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Bitcoin miners are front & center for the new energy trade
Rory Murray, Director of Digital Asset Management at Cleanspark, joins us to discuss his journey from global macro investing to leading Bitcoin mining operations, the Griid acquisition, cost structures, hedging strategies, and how the business is evolving into a hybrid energy‑finance powerhouse.
Subscribe to the newsletter! https://newsletter.blockspacemedia.com
Notes:
Clean Spark: “America’s Bitcoin miner”
Margins shrink toward zero over cycles
Hedging via covered calls at $65K
Power contracts lock in multi‑million deals
Bitcoin used as collateral for loans
Goal: monetize megawatts, not just hash
Timestamps:
00:00 Start
04:38 GRIID role
14:36 Managing BTC treasury
20:21 HODL strategy
24:09 Ellipsis Labs
25:10 Miners vs Treasury Companies
33:22 Miners could be better treasury companies
55:14 What is "cost to mine 1 BTC"?
58:50 Miners will fail
1:04:16 Future miner income diversity
👋 Watch on your podcast player of choice!
Apple http://tiny.cc/e7wuwz
Spotify https://tinyurl.com/aj3ymv6h
RSS http://tiny.cc/wbwuwz
YouTube https://tinyurl.com/4kwhu4s7
The Gwart Show is sponsored by Ellipsis Labs, the builders behind Atlas, a blockchain for verifiable finance and Phoenix, an on-chain orderbook DEX with over $50 billion in unincentivized volume.
If you're interested in a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas.
Learn more and apply on Twitter at @Ellipsis_Labs and @atlasxyz.
Learn more about your ad choices. Visit megaphone.fm/adchoices
View all episodes
By Blockspace Media
4.8
1212 ratings
Rory Murray, Director of Digital Asset Management at Cleanspark, joins us to discuss his journey from global macro investing to leading Bitcoin mining operations, the Griid acquisition, cost structures, hedging strategies, and how the business is evolving into a hybrid energy‑finance powerhouse.
Subscribe to the newsletter! https://newsletter.blockspacemedia.com
Notes:
Clean Spark: “America’s Bitcoin miner”
Margins shrink toward zero over cycles
Hedging via covered calls at $65K
Power contracts lock in multi‑million deals
Bitcoin used as collateral for loans
Goal: monetize megawatts, not just hash
Timestamps:
00:00 Start
04:38 GRIID role
14:36 Managing BTC treasury
20:21 HODL strategy
24:09 Ellipsis Labs
25:10 Miners vs Treasury Companies
33:22 Miners could be better treasury companies
55:14 What is "cost to mine 1 BTC"?
58:50 Miners will fail
1:04:16 Future miner income diversity
👋 Watch on your podcast player of choice!
Apple http://tiny.cc/e7wuwz
Spotify https://tinyurl.com/aj3ymv6h
RSS http://tiny.cc/wbwuwz
YouTube https://tinyurl.com/4kwhu4s7
The Gwart Show is sponsored by Ellipsis Labs, the builders behind Atlas, a blockchain for verifiable finance and Phoenix, an on-chain orderbook DEX with over $50 billion in unincentivized volume.
If you're interested in a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas.
Learn more and apply on Twitter at @Ellipsis_Labs and @atlasxyz.
Learn more about your ad choices. Visit megaphone.fm/adchoices
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