The Value Case for Bitcoin Miners as Energy Arbitrage Plays

In an era of flat interest rates and AI-driven energy demand, Lucas and Luna explore a counterintuitive corner of value investing: publicly traded Bitcoin miners. With Fed funds stuck at 3.63 percent and Berkshire's Greg Abel making waves with a nearly $17 billion deal spree, they unpack why miners like Riot Platforms and CleanSpark look like distressed energy arbitrage plays rather than speculative crypto bets. Lucas walks through the math: a miner's cost to produce one Bitcoin versus the spot price, the post-halving squeeze, and how cheap power contracts create a moat. Luna challenges the sustainability angle and asks whether the market is pricing in an AI pivot. Tying it to value principles, they compare the miners' book values and price-to-earnings ratios to traditional energy and industrials, using real 2026 data. A surprising episode for anyone who thinks value investing ignores crypto. #BitcoinMining #ValueInvesting #EnergyArbitrage #RiotPlatforms #CleanSpark #CryptoValue #FedRate #BerkshireHathaway #GregAbel #AIEnergyDemand #PostHalving #DistressedAssets #BookValue #PriceToEarnings #Finance #FexingoBusiness #BusinessPodcast #InvestingPodcast Keep every episode free: buymeacoffee.com/fexingo