Podcasts about bitcoin miner

Is Bitcoin quantum ready or is it just more FUD? We dive into the technical and social battles between developers and investors over the coming quantum threat, exploring the Factor 21 meme and the high-stakes game theory of post-quantum migration. Brandon Black, Alex Pruden, Nic Carter, and GG join us to talk about whether Bitcoin is prepared for the quantum era. We explore the technical divide between developers who see quantum as a distant concern and investors who fear an unaddressed existential risk. From the Factor 21 meme to the trade-offs of post-quantum signatures like Sphinx and SLH-DSA, we break down the spicy debate that could lead to Bitcoin's most heated internal battle yet and what it means for the future of the network. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Quantum computers struggle to factor 21. * Bitcoin requires 256-bit factoring security. * Post-quantum signatures decrease throughput. * PQ signatures could force much larger blocks. Timestamps: 00:00 Start 00:58 Quantum: Fear or foreshadowing 05:17 Pumping your bags 08:01 The "appearance" of a plan 13:32 Current activity -

Bitcoin nukes to $65k as the industry faces a historic selloff. We cover a massive 13% difficulty drop, France's pushback against Mara's energy deal, Tether's $100M investment, and massive power expansions from TerraWulf and Cipher Mining. Stay sane with our weekly news roundup. Charlie, Colin, and Matt break down Bitcoin's brutal 50% drawdown and the resulting 13% difficulty adjustment. We dive into the geopolitical tension in France over Mara's data center acquisition and Tether's strategic move into Anchorage Digital. We also break down the massive $2 billion debt offering from Cipher Mining that was 6x oversubscribed and TeraWulf's 1.5GW power grab. Whether it's hash price hitting record lows or institutional funds unwinding, we've got the pulse on the markets. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Estimated 13% downward difficulty adjustment. * Hashprice hit daily lows near $30. * TeraWulf added 1.5GW potential power capacity. * Cipher Mining $2B note saw $13B in bidding. * Tether invested $100M into Anchorage Digital. Timestamps: 00:00 Start 02:58 Bitcoin sell off 10:19 Gemini exit EU & AU 14:41 Difficulty Report by Luxor 20:44 France stalls MARA takeover bid for Exaion 26:19 Tether invests in Anchorage digital 29:17 CAPEX still going strong? -

CleanSpark's Rory Murray joins us to explain the macro forces driving bitcoin's price and how the options market may be suppressing bitcoin. Subscribe to the Blockspace newsletter! Welcome back to The Blockspace Podcast! Today, CleanSpark's VP of Digital Asset Management Rory Murray joins us to talk about the latest macro shocks hitting the market and how they are driving bitcoin's price. Rory breaks down how the options market may have been weighing on bitcoin's price in Q4, and how the options market has changed bitcoin's market. We also dive into the six sigma move in Japanese rates, the unraveling of the yen carry trade, and how geopolitical tensions over Greenland are affecting global liquidity. Rory explains why bitcoin is being buffeted by noise while gold and silver take the lead in the debasement trade, plus the intersection of AI energy demand and Bitcoin mining as we head into 2026. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Japan 40-year bond yields topped 4% first time. * Japan has world's highest debt-to-GDP ratios. * Korean equity index rose 70% last year. * Yen carry trade has driven trillions in flow. * Gold crossed USD as top central bank reserve. Timestamps: 00:00 Start 03:20 Bitcoin & macro 06:45 Japan 17:08 Carry trade & liquidity drying up 18:08 Debasement trade 18:47 Hypercycle 22:50 Silver rally 23:18 Energy is the value creator 26:59 Options suppressing Bitcoin price? 41:10 Dampening volatility 42:35 Next 90 days 46:07 Cleanspark's BTC stack 48:14 Easier or harder to manage stack

North Korean hackers with the Lazarus Group have stolen over $300 million with this Telegram phishing scam. Subscribe to the Blockspace newsletter! Welcome back to The Blockspace Podcast! Today, Taylor Monahan, a security lead at MetaMask, joins us to talk about a highly sophisticated $300M phishing attack linked to North Korea's Lazarus Group. Taylor shares how the Lazarus Group hijacks Telegram accounts to lure victims into fake Zoom meetings and download a Trojan horse malware program. We break down the hackers' strategy, how the malware works, which wallet types are most vulnerable to theft, and what users can do to protect themselves if they have fallen prey to the scam or not. Tune in to learn how to identify these red flags and implement better digital hygiene for your crypto assets. Check out this article for a deep dive into how the malware works; plus, follow Taylor for updates on X and keep track of Laars Group's history of hacks via her Github.  Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Lazarus Group stole over $300M in the last year. * Attackers hijack Telegram accounts. * Scammers use fake Zoom links to deploy malware. * Malware often bypasses paid antivirus software. * Sandbox architecture on iOS offers more safety. * Software wallets and browser wallets are most vulnerable. * 2FA remains critical for sensitive account access. Timestamps: 00:00 Start 03:51 Telegram attack 11:30 2 Factor Authenticators 13:48 Losses 16:38 Calculating losses 19:08 North Korea 21:52 Malware 24:17 Malware detection 25:16 EDR 27:12 Wallets 34:21 Is verifying addresses enough? 39:28 Wallet malware design 44:11 What do they want? 54:16 Taylor stealing payloads 1:01:49 Steps to protect

Markets across the board faced historic volatility yesterday, leaving many investors to ask: are we on the cusp of a crash? Subscribe to the Blockspace newsletter! Welcome back to The Blockspace Podcast! In lieu of a news roundup today, we recap Thursday's market chaos, in which gold shed Bitcoin's entire market cap in a single morning. We unpack Microsoft's historic 10% drop despite an earnings beat and contrast it with Meta's rally. Are we looking at a systemic liquidity shock or a one-off deleveraging event? We break down the charts, from credit spreads to the VIX, and examine the canaries in the coal mine that could point toward a rocky 2026. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Gold shed ~$1.7 trillion in one morning * Microsoft stock closed down 10%, worst daily move since 2000 * Meta stock rose 10% after earnings beat * Bitcoin pukes to $83,000 * VIX spiked 8%  Timestamps: 00:00 Start 01:46 Market rips then dips, then rallies again 08:40 Bitcoin bear 11:43 Microsoft 20:31 Polymarket government shutdown odds 27:34 Why BTC go down?

ERCOT is overhauling how it processes and approves large load interconnections. Here are the changes that are under consideration. Subscribe to the Blockspace newsletter! Welcome back to The Blockspace Podcast! Today, Tom Kleckner, a veteran energy correspondent at RTO Insider, joins us to talk about how ERCOT is overhauling the Texas grid to handle the unprecedented AI boom. We dive into the massive 233GW interconnection queue, the impact of Senate Bill 6 on transmission costs, and new reliability measures like DRRS. Tom breaks down the "batch process" for large loads and whether Bitcoin miners or AI data centers are better at balancing the grid. We also touch on the future of Texas energy, from gas plants to small modular nuclear reactors. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * 70% demand jump to 145GW by 2031. * Interconnection queue reached 233GW. * SB6 shifts transmission costs to large loads. * Large loads defined as 75MW or greater. * Texas Energy Fund has $10 billion available. * 73% of queue requests from data centers. Timestamps: 00:00 Start 01:51 Interconnection queue changes 06:46 Kill switch 08:50 Batch system 11:22 What's DRRS? 13:39 Is DRRS an ancillary service? 16:13 Storage (battery) 18:22 4CP 22:00 Rate of change 24:18 Current state of changes 26:24 Timeline 27:33 Baseload & ghost loads

