Fred Thiel

If you look at Bitcoin mining, it costs you a little over a million dollars a megawatt for infrastructure and miners.

Infrastructure alone in the data center world is 12 million a megawatt.

The amount of compute that is deployed today versus what will be deployed in five years, it's never getting shut off.

And one word of warning from an investment perspective.

Yeah, I think if you look at the big demand right now for energy is from obviously the HPCAI sector.

And they need energy that is on now and not on in 2029.

And if you're trying to get access to 500 megawatts of power and you get in a queue, you're not going to get it anytime soon.

So the hyperscalers are now very focused, as are the neoclouds, on looking at, okay, I don't need a one gigawatt data center.

I need anything north of 100 megawatts, which has the ability to grow, and I need the power to be on already, because there are two issues that impact a hyperscaler's ability to bring capacity online, and realize the timing of when they bring their site online is more important than when it costs them to bring it online.

because it's all about a capacity war.

Who has GPUs running?

It's not about necessarily the specific type of GPU, but it's who has stuff running, because the more stuff you have running, the smarter your model is, the more you can do, right?

So permitting is the second problem.

So you may have the ability to take powered land and build a hyperscaler site on it.

But if that county has a moratorium, won't allow you to build a big hyperscaler center.

It's an issue.

And I think what you're going to see now is a huge amount of innovation around what defines a data center and how they're built.

That is going to make it much more attractive for hyperscalers to talk to people like us who have, you know, over gigawatt of power that's turned on and ready to go.

So we have one point one gigawatts of power that's operating as Bitcoin mining today.

We have another 700 megawatts of power that is used.