Just left a Space that @barkmeta hosted a little earlier. @peterschiff jumped in thinking he could poach listeners for his YouTube stream, where he planned to hype gold and silver while trashing Bitcoin. Instead he ran into @mikealfred, who brought actual facts and called out his nonsense. Schiff had no real answers, got stuck, and bailed fast like he always does when someone can actually challenge his lies. Classic. 😂 He knows nothing! Nothing! (in @jimcramer voice) 👇

@mikealfred Max retail frustration detected = bottom signal?

Got this message today. Thinking about unblocking this guy. Thoughts?

@sebastian_ski @Core_Scientific @CoreWeave Congrats Sebs Dad! Dinner on him tonight

@Core_Scientific holders right now! After @CoreWeave is reportedly in talks to buy out @Core_Scientific archive.ph/tv87Z

@ColinTCrypto Amazing work Colin. You’ve nailed the 108 offset. Question though, I’m super curious WHY btc needs the offset? (Vs gold not needing it). Any chance you could elaborate on why the cause of the offset is needed? Many thanks!

📽️ Global M2 Money Supply predicts Bitcoin's Next Move!

@mikealfred And that’s why we named him Quint

@mikealfred Any chance you would have a replay of the space @mikealfred ?

@mikealfred As a large investor in IREN and a dad of 2 kids, I find this extremely positive all around. You’re a smart man Mike

@mikealfred I bet @mikealfred organizes his wine cellar BB (Before BTC) and AB

@theBTCMiningGuy Bullish on IREN

Bullish on Texas

@IIICapital It’s ok @mikealfred hodls half of it

All of the wine in the world is worth nearly $1T, about half of all bitcoin.

@McnallieM I need some chips for all this dip

How we feeling about Monday Post-Tariff opening Miners?

@MirageMogul IREN and CLSK please!

Good morning friends! ☕️ Going to update A LOT of my perspectives this weekend, including updates on $BTC, proxies, alts and semiconductors! 🔥 Let me know what would you like to see! ✅ 👇

@theBTCMiningGuy @Agrippa_Inv Emotional reactions and sells this morning. Smart, long term investors buying this afternoon.

@Agrippa_Inv I’ve been saying this for awhile: ATMs will be the best growth vehicle until we get a large AI/HPC deal… it seems like they have a high potential deal…

For every $IREN investor concerned about the recent $1 billion ATM announcement: 👇 It’s clear to me that this move is directly tied to upcoming AI and colocation deals. $IREN doesn’t need $1 billion to expand its BTC mining capacity. Their recently raised 2025 target of 57 EH/s will cost barely $200 million. As outlined in the announcement, $IREN plans to: → Increase its total MW capacity by adding new sites. → Retrofit existing capacity at Childress and Prince George (PG) for closed-loop liquid cooling. → Begin constructing basic infrastructure for the Sweetwater site (1.4 GW). Increasing MW capacity by securing new grid agreements for existing land ( $IREN owns at least 4 undisclosed sites) would also involve only marginal costs. Similarly, acquiring new greenfield sites without connection agreements wouldn’t require substantial funding. In my view, most of the ATM proceeds will either support a large-scale colocation deal (at Sweetwater) or fund retrofits at existing data centers. Retrofitting Childress (likely at least 100 MW) and PG (likely the full 50 MW) for AI applications would suggest either one or multiple mid-sized colocation projects totalling at least 150 MW. Additionally, $IREN is leaving the door open to retrofit all 910 MW of its capacity by the end of 2025. 👇 This raises critical questions: Is this a good thing? YES, it absolutely is. $IREN wouldn’t pursue costly liquid-cooled AI-specific retrofits unless management was extremely confident about securing lucrative long-term colocation deals. This is not a move out of desperation. $IREN is thriving in the $BTC mining realm, delivering exceptional growth with industry-leading profit margins. If management wasn’t confident in their negotiations, they wouldn’t be raising significant cash for AI/colocation upgrades. Instead, they would focus solely on expanding the more cost-effective air-cooled $BTC mining capacity and doubling down on that core business. Furthermore, their 57 EH/s target for EOY 2025 doesn’t make much sense unless retrofits or Sweetwater are a key priority (timing wise). $IREN's current build-out speed is ~50 MW/month. Adding 7 EH/s (~100 MW) could be completed in two months. With a 50 EH/s target by H1 2025, why not set the 57 EH/s target earlier, say September? Likely because $IREN will be retrofitting Childress and PG or preparing for a large Sweetwater colocation deal. ^Credit to @FransBakker9812 who pointed this out to me. A potential counterargument to $IREN focusing on large-scale colocation retrofits at Childress and PG in 2025 is the limited availability of spare MW capacity. Achieving 57 EH/s by the end of 2025 would require utilizing nearly all of $IREN's planned 910 MW capacity. If Iren allocates (let's say) ~150 MW for AI-related colocation, it would leave them with insufficient capacity for their $BTC mining expansion targets. This raises another key question: How can $IREN simultaneously achieve its 57 EH/s target and allocate significant resources to AI colocation? This scenario suggests 2 possibilities: 👉 $IREN anticipates securing additional MW capacity this year – either through grid agreements (extensions) for existing sites or acquisitions of new land with near-term energization potential (latter is very unlikely for 2025) 👉 The $1 billion ATM is partially tied to Sweetwater, where $IREN could eventually relocate some ASICs, freeing up existing capacity at Childress and PG for colocation retrofits. Another possibility, as noted by @Umbisam and @TheKamaHsutra, is that the ATM is part of a private offering with a hyperscaler (HS). If $IREN signs a large-scale deal, it’s logical for the HS to seek equity in $IREN, particularly if Iren demands premium MW pricing. In this scenario, Iren could raise funds via equity issuance, with proceeds directed toward capex for the deal. Iren’s ATM related 6-K form leaves the door open for such an arrangement, though it would require additional board approvals and public announcements. Finally, $IREN may have avoided convertible notes for now because it couldn’t secure favorable rates before announcing a colocation deal, especially after recently issuing a convertible offering of nearly half a billion dollars. The bond market would likely be unwilling to absorb another $1 billion in convertible debt without demanding higher rates, at least not before a colocation deal is signed. Large-scale AI colocation projects require billions in funding, so convertible notes will likely become a viable option after a deal is finalized. While the ATM announcement came unexpectedly and lacks specific details, one thing is clear: $IREN does NOT need $1 billion for $BTC mining in 2025. They can fund the additional 7 EH/s entirely through its operating cash flow. This is 100% AI-related. ✅ I also believe that this significantly increases the odds of a signed colocation deal within H1 2025. In my opinion, this current dip in share price is short-sighted, and smart money will likely seize this buying opportunity in anticipation of lucrative colocation deals on the horizon. Tomorrow, I’ll break down how lucrative a potential colocation deal could be for shareholders, even after ~30% dilution. Spoiler: VERY lucrative. 📈

@mikealfred Are these your top 3 miners? @mikealfred

No pictures I have, or have seen, will do Mount Assiniboine justice. I imagine the same is true of the Matterhorn, k2 or Everest. It's the experience of standing in front of it that is unable to be captured.

Thrilled to see Silence Is Golden in Greg’s home! Thank you so much for the support.

@goldenmulletman Greg! Absolutely made my day. Thank you so much for the support- this place really leaves a mark on us all!

Bought some art today, support local and all that. I was quite moved by my trip to Mount Assiniboine this year.

One of the newest releases in my Canmore gallery- “Diamonds in the Sky” What an experience to capture this fleeting moment during the darkest part of the night, on the longest day of the year ✨

Gm ☕️🏔