Is Bitcoin ready for the quantum threat? Join Charlie Spears as he explores technical solutions like BIP 360 and OP_CAT. We dive into the massive trade-offs of quantum-resistant signatures and the logistical nightmare of migrating millions of addresses to keep the network secure. Subscribe to the Blockspace newsletter! Tackling the technical battle to protect Bitcoin from quantum computers. We explore why quantum-resistant signatures are up to 100x larger than current ones and the impact this has on block space and fees. From lattice-based math to STARK-based compression, Charlie breaks down the leading proposals like BIP 360 and BIP 347. We also calculate the "migration" timeline—how long it would actually take to move every Bitcoin to a safe address before "Q-Day" arrives. Subscribe to the newsletter! [https://newsletter.blockspacemedia.com](https://newsletter.blockspacemedia.com) Notes: * Quantum signatures can reach 17,000 bytes (500x!) * Optimized hash signatures are 50x larger. * Full BTC migration takes 76 to 142 days. * There are 190 million unspent BTC outputs. Timestamps: 00:00 Start 05:31 Hash based signatures 08:17 Adoption 12:17 Bitcoin uniquely exposed 14:38 Proposals 17:39 Going forward

BitGo went public, the first crypto IPO of 2026! Plus, analysis on inflows into digital asset products, Bitcoin gaming app ZBD raising $40 million, and longtime Ethereum social media app Farcaster announced its founder is stepping down. Subscribe to all things Blockspace: Podcast, Newsletter, Events Welcome back to The Blockspace Podcast! Today, Charlie and Will to talk about a massive week in markets and compute. We break down BitGo's $2.1 billion IPO valuation and why the New York Stock Exchange's move toward tokenized securities and instant settlement is a game changer for TradFi. The duo also discusses Blockspace's acquisition of Bitcoin Layers, Zebedee's $40M Series C, and the controversial exit of the Farcaster founding team. Finally, we look at how OpenAI and Microsoft are handling grid upgrades and why Coinbase is building a "Quantum Avengers" advisory board. Timestamps 00:00 Start 01:58 Blockspace acquires Bitcoin Layers 02:43 OPNEXT is back baby! 03:10 $2B ETF inflows 04:39 NYSE blockchain & 24/7 trading 08:27 Open AI & MSFT pinky swear not to not raise power costs 13:33 Saudi's Humain secures up to $1.2B to expand AI infrastructure 15:20 ZBD raises $40M 18:18 Coinbase announces quantum thing 19:11 BitGo prices IPO at $18 per share, set to begin NYSE trading 24:47 Cry Corner: Farcaster shuts down

China controls 80-90% of critical metal refining, and that's a big problem for the West's data center, energy, and defense sectors, our guest Craig Tindale explains. Subscribe to the Blockspace newsletter! Welcome back to The Blockspace Podcast! Today, Craig Tindale, macro investor and former manufacturing consultant, joins us to talk about the critical mineral shortage and multi-trillion dollar problem facing the US data center, energy, and defense sectors. We dive into his "Critical Mineral Thesis," exploring how China secured 80-90% of the world's critical mineral refining capacity. Craig explains the "midstream matrix," the looming 25,000-tonne silver deficit, and why the US is like a "turtle on its back" after decades of outsourcing. We discuss if sound money can save a system that has lost its atomic backbone. If you'd like to read Craig Tindale's work to learn more, you can find his seminal articles here: -Critical Materials: A Strategic Analysis -The Hard Bifurcation Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * China controls 80-90% of mineral refining. * 70% of silver production refined in China. * 25,000-tonne silver deficit in four years. * Large transformers have 4-5 year wait times. * Chinese firms borrow at 2-4% interest. Timestamps: 00:00 Start 02:37 Who is Craig? 10:15 Thesis 13:49 Silver problems 17:41 Tin 19:50 Titanium 22:42 Recession game theory 27:32 Sound money standard 33:43 Regulation outlook 40:24 Reshoring industry 45:22 Data center demand 49:39 Energy generation stagnation 54:52 Waking up to reality 1:00:52 Greenland & political games

We dive into the mystery of the newest Bitcoin Core maintainer and the project to separate consensus code. From GitHub hierarchies to the quest for client diversity, learn how a $2 trillion network is actually governed and why the "lead maintainer" no longer exists. Subscribe to the Blockspace newsletter! Explaining the latest shakeup in Bitcoin development: the addition of a sixth Bitcoin Core maintainer known as "The Charlatan." We explore the history of Bitcoin's governance—from Satoshi to Wladimir van der Laan—and why the project has moved away from a single lead maintainer. We also break down the "Bitcoin kernel" project, an initiative to separate consensus code to allow for a more diverse ecosystem of Bitcoin clients, and address the common conspiracies surrounding who really controls the network. Subscribe to the newsletter! [https://newsletter.blockspacemedia.com](https://newsletter.blockspacemedia.com) Notes: * Bitcoin is a $2 trillion network asset. * Bitcoin Core has six current maintainers. * No person officially holds lead maintainer title. * GitHub is a Microsoft-owned product. * Bitcoin on path to $100 trillion valuation. * New maintainer added first time since Feb 2023. Timestamps: 00:00 Start 03:09 What's Github? 05:29 What is a Maintainer? 09:27 Client diversity 16:24 Lead maintainer 18:28 Faketoshi 26:15 New Maintainer

Galaxy Digital landed a 830 MW approval from ERCOT, and MrBeast gets a $200M investment from BitMine. Subscribe to the Blockspace newsletter! Welcome back to The Blockspace Podcast! Today, Colin and Charlie dig into Galaxy's 830 MW ERCOT approval for its Helios site, CleanSpark's latest land acquisition in Texas, BitGo's $1.96B IPO prospectus, Semler shareholders voting yes on the merger with Strive, and the first change to Bitcoin's BIP process in 9 years. Finally, for this week's (truly odd) cry corner: BitMine is investing $200M into YouTuber MrBeast (yes, really). Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Galaxy Helios: 830MW approved * Clean Spark: 447 acres acquired * BitGo IPO: $1.96B valuation aim * BitMine: $200M to Beast Industries * Bitcoin Price: $97,000 recorded * Hash Price: Above $40/PH/Day Timestamps: 00:00 Start 02:17 Difficulty Report by Luxor 06:42 Galaxy 830 MW approval 10:30 CLSK land acquisition 15:37 BitGo IPO 19:00 ASST - SMLR deal approved 21:32 New BIP, who dis? 25:39 Cry corner: BMNR invests in MrBeast

James Check joins the show to analyze Bitcoin's market structure in early 2026. We discuss the divergence between BTC and equities, the impact of "extraordinary" ETFs, and why the Realized Cap suggests a cooling-off period. Plus, deep dives into quantum computing risks and on-chain data. James Check, Co-Founder of Check on Chain, joins us to talk about the current state of Bitcoin in 2026. James breaks down why Bitcoin decoupled from the wider market in late 2025, the massive sell-side pressure from long-term holders, and why on-chain metrics point to a bear market phase. We also explore the "extraordinary" nature of ETF flows, the quantum computing debate, and why gold and Bitcoin are ultimately the same trade. Subscribe to the newsletter! [https://newsletter.blockspacemedia.com](https://newsletter.blockspacemedia.com) Notes: * ETF outflows reached ~$6.5 billion * Bitcoin price down 35% from ATH * Miners earn ~450 coins per day * Long-term holders sold 10k coins/day * Realized Cap is currently trending lower * Bitcoin fair value is approx $90k Timestamps: 00:00 Start 03:25 Current state of the market 07:52 ETF vs. chain analytics 10:49 ETF outflows & price drivers 14:00 Retail ETF buyers 18:56 Whale selling? 20:37 Gold 25:34 4 yr cycle is crap 32:07 Good indicators 35:57 What's exciting in Bitcoin now? 40:58 Evolving views on Bitcoin -

For today's roundup, Hut 8 waits on approval for a 500 MW site in Illinois, MSCI keeps MSTR in indices, and Florida tries again for a strategic bitcoin reserve. Subscribe to the Blockspace newsletter! Welcome back to The Blockspace Podcast! Today, Colin and Charlie give a temperature check on bitcoin mining stats, highlighting stats that show non-monetary transactions currently account for nearly 50% of all Bitcoin transactions. We also dig into Hut 8's plans for a 500 MW data center in Illinois, the latest hiring spree at Cipher Mining, Riot's updated compensation plan as they expand into AI, and MSCI's decision to keep Strategy (MSTR) in its indices. Finally, for this week's cry corner, Florida's renewed attempt at a Strategic Bitcoin Reserve.  Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Runes: 6.1M txs, 42% of volume last month * Hash price: $39/PH/day, fees near zero * Hut 8: 500MW, $4-5B site in Logan County, IL, pending zoning approval * Difficulty: 4 negative adjustments out of last 5 * Riot: Jason Chung in as CFO *Florida makes a second attempt at a strategic bitcoin reserve Timestamps 00:00 Start 02:37 Difficulty Report by Luxor 06:06 Hut 8 new data center 11:15 MSCI decision 13:26 Cipher adds Drew Armstrong, Lee Bratcher 18:07 Riot compensation changes, new CFO 22:33 Cry corner: Are SBRs back?

For today's Blockspace Pod, Brady Dale joins us to discuss the best and worst crypto media publications for 2026. Subscribe to the Blockspace newsletter! Welcome back to The Blockspace Pod! Today, Brady Dale, author of the Front Stage Exit newsletter and former Axios reporter, joins us to talk about the state of bitcoin/crypto media. We break down the current landscape into a number of categories, including incumbents / newcomers, tradfi giants, research desks, alt crypto media, and more. Brady and the hosts critique the decline of leading outlets, the SEO tactics of a specific tradfi publication, and why the "discovery audience" strategy didn't pan out. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Timestamps: 00:00 Start 03:21 Who is Brady? 08:02 Colin's take 15:17 Small But Deadly 23:04 Research Desks 28:31 TradFi Giants 35:13 Shuffling the Deck 44:03 Non-journalist Challengers 49:32 The Alternative to the Alternatives 56:08 Conferences 1:03:32 Brady's X Thread

For today's roundup, TeraWulf's Fluidstack JV bags $1.3B and David Beckham's Prenetics abandons its BTC strategy. Subscribe to the Blockspace newsletter! Welcome back to The Mining Pod! Today, Colin, Charlie, and Matt break down about the sharp decline in Bitcoin network hash rate and how Bitcoin narrowly dodged a "royal flush" of negative difficulty adjustments. We analyze Riot's $500M ATM offering, TeraWulf's latest financing for AI compute, and the Semler Scientific-Strive merger. Plus, for this week's cry corner, David Beckham's Prenetics pivots away from its bitcoin treasury strategy. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes** * Hashprice under $40/PH/day * Riot opens $500M ATM offering * TeraWulf seeks $1.3B financing * SMLR chairman urges investors to vote yes on ASST merger * David Beckham's Prenetics holds $44.8M in BTC Timestamps: 00:00 Start 01:46 Difficulty Report by Luxor 07:24 WULF TWO-FOR 13:12 Tailwinds in 2026 17:21 Riot's $500M ATM 21:51 Cry corner: DATs dead? Beckham thinks so

Subscribe to the Blockspace newsletter! Welcome back to The Mining Pod! Today, Colin, Charlie, and Matt break down about the sharp decline in Bitcoin network hash rate and how Bitcoin narrowly dodged a "royal flush" of negative difficulty adjustments. We analyze Riot's $500M ATM offering, TeraWulf's latest financing for AI compute, and the Semler Scientific-Strive merger. Plus, for this week's cry corner, David Beckham's Prenetics pivots away from its bitcoin treasury strategy. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes** * Hashprice under $40/PH/day * Riot opens $500M ATM offering * TeraWulf seeks $1.3B financing * SMLR chairman urges investors to vote yes on ASST merger * David Beckham's Prenetics holds $44.8M in BTC Timestamps: 00:00 Start 01:46 Difficulty Report by Luxor 07:24 WULF TWO-FOR 13:12 Tailwinds in 2026 17:21 Riot's $500M ATM 21:51 Cry corner: DATs dead? Beckham thinks so

For the final Mining Pod of 2025, we inaugurate The Hashies, Blockspace's annual award show. Catch the latest Blockspace documentary, The Bitcoin Professor, on YouTube! Welcome back to The Mining Pod! Today, Charlie and Colin proudly inaugurate The Hashies, Blockspace's annual award show for the best and worst in Bitcoin for that year. The winners of this year's Hashies, in order of appearance, are as follows: Most Ascendant BTC Mining CEO: Daniel Roberts Most Ascendant Crypto CEO: Shayne Coplan Best Deal of the Year: CRWVCORZ (because of – not despite – its falling though) Worst Deal of the Year: RIOTBITF takeover bid Best Investor Cult: IREN  Worst Investor Cult: MARA Biggest Crashout: Luke Dashjr Most REKT Crypto Play: Memecoins Most REKT Equity Play: BTC Treasury Companies / DATs Best Prediction: Valentine Rousseau's 2025 Hashrate Projection  Worst Prediction: Every gigabull BTC price target Subscribe to the newsletter! https://newsletter.blockspacemedia.com Timestamps: 00:00 Start 02:58 Most Ascendent CEO Bitcoin Mining 05:14 Most Ascendent CEO Crypto 07:24 Best Deal of 2025 10:08 Worst Deal of 2025 12:39 Best Investor Cult 14:07 Worst Investor Cult 16:50 Biggest Crash Out 23:20 Most REKT Crypto 29:00 Most REKT Equity 31:27 Best Prediction 33:25 Worst Prediction

Catch the latest Blockspace documentary, The Bitcoin Professor, on YouTube! Welcome back to The Mining Pod! Today, Charlie and Colin proudly inaugurate The Hashies, Blockspace's annual award show for the best and worst in Bitcoin for that year. The winners of this year's Hashies, in order of appearance, are as follows: Most Ascendant BTC Mining CEO: Daniel Roberts Most Ascendant Crypto CEO: Shayne Coplan Best Deal of the Year: CRWVCORZ (because – not despite – it fell though) Worst Deal of the Year: RIOTBITF takeover bid Best Investor Cult: IREN  Worst Investor Cult: MARA Biggest Crashout: Luke Dashjr Most REKT Crypto Play: Memecoins Most REKT Equity Play: BTC Treasury Companies / DATs Best Prediction: Valentine Rousseau's 2025 Hashrate Projection  Worst Prediction: Every gigabull BTC price target Subscribe to the newsletter! https://newsletter.blockspacemedia.com Timestamps: 00:00 Start 02:58 Most Ascendent CEO Bitcoin Mining 05:14 Most Ascendent CEO Crypto 07:24 Best Deal of 2025 10:08 Worst Deal of 2025 12:39 Best Investor Cult 14:07 Worst Investor Cult 16:50 Biggest Crash Out 23:20 Most REKT Crypto 29:00 Most REKT Equity 31:27 Best Prediction 33:25 Worst Prediction

For today's roundup, the Blockspace team shares their year-end 2025 rankings for bitcoin mining stocks. Click here to create your own rankings and share them with us on X by tagging @blockspace!  Subscribe to the Blockspace newsletter! Welcome back to The Mining Pod! Today, Will, Colin, and Charlie are back with another (in)famous Vibe Rankings for Bitcoin Mining Stocks. For bitcoin mining stocks, 2025 was a year defined by aggressive expansion in the AI sector, but some miners have been more fruitful with their endeavors than others. For today's roundup, the team dives into our 2025 year-end rankings for the top bitcoin mining stocks, which includes some spirited debate about who belongs in what tier – and whether or not any bitcoin mining stock earned an S rank in 2025. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Timestamps: 00:00 Start 09:08 Vibe Ranking 12:39 Canaan (CAN) 16:09 Cipher Mining (CIFR) 20:55 Hive (HIVE) 26:26 American Bitcoin (ABTC) 34:31 BitFUFU (BITF) 39:04 Marathon (MARA) 44:53 Hut 8 (HUT) 49:40 Cango (CANG) 53:40 Bitfarms (BITF) 57:20 Core Scientific (CORZ) 1:02:52 Bitdeer (BTDR) 1:08:53 IREN (IREN) 1:12:53 RIOT (RIOT) 1:15:15 Terawulf (WULF)

Click here to create your own rankings and share them with us on X by tagging @blockspace!  Subscribe to the Blockspace newsletter! Welcome back to The Mining Pod! Today, Will, Colin, and Charlie are back with another (in)famous Vibe Rankings for Bitcoin Mining Stocks. For bitcoin mining stocks, 2025 was a year defined by aggressive expansion in the AI sector, but some miners have been more fruitful with their endeavors than others. For today's roundup, the team dives into our 2025 year-end rankings for the top bitcoin mining stocks, which includes some spirited debate about who belongs in what tier – and whether or not any bitcoin mining stock earned an S rank in 2025. **Notes:** Timestamps: 00:00 Start 09:08 Vibe Ranking 12:39 Canaan (CAN) 16:09 Cipher Mining (CIFR) 20:55 Hive (HIVE) 26:26 American Bitcoin (ABTC) 34:31 BitFUFU (BITF) 39:04 Marathon (MARA) 44:53 Hut 8 (HUT) 49:40 Cango (CANG) 53:40 Bitfarms (BITF) 57:20 Core Scientific (CORZ) 1:02:52 Bitdeer (BTDR) 1:08:53 IREN (IREN) 1:12:53 RIOT (RIOT) 1:15:15 Terawulf (WULF)

CoinShares CEO Jean-Marie Mognetti joins the Mining Pod to break down the underdiscussed ways that bitcoin ETFs have changed the crypto market. Subscribe to the Blockspace newsletter! Welcome back to The Mining Pod! Today, Jean-Marie Mognetti, CEO of CoinShares, joins us to talk about the financialization of Bitcoin following the ETF launches. We dive into how derivatives and call overwriting could be compressing volatility and changing price action. He also breaks down the cultural and regulatory differences stifling European adoption compared to the US, and why Bitcoin's ultimate success might be a "bittersweet" signal of global sovereign debt failure. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** Notes: * EU ETF market 10x smaller than US * Bitcoin futures in backwardation * Spot liquidity is currently thin * Options market suppressing volatility * US dominates global crypto trading * Sovereign debt cycles are failing Timestamps: 00:00 Start 02:51 Current BTC volatility 07:29 Options market wagging the dog 09:33 Financialization of Bitcoin 14:23 Who's using call options? 15:52 Market changes due to ETF? 18:03 JPM 1.5x levered ETF 18:53 European ETF market 25:31 European ETF flows 29:24 What is holding institutions back? 31:14 Are DATs dead?

Subscribe to the Blockspace newsletter! Welcome back to The Mining Pod! Today, Jean-Marie Mognetti, CEO of CoinShares, joins us to talk about the financialization of Bitcoin following the ETF launches. We dive into how derivatives and call overwriting could be compressing volatility and changing price action. He also breaks down the cultural and regulatory differences stifling European adoption compared to the US, and why Bitcoin's ultimate success might be a "bittersweet" signal of global sovereign debt failure. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** Notes: * EU ETF market 10x smaller than US * Bitcoin futures in contango * Spot liquidity is currently thin * Options market suppressing volatility * US dominates global crypto trading * Sovereign debt cycles are failing Timestamps: 00:00 Start 02:51 Current BTC volatility 07:29 Options market wagging the dog 09:33 Financialization of Bitcoin 14:23 Who's using call options? 15:52 Market changes due to ETF? 18:03 JPM 1.5x levered ETF 18:53 European ETF market 25:31 European ETF flows 29:24 What is holding institutions back? 31:14 Are DATs dead?

This week in bitcoin mining news, hiccups surface in AI site development and funding, and China crackdown on bitcoin mining in Xinjiang. Subscribe to the Blockspace newsletter! Welcome back to The Mining Pod! Today, Colin and Matt dive into reports of a bitcoin mining crackdown in Xinjiang, China, Hut 8's massive $7B hosting deal with Fluidstack, just-reported summer weather delays at Core Scientific's Denton facility for CoreWeave, and Blue Owl declining to fund a 1 GW AI site for Oracle. And to close the show, veteran crypto reporter Brady Dale, author of the Front Stage Exit newsletter, joins us to talk about a failed vote in Granbury, Texas, to incorporate a new town to expel MARA from its facility in the area. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** Notes: * ~1.3GW/100 EH of mining under pressure in Xinjiang * Hashprice under $40 per PH/s/day * Difficulty adjustment projected at -1% * Hut 8 inks $7B, 15-year hosting deal with Fluidstack * Core Weave faced 60-day construction delays over the summer at CORZ Denton site Timestamps 00:00 Start 05:44 China bans Bitcoin, again! 15:46 Hut 8 hyperscaler deal 21:49 Delays at CoreWeave Denton site 25:26 Oracle funding issues 30:21 Brady Dale goes to Texas

Welcome back to The Mining Pod! Today, Colin and Matt dive into reports of a bitcoin mining crackdown in Xinjiang, China, Hut 8's massive $7B hosting deal with Fluidstack, just-reported summer weather delays at Core Scientific's Denton facility for CoreWeave, and Blue Owl declining to fund a 1 GW AI site for Oracle. And to close the show, veteran crypto reporter Brady Dale, author of the Front Stage Exit newsletter, joins us to talk about a failed vote in Granbury, Texas, to incorporate a new town to expel MARA from its facility in the area. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** * ~1.3GW/100 EH of mining under pressure in Xinjiang * Hashprice under $40 per PH/s/day * Difficulty adjustment projected at -1% * Hut 8 inks $7B, 15-year hosting deal with Fluidstack * Core Weave faced 60-day construction delays over the summer at CORZ Denton site Timestamps 00:00 Start 05:44 China bans Bitcoin, again! 15:46 Hut 8 hyperscaler deal 21:49 Delays at CoreWeave Denton site 25:26 Oracle funding issues 30:21 Brady Dale goes to Texas

Coinbase Asset Management's hashrate loans allow miners to borrow against their entire mining facility. Subscribe to the Blockspace newsletter! Welcome back to The Mining Pod! Today, Doug Wilson, Head of Credit Investments at Coinbase Asset Management (CBAM), joins us to talk about their new hashrate backed loans and how they differ from traditional loans for Bitcoin miners. Doug breaks down CBAM's flexible collateral package, which allows miners to post their facilities and bitcoin as collateral. We also discuss the broader capital markets for crypto, the impact of institutionalization and ETFs, the importance of regulatory and tax clarity, and the untapped potential of the stablecoin economy to drive efficiency in payments and finance. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** * LTV typically 50-70% for Bitcoin loans * Up to 50% hash rate collateral * Coinbase Asset Management registered Q1 2023 * Coinbase is a wholly owned subsidiary * Bitcoin mining is a commodity industry with commodity margins Timestamps: 00:00:00  Start 00:02:37  What does CBAM do? 00:03:26  Hashrate Loans 00:06:25  Hashrate definition 00:08:25  Bitcoin industry stigma 00:10:25  Data centers as collateral? 00:12:44  Current & future state of lending 00:14:44  Rates & specifics 00:18:49  Target clients 00:20:08  Retail loans 00:22:07  DeFi? 00:24:30  Competition from TradFi 00:25:56  Stablecoins 00:28:03  Future of stablecoins? 00:28:41  Regulations 00:31:16  Future of capital markets products? 00:32:49  Taxes

Subscribe to the Blockspace newsletter! Welcome back to The Mining Pod! Today, Doug Wilson, Head of Credit Investments at Coinbase Asset Management (CBAM), joins us to talk about their new hashrate backed loans and how they differ from traditional loans for Bitcoin miners. Doug breaks down CBAM's flexible collateral package, which allows miners to post their facilities and bitcoin as collateral. We also discuss the broader capital markets for crypto, the impact of institutionalization and ETFs, the importance of regulatory and tax clarity, and the untapped potential of the stablecoin economy to drive efficiency in payments and finance. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** * LTV typically 50-70% for Bitcoin loans * Up to 50% hash rate collateral * Coinbase Asset Management registered Q1 2023 * Coinbase is a wholly owned subsidiary * Bitcoin mining is a commodity industry with commodity margins Timestamps: 00:00:00  Start 00:02:37  What does CBAM do? 00:03:26  Hashrate Loans 00:06:25  Hashrate definition 00:08:25  Bitcoin industry stigma 00:10:25  Data centers as collateral? 00:12:44  Current & future state of lending 00:14:44  Rates & specifics 00:18:49  Target clients 00:20:08  Retail loans 00:22:07  DeFi? 00:24:30  Competition from TradFi 00:25:56  Stablecoins 00:28:03  Future of stablecoins? 00:28:41  Regulations 00:31:16  Future of capital markets products? 00:32:49  Taxes

Subscribe to the Blockspace newsletter! Welcome back to The Mining Pod! Today, Nick Hanson, CEO of Luxor Technology, joins us to talk about the ramifications of the most recent Bitcoin mining crackdown in Xinjiang China, how it relates to the 2021 prior ban, and what could happen to all that hashrate if the crackdown holds. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** 100 EH/s off-line in Xinjiang 1.3GW to 1.63GW of lost capacity 400,000 to 500,000 machines off-line Hashrate fell 6% to 1062 EH/s China's market share: 14% (145 EH/s) Hash price $36 or $37 (depressed) Timestamps: 00:00:00:00 Start 00:03:02:23 China Ban Redux 00:07:03:13 Discrepancy in numbers 00:08:13:22 What does this mean for miners? 00:09:52:11 Tik Tok & Red Note 00:12:00:19 Global Hashrate heat map 00:13:54:09 Moving hashrate globally 00:16:49:24 ASIC market 00:18:42:10 Does this lead to consolidation in ASIC manufacturing?00:21:39:23 What about China Ban 1.0?

This week in bitcoin mining news, ERCOT sees a 266 GW of interconnection requests in 2026, IREN closed a $2.3 billion convertible note offering, and GPUs are leaving ASICs in the dust. Subscribe to the Blockspace newsletter for market-making news as it hits the wire! Welcome back to The Mining Pod! Today, Ethan Vera, COO of Luxor, joins us as we dive into MicroBT's Whatsminer M70 launching into a challenging ASIC market, IREN's $2.3 billion convertible note offering, the precarious state of hashprice, Luxor's new GPU hardware sales business, the staggering 270% leap in ERCOT interconnection requests, and the controversial Cat bitcoin fork proposal aimed at filtering ordinals / inscriptions. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** - Hash price is below $40 per second - Three negative difficulty adjustments - Ercot requests leaped 270% in 2025 - 73% of requests from data centers - IREN raised $2.3B in convertible notes - M70 efficiency: 12.5 J/TH 00:00 Start 02:35 Difficulty Report by Luxor 07:26 IREN note 10:44 M70 launch 20:02 Luxor launches GPU trading 27:12 ERCOT LL requests up 270% in 2025 34:10 Cry Corner: another filter fork proposal

Subscribe to the Blockspace newsletter for market-making news as it hits the wire! Welcome back to The Mining Pod! Today, Ethan Vera, COO of Luxor, joins us as we dive into MicroBT's Whatsminer M70 launching into a challenging ASIC market, IREN's $2.3 billion convertible note offering, the precarious state of hashprice, Luxor's new GPU hardware sales business, the staggering 270% leap in ERCOT interconnection requests, and the controversial Cat bitcoin fork proposal aimed at filtering ordinals / inscriptions. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** - Hash price is below $40 per second - Three negative difficulty adjustments - Ercot requests leaped 270% in 2025 - 73% of requests from data centers - IREN raised $2.3B in convertible notes - M70 efficiency: 12.5 J/TH 00:00 Start 02:35 Difficulty Report by Luxor 07:26 IREN note 10:44 M70 launch 20:02 Luxor launches GPU trading 27:12 ERCOT LL requests up 270% in 2025 34:10 Cry Corner: another filter fork proposal

Celebrity investor Kevin O'Leary joins the Mining Pod to discuss his bull thesis on AI, bitcoin, and Bitzero. Subscribe to the Blockspace newsletter for market-making news as it hits the wire! Welcome back to The Mining Pod! Today, Kevin O'Leary, investor and Shark Tank star, joins us to talk about the intersection of Bitcoin mining and AI infrastructure. Kevin breaks down why he invested in Bitzero and why the North American grid is all but tapped out. He also covers geopolitical AI chip strategies, the Genius Act and stablecoins, and why institutional capital will ignore altcoins while boosting BTC and ETH. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** * Sub $0.06/kWh power is key * 50% of NA data centers will fail  * Global data center demand is 250GW * 1GW compute needs 1.4GW buildout  * 1.4GW buildout costs up to $7B  * Bit Zero has 1.5 EH/s in Norway Timestamps: 00:00 Start 02:51 What is Bitzero? 06:18 What sets Bitzero apart? 08:45 What are investors missing? 11:19 Expansion strategy & load mix 16:17 18 actual customers 20:15 AI bull market timeline 25:33 Classifying assets & portfolio allocations

Subscribe to the Blockspace newsletter for market-making news as it hits the wire! Welcome back to The Mining Pod! Today, Kevin O'Leary, investor and Shark Tank star, joins us to talk about the intersection of Bitcoin mining and AI infrastructure. Kevin breaks down why he invested in Bitzero and why the North American grid is all but tapped out. He also covers geopolitical AI chip strategies, the Genius Act and stablecoins, and why institutional capital will ignore altcoins while boosting BTC and ETH. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** * Sub $0.06/kWh power is key * 50% of NA data centers will fail  * Global data center demand is 250GW * 1GW compute needs 1.4GW buildout  * 1.4GW buildout costs up to $7B  * Bit Zero has 1.5 EH/s in Norway Timestamps: 00:00 Start 02:51 What is Bitzero? 06:18 What sets Bitzero apart? 08:45 What are investors missing? 11:19 Expansion strategy & load mix 16:17 18 actual customers 20:15 AI bull market timeline 25:33 Classifying assets & portfolio allocations

On today's news roundup, the gang covers the American Bitcoin investor unlock that sunk the ABTC share price this week, plus IREN's pricing a $3.6B capital raise. Subscribe to the Blockspace newsletter for market-making news as it hits the wire! Welcome back to The Mining Pod! Today, Colin, Charlie, and Matt break down yet another brutal week for miners. We analyze why ABTC shares tanked 39% following a share unlock and look at IREN's aggressive $3.6B capital raise. The team also covers Greenidge's Dresden, NY fire and SC land sale. Finally, we debate the Zcash Foundation's legal threats and just how private and cypherpunk Zcash is.  Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** -ABTC shares plunged 39% on Tuesday -Hashprice dropped below $40/PH/day -IREN pricing $3.63B in notes/equity -Avg network efficiency: 32 J/TH (CoinMetrics) -Greenidge sells 60MW power rights, land Timestamps: 00:00 Start 01:42 Difficulty Report by Luxor 08:07 ABTC down bad 14:31 IREN convert / equity sale 18:55 Tough month for Greenidge 23:48 Cry Corner: Zcash pump & dump

Subscribe to the Blockspace newsletter here! Welcome back to The Mining Pod! Today, Colin, Charlie, and Matt break down yet another brutal week for miners. We analyze why ABTC shares tanked 39% following a share unlock and look at IREN's aggressive $3.6B capital raise. The team also covers Greenidge's Dresden, NY fire and SC land sale. Finally, we debate the Zcash Foundation's legal threats and just how private and cypherpunk Zcash is.  Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** -ABTC shares plunged 39% on Tuesday -Hashprice dropped below $40/PH/day -IREN pricing $3.63B in notes/equity -Avg network efficiency: 32 J/TH (CoinMetrics) -Greenidge sells 60MW power rights, land Timestamps: 00:00 Start 01:42 Difficulty Report by Luxor 08:07 ABTC down bad 14:31 IREN convert / equity sale 18:55 Tough month for Greenidge 23:48 Cry Corner: Zcash pump & dump

CleanSpark CEO Matt Schultz joins us to discuss CleanSpark's fiscal year 2025 earnings. Subscribe to the Blockspace newsletter for market-making news as it hits the wire! Welcome back to The Mining Pod! Today, Matthew Schultz, CEO of CleanSpark, joins us to talk about CleanSpark'sfiscal year 2025 earnings. CleanSpark raked in $766M in revenue for the year, hit the 50 EH/s milestone, and has begun expanding into AI loads. Schultz shares insights on CleanSpark's partnerships with Submer for cooling solutions, the company's capital strategy, the potential for hybrid mining-HPC loads at CleanSpark sites, and what the AI revolution means for bitcoin mining in the United States. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** • $766M in FY 2025 revenue  • LEadership change refocused company • Austin Texas site underway • AI load feasibility being explored for Sandersville, other sites • $1.15B convertible note almost over subscribed Timestamps: 00:00 Start 03:15 Overview of fiscal year 07:16 Leadership change 09:43 Texas site development 13:41 Submer cooling solutions partner 18:30 Containerized solutions 21:39 Green field vs retrofit 27:23 Blended AI & mining sites 30:50 Two business lines 36:11 $1.15B note 45:19 Evaluating operators

This week in bitcoin mining news, the Department of Homeland Security is targeting Bitmain with Operation Red Sunset, and Tether buys more shares of Bitdeer. Subscribe to the Blockspace newsletter for market-making news as it hits the wire! Welcome back to The Mining Pod! Today, Colin and Charlie break down Operation Red Sunset—the US government's probe into Bitmain over national security concerns. We also cover brutal mining economics with hashprice at all-time lows, Trump's new executive order spurring AI and energy R&D, Hive's $300M at-the-market offering, and Tether reupping its BTDR investment. And for this week's dual cry corner, why Cardano still sucks and why gamers are crying as RAM prices surge from AI demand. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** - Hash price at $36 per petahash per day (all-time low territory) - First back-to-back negative difficulty adjustments since summer - Small miners (1-5MW) shutting down operations - DDR5 RAM jumped from $100 to $400+ per unit - Hive raises $300M at-the-market offering - Operation Red Sunset targets Bitmain security risks Timestamps: 00:00 Start 01:34 Difficulty Report by Luxor 06:22 US probes Bitmain 13:37 White House Genesis Mission EO 18:34 Hive $300m ATM 20:40 Tether reups its BTDR stake 26:17 Cry Corner: Cardano go down 30:44 Cry Corner: RAM too spensy

Subscribe to the Blockspace newsletter for market-making news as it hits the wire! Welcome back to The Mining Pod! Today, Colin and Charlie break down Operation Red Sunset—the US government's probe into Bitmain over national security concerns. We also cover brutal mining economics with hashprice at all-time lows, Trump's new executive order spurring AI and energy R&D, Hive's $300M at-the-market offering, and Tether reupping its BTDR investment. And for this week's dual cry corner, why Cardano still sucks and why gamers are crying as RAM prices surge from AI demand. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** - Hash price at $36 per petahash per day (all-time low territory) - First back-to-back negative difficulty adjustments since summer - Small miners (1-5MW) shutting down operations - DDR5 RAM jumped from $100 to $400+ per unit - Hive raises $300M at-the-market offering - Operation Red Sunset targets Bitmain security risks Timestamps: 00:00 Start 01:34 Difficulty Report by Luxor 06:22 US probes Bitmain 13:37 White House Genesis Mission EO 18:34 Hive $300m ATM 20:40 Tether reups its BTDR stake 26:17 Cry Corner: Cardano go down 30:44 Cry Corner: RAM too spensy

Subscribe to the Blockspace newsletter for market-making news as it hits the wire! Welcome back to The Mining Pod! Today, Matthew Schultz, CEO of CleanSpark, joins us to talk about CleanSpark'sfiscal year 2025 earnings. CleanSpark raked in $766M in revenue for the year, hit the 50 EH/s milestone, and has begun expanding into AI loads. Schultz shares insights on CleanSpark's partnerships with Submer for cooling solutions, the company's capital strategy, the potential for hybrid mining-HPC loads at CleanSpark sites, and what the AI revolution means for bitcoin mining in the United States. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** • $766M in FY 2025 revenue  • LEadership change refocused company • Austin Texas site underway • AI load feasibility being explored for Sandersville, other sites • $1.15B convertible note almost over subscribed Timestamps: 00:00 Start 03:15 Overview of fiscal year 07:16 Leadership change 09:43 Texas site development 13:41 Submer cooling solutions partner 18:30 Containerized solutions 21:39 Green field vs retrofit 27:23 Blended AI & mining sites 30:50 Two business lines 36:11 $1.15B note 45:19 Evaluating operators

Upstream Data CEO and Founder Steve Barbour joins the pod to talk about the state of bitcoin mining and why he's not sold on the hybrid AI-bitcoin miner trade. Subscribe to the Blockspace newsletter for market-making news as it hits the wire! Welcome back to The Mining Pod! Today, Steve Barbour, CEO of Upstream Data, joins us for a bitcoin mining palate cleanser! We cover the current state of mining economics, his take on some of the new ASIC models coming to market, oil and gas markets, the infrastructural / operational differences between AI/HPC data centers and mining farms, and why he believes Bitcoin mining is entering a new phase of maturity with sustainable business models. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** • Mining difficulty at all-time highs • Energy partnerships crucial for profitability • Home mining still viable for enthusiasts • Public miners face market pressure • Equipment costs down significantly • Operational efficiency key to survival Timestamps: 00:00 Start 04:11 Miner sentiment check 07:37 How much more downside? 11:28 ASIC market 14:18 Bitdeer & AISC sales 19:43 Proto ASIC design 23:18 Oil field mining 27:51 Renewables 30:00 Miner retrofit 35:58 NatGas Generators 39:53 Oil prices 41:26 Bits vs atoms 43:44 Lawsuit

Subscribe to the Blockspace newsletter for market-making news as it hits the wire! Welcome back to The Mining Pod! Today, Steve Barbour, CEO of Upstream Data, joins us for a bitcoin mining palate cleanser! We cover the current state of mining economics, his take on some of the new ASIC models coming to market, oil and gas markets, the infrastructural / operational differences between AI/HPC data centers and mining farms, and why he believes Bitcoin mining is entering a new phase of maturity with sustainable business models. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** • Mining difficulty at all-time highs • Energy partnerships crucial for profitability • Home mining still viable for enthusiasts • Public miners face market pressure • Equipment costs down significantly • Operational efficiency key to survival Timestamps: 00:00 Start 04:11 Miner sentiment check 07:37 How much more downside? 11:28 ASIC market 14:18 Bitdeer & AISC sales 19:43 Proto ASIC design 23:18 Oil field mining 27:51 Renewables 30:00 Miner retrofit 35:58 NatGas Generators 39:53 Oil prices 41:26 Bits vs atoms 43:44 Lawsuit

The market rallied this week following Nvidia's earnings, only for it all to come tumbling down on Friday as bitcoin, tech, AI, and bitcoin miners sold off. Subscribe to the Blockspace newsletter for market-making news as it hits the wire! Welcome back to The Mining Pod! Today, Haley Thomson, the director of energy trading at Luxor Technology, joins us to talk about how AI demand is impacting the ERCOT power market. For news, we break down Nvidia's Q3 earnings and the market's Thursday morning reversal, dissect a load growth report that suggests there are currently 166GW of US load growth demand through 2030, and discuss Cipher's $830M extension with Fluidstack. And for this week's cry corner, The Financial Times is doing its best to report on AI like it has with Bitcoin. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** • Hash price at all-time low: $36.97/PH/day • Previous low was August 2024 at $38/PH/day • 166GW load growth projected through 2030 • Cipher's deal: $830M over 10 years • Google backstop: $333M revenue guarantee • Oracle lost $350B market cap post-AI deal Timestamps: 00:00 Start 01:56 Difficulty report 07:32 Nvidia smashes earnings 12:24 Grid Strategy Forecast Report 36:37 Cipher Fluidstack deal 39:25 Cry Corner: Oracle down bad?

Subscribe to the Blockspace newsletter for market-making news as it hits the wire! Welcome back to The Mining Pod! Today, Haley Thomson, the director of energy trading at Luxor Technology, joins us to talk about how AI demand is impacting the ERCOT power market. For news, we break down Nvidia's Q3 earnings and the market's Thursday morning reversal, dissect a load growth report that suggests there are currently 166GW of US load growth demand through 2030, and discuss Cipher's $830M extension with Fluidstack. And for this week's cry corner, The Financial Times is doing its best to report on AI like it has with Bitcoin. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** • Hash price at all-time low: $36.97/PH/day • Previous low was August 2024 at $38/PH/day • 166GW load growth projected through 2030 • Cipher's deal: $830M over 10 years • Google backstop: $333M revenue guarantee • Oracle lost $350B market cap post-AI deal Timestamps: 00:00 Start 01:56 Difficulty report 07:32 Nvidia smashes earnings 12:24 Grid Strategy Forecast Report 36:37 Cipher Fluidstack deal 39:25 Cry Corner: Oracle down bad?

Subscribe to the Blockspace newsletter for market-making news as it hits the wire! Welcome back to The Mining Pod! Today, Haris Basit, CSO at Bitdeer, joins us to break down their Q3 results, where revenue hit $169.7M (up 173% YoY), self-mining production doubled to 1,109 BTC, and they achieved 41.2 EH/s of self-mining capacity. We dive deep into Bitdeer's AI and HPC expansion strategy across sites in Norway, Tennessee, Washington, and Ohio, discuss the SEALMINER A3's production schedule and A4 chip development delays, and get updates on the Massillon facility fire recovery. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** • Revenue up 173% YoY to $169.7M • Self-mining doubled: 565 to 1,109 BTC • Hash rate reached 41.2 exahash in October • Adjusted EBITDA: $43M vs -$7.9M last year • SEALMINER delays • AI expansion: planned across 4 sites Timestamps: 00:00 Start 03:32 Overview of report 05:43 Colocation vs self mining vs neoloud 09:30 Why do both colocation & neocloud? 10:42 Facility fire 12:13 Bhutan 15:01 Convertible notes 16:43 Future financing options 18:54 Cloud mining profitability 19:57 Choosing where to locate services 22:11 Alberta 24:03 Ethiopia 25:20 ASIC production 28:35 A4 delays 31:39 What's coming?

WULF's CFO joins the pod to discuss TeraWulf's Q3 earnings, financing strategy, and the future of its bitcoin mining business. Subscribe to the Blockspace newsletter for market-making news as it hits the wire! Welcome back to The Mining Pod! Today, Patrick Fleury, CFO of TeraWulf, joins us to talk about WULF's Q3 where they booked their first AI revenue at $7.2 million, signed AI deals with FluidStack  and Core42, and how they're balancing their debt structure. Patrick also drops a provocative warning about Bitcoin's security: with US hashrate potentially dropping from 40% to just 5-10% by 2028, Bitmain could become the largest miner controlled by China, creating the only real vulnerability in Bitcoin's network. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** • First AI revenue: $7.2 million in Q3 • 450MW contracted with FluidStack at Lake Mariner • 72.5MW deal with Core42 signed • Demand response revenue: $7.3-7.4 million Q3 • Adjusted energy cost: 4.7 cents per kWh • Current hashrate: 7.2 exahash Timestamps: 00:00 Start 02:57 Anthropic 05:50 Q3 summary 11:05 HPC & income margin 13:01 Designing capital raises 21:31 Balancing different debt instruments 25:50 Replacing ATM debt 29:07 Agreements 33:32 Bitcoin mining ops

Bitcoin mining stock prices were aflame on Thursday, while Bitdeer was putting out fires of its own. Subscribe to the Blockspace newsletter for market-making news as it hits the wire! Welcome back to The Mining Pod! Today, Will, Colin, and Matt don their butchers' aprons to dissect Thursday's market carnage, with some bitcoin miners down double digits on the day. We cover Bitdeer's electrical fire at a facility in Ohio, discuss Lava's controversial custody model changes, Stone Ridge/Nydig's oil and gas expansion, and for this week's cry corner, Jim Cramer yells at CoreWeave's CEO. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** • Mining stocks down 5-10% across the board today • Bitdeer down 46% on five-day chart • $20B wiped from mining market cap since October • Riot peaked at $70, started Liberation Day at $2 • Bitdeer fire destroyed two mining units in Ohio • 650B annual revenue by 2029 needed for 10% AI return Timestamps: 00:00 Start 04:19 Market crashing 08:35 Difficulty Report by Luxor 13:11 Bitdeer mining farm in Ohio burning 23:02 Lava goes centralized 31:26 Auradine's new unit announced 38:59 What's NYDIG up to? 42:23 Cry Corner: CORZ delay

MARA's Fred Thiel joins the Mining Pod to discuss the company's AI and HPC plans, bitcoin, and the future of edge computing. Subscribe to the Blockspace newsletter for market-making news as it hits the wire! Welcome back to The Mining Pod! Today, Fred Thiel, CEO and Chairman of MARA (formerly Marathon Digital Holdings), joins us to talk about MARA's strategic pivot toward AI and HPC infrastructure, the critical importance of energy ownership over PPAs, inference at the edge computing, MARA's partnerships with MPL and Exaion in Europe, and why Bitcoin's path to $1M will be harder than most think as the asset matures and institutionalizes. Notes:  • $1.4T AI spending planned over next 5 years • MARA owns energy vs paying PPAs for electrons • Many HPC contracts have strict delivery outs • Bitcoin no longer follows 4-year cycle pattern • 10% Bitcoin price change = $200B market move • MARA has ~250 employees currently Timestamps: 00:00 Start 04:05 Q3 look back 13:13 Inference at the edge 20:22 Sovereign cloud 27:13 MARA: hash cost vs hash price 29:33 Valuations not reflecting risk 33:22 MARA: value accretion 34:39 Operational deployment 37:07 Asset light vs hosting 41:47 Exaion deal 46:15 MPLX deal (natural gas ) 50:22 CapEx costs 50:53 MPLX deal structure 56:23 CTO & 2PIC 1:01:28 Share dilution 1:12:31 What are you reading?

IREN and Cipher both announced deals with hyperscalers this week as the AI race heats up among bitcoin miners. Subscribe to the Blockspace newsletter for market-making news as it hits the wire! Welcome back to The Mining Pod! Today, Colin and Matt talk about two massive hyperscaler deals that have upped the expectations for AI-pivots. Cipher Mining just secured a $5.5B, 15-year lease with Amazon Web Services for 300MW at their Bear Lake facility, while IREN signed a $9.7B, 5-year deal with Microsoft for 200MW in Texas. We also cover highlights from public miner Q3 earnings that have trickled through so far, a bitcoin miner lawsuit that involves OpenAI, and why Warren Buffett's Pacific Power's loss with Amazon is a win for bitcoin miners. Plus: Will China win the AI race? Nvidia's CEO thinks yes. Notes:  • Cipher signs $5.5B AWS deal for 300MW facility • IREN inks $9.7B Microsoft cloud compute agreement • Hash price crashes to $40 per petahash per day • Bitcoin retraced from $126K to $101K support • Cipher announces 1GW data center JV project • Pacific Power fails to deliver Amazon capacity Timestamps: 00:00 Start 02:00 Difficulty Report by Luxor 05:05 Cipher Amazon deal 08:02 IREN Microsoft deal 13:56 Cleanspark Ad 14:25 Q3 earnings update 14:38 RIOT 14:54 MARA 15:34 HUT 8 16:08 CIPHER 18:23 CORZ workers comp lawsuit 21:08 China winning AI race? 26:31 Cry Corner: Buffett can't MW

Q2 and Q3 were explosive for bitcoin miners pivoting to AI. H.C. Wainwright's Kevin Dede joins us to give his takes on the latest AI deals from IREN, CIFR, WULF, and more.  Subscribe to the Blockspace newsletter for market-making news as it hits the wire! Welcome back to The Mining Pod! Today, Kevin Dede, Managing Director at H.C. Wainwright, joins us to give a pulse check on the bitcoin miners pivoting to AI. We cover the latest deals from IREN, Cipher, Terawulf, and others, and pick apart whether the neocloud or powershell business model is the best fit for bitcoin miners. Plus, what the CoreWeave-Core Scientific deal's failure means for the AI-miner market as a whole, why bitcoin mining won't die easily in the U.S., and why Dede thinks the AI-miners are just getting geared up. Notes:  • AI runway better than mining for miners • IREN Microsoft deal is a win for powershell model thesis • AI business lines give miners better access to capital • Miners with exposure but no deals on the table could offer interesting opportunities • Mining in the U.S. not done yet Timestamps: 00:00 Start 02:34 Intro 03:33 Mining stock overview 04:13 AI 06:03 HPC 08:52 IREN 13:05 Infrastructure & Neo-Cloud 19:18 Miners w/ AI are ripping 20:16 Financing options 22:25 CORZ & Core Scientific 29:02 How many winners can there be? 31:18 JV deals 33:38 Bullish or bearish majors

Core Scientific shareholders voted no on CoreWeave's $9 billion acquisition proposal, and CleanSpark acquired a Texas site for a 285 MW AI site. Subscribe to the Blockspace newsletter for market-making news as it hits the wire! Welcome back to The Mining Pod! For this week's roundup, we break down Core Scientific shareholders voting NO on the $9B CoreWeave acquisition, CleanSpark's plans for a new 285 megawatt Texas site for AI workloads, and TeraWulf's record 25-year contract with FluidStack. Plus, Ethan Vera from Luxor joins to analyze the ASIC market and where hash rate growth is really coming from. And for this week's cry corner, why the filter soft fork is doomed to fail. Notes:  • Core Scientific shareholders rejected CoreWeave deal • Hashprice dropped to $43.73 per petahash daily • Difficulty adjusted upward 6.3% • Hashrate reached 1.1 zettahash on 7-day average • CleanSpark acquired Texas site with 300 MW pipeline • TeraWulf signed 25-year deal with FluidStack Timestamps: 00:00 Start 02:09 Difficulty Report by Luxor 07:47 ASIC market update 12:01 CORZ deal fails 22:14 CleanSpark data center acquisition 27:51 WULF $9.5B FS extension 33:36 Cry Corner: Fork time?

MARA as once the darling of public bitcoin miners, but it's fallen behind in 2025. We break down why and what MARA can do to get back in the limelight. Welcome back to The Mining Pod! Today, we dive deep into MARA, the largest public Bitcoin miner by hash rate at 60.4 EH/s. Despite leading in hashrate, MARA has lagged behind peers like Riot and CleanSpark with just a 5.4% YoY return versus competitors seeing double or triple digit gains. We break down the ownership structure of MARA's current bitcoin mining operations, the company's 96% US concentration versus 50/50 US/international goals, vertical integration moves, and why the market values AI/HPC megawatts over Bitcoin mining capacity right now. Notes:  • MARA operates 60.4 EH/s across 18 sites • Only 5.4% YTD return vs peers at 62%+ gains • 96% US footprint, targeting 50/50 international split • ~50/50 split between owned and hosted capacity • 1.174GW total operational capacity • Q2 SG&A costs: $92-93 million Timestamps: 00:00 Start 02:56 MARA snapshot 07:20 Sovereign systems 15:32 Financials 18:20 IREN, RIOT flip MARA 19:50 CTO let go 22:48 MARA in a crab market 23:16 Exaion France Power Authority 26:30 Share dilution 30:03 Auradine rigs

TeraWulf is gunning to raise a $3.2 billion secured loan, right as bitcoin miner debt tops $20 billion.  Welcome back to The Mining Pod! This week, we dive into TeraWulf's $3.2B secured note for AI infrastructure—the largest ever for a public miner – and Bitfarms' $588M convertible note at a time when total industry debt crosses $20B.Plus, why data center companies are salvaging jet turbines to power data centers, CleanSpark's SVP of AI Data Centers hire, and for this week's cry corner, pour one out for the Kadena blockchain… Notes:  • TeraWulf raised $3.2B secured note at 7.75% • Bitfarms raised $588M convertible note • Total Bitcoin miner debt exceeds $20 billion • Hash price currently at $47/PH/day • Next difficulty adjustment projected +4.7% Timestamps: 00:00 Start 02:01 Difficulty Report by Luxor 05:00 Terawulf debt 08:40 Bitfarms raises $588M 10:55 Jet engine generators? 15:55 Cleanspark hiring 18:50 Miner debt record