Get your tickets to OPNEXT 2026 before prices increase! Join us on April 16 in NYC for technical discussions, investor talks, and intimate conversation with the brightest minds in Bitcoin.

Welcome back to The Blockspace Podcast! Today, Charlie and Colin cover the Block’s 40% workforce reduction and why the stock ripped 20% on the news. We also dive into the bitcoin mining conditions that are driving hashprice to all-time lows, Blockspace’s scoop that Magic Eden is sunsetting its Bitcoin Ordinals marketplace, MARA’s latest AI partnership, and the Terra/Luna lawsuit against Jane Street. Plus, Luxor’s Michael San Miguel joins the show to discuss the ins and outs of the GPU market. 

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Notes:

* Block laid off 40% of its 10,000 employees.

* Block stock surged 20% after the layoff news.

* Bitcoin hash price hit an all-time low of $28.

* Bitcoin difficulty adjusted upward by 14.73%.

* Magic Eden is shutting down BTC and ETH marketplaces, multi-chain wallet

* Bitdeer sold all its bitcoin; Cipher plans to sell its bitcoin in 2026

* MARA forms partnership with data center developer Starwood

Timestamps:

00:00 Start

03:33 Hashrate update via Luxor’s Hashrate Index

09:29 Block lays off 40% of staff

16:37 Magic Eden shutting down

25:54 GPUs & compute

28:03 GPU vs ASIC complexity

29:04 Upgrading hardware

32:16 Finding a compute buyer

34:00 Powershell vs Neocloud

37:12 Compute still in price discovery mode

42:05 MARA earnings

45:20 CIPHER dumping bags

48:44 Jane Street is the new boogyman

59:34 Everyone's short MSTR

👉CleanSpark

CleanSpark (Nasdaq: CLSK) is a market-leading data center developer with a proven track record of success. We own a portfolio of power, land, and data centers across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our infrastructure to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by producing a global emerging critical resource – compute – positions us to prosper in an ever-changing world.

👉Luxor, Blockspace's preferred mining pool
Bitcoin mining revenue changes every day. Difficulty adjusts. Fees move. Prices shift. And that makes it hard to plan. Luxor Pool’s Fixed Payouts let miners lock in revenue at a guaranteed daily rate for up to 18 months. According to Hashrate Index, miners who used rolling fixed payout strategies since the last halving have outperformed FPPS mining by up to 15 percent. Fixed Payouts give you predictable daily revenue, so you can plan, budget, and grow with confidence. With Luxor, uncertainty is optional. Learn more at luxor.tech/mining

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Get your tickets to OPNEXT 2026 before prices increase! Join us on April 16 in NYC for technical discussions, investor talks, and intimate conversation with the brightest minds in Bitcoin.

Welcome back to The Blockspace Podcast! Today, Rapha Zagury, CEO of Elektron, joins us to talk about the company’s management of Tether's massive 50 EH/s bitcoin mining portfolio. Rapha breaks down Elektron and Tether’s partnership, the incipient market bifurcation between AI/HPC and Bitcoin mining, and why he believes progress is directly correlated with energy use. We dive into the legal origins of Elektron, the company’s global footprint across 32 sites, and the future of mining as Tether and Elektron double down on hashrate while the rest of the industry eyes AI.

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Notes:

* Tether runs 50 EH/s with Elektron

* Greenfield sites trading at $1/MW amid AI boom

* Elektron manages ~200,000 ASICs globally

* Operations span 32 sites across 5 countries

* AI and BTC Mining bifurcation expected in 6 to 12 months

Timestamps:

00:00 Start

05:31 BTC market crash

07:59 Who is Rapha?

11:16 What is Elektron?

14:46 Swan & Tether legal struggle

18:00 Asset light build out plan

23:20 Business setup

25:05 Why mine?

33:18 Hashrate geographic distribution

38:54 Bad places to mine BTC?

40:50 AI & HPC

48:56 3.8% staff costs

52:11 Hashrate growth

57:28 There's ALWAYS stranded energy

59:44 Elektron IPO?

👉CleanSpark

CleanSpark (Nasdaq: CLSK) is a market-leading data center developer with a proven track record of success. We own a portfolio of power, land, and data centers across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our infrastructure to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by producing a global emerging critical resource – compute – positions us to prosper in an ever-changing world.

👉Luxor, Blockspace's preferred mining pool

Bitcoin mining revenue changes every day. Difficulty adjusts. Fees move. Prices shift. And that makes it hard to plan. Luxor Pool’s Fixed Payouts let miners lock in revenue at a guaranteed daily rate for up to 18 months. According to Hashrate Index, miners who used rolling fixed payout strategies since the last halving have outperformed FPPS mining by up to 15 percent. Fixed Payouts give you predictable daily revenue, so you can plan, budget, and grow with confidence. With Luxor, uncertainty is optional. Learn more at luxor.tech/mining

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Join hosts Charlie Spears and Colin Harper for weekly insights, stories, and interviews in Bitcoin, AI/HPC and more.

With 3 shows per week, we'll fill you up on what's actually happening in the world of emerging tech assets. If you're an investor in public data centers, mining companies, or bitcoin, this is the show for you.

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Amanda Fabiano, former Head of Mining at Galaxy and now with Nakamoto, joins us to talk about the shift from Bitcoin mining to building diversified Bitcoin operating businesses. Why the "HODL-only" strategy is evolving for Nasdaq-listed companies, the importance of recurring revenue, and how NAKA is positioning itself as a leader in the next phase of the Bitcoin financial infrastructure.

Subscribe to the newsletter! https://newsletter.blockspacemedia.com

Notes:

• Strategy focused on recurring revenue models.

• Transition from mining to operating businesses.

• Shift toward diversified crypto business models.

• Market adjustment for Bitcoin specific firms.

Timestamps:

00:00 Start

05:26 Amanda joins NAKA

07:18 BTC Inc brands

12:06 Valuing companies

16:45 Kindly MD deal

20:18 Next steps & business lines

21:53 Raising debt

28:49 Senior debt obligation

32:54 Preferred equity

34:17 Dividends?

34:58 David Bailey on both sides of the books

40:31 Using proceeds to buy BTC not debt

44:21 NASDAQ delisting notice

49:34 Wrap up

👉CleanSpark

CleanSpark (Nasdaq: CLSK) is a market-leading data center developer with a proven track record of success. We own a portfolio of power, land, and data centers across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our infrastructure to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by producing a global emerging critical resource – compute – positions us to prosper in an ever-changing world.

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Get your tickets to OPNEXT 2026 before prices increase! Join us on April 16 in NYC for technical discussions, investor talks, and intimate conversation with the brightest minds in Bitcoin.

Matt from CoinShares, Kaan from Luxor, and Jay from Lygos join us to talk about the massive 14.7% Bitcoin difficulty adjustment and the impact of the recent Arctic blast on North American miners. We dive deep into Luxor's 21-month mining analysis, showing why hedging has outperformed spot mining since the 2024 halving. Finally, we discuss Ledn's historic Triple B-rated Bitcoin-backed bond and how institutional investors are beginning to view Bitcoin as high-quality collateral compared to traditional assets.

Subscribe to the newsletter! https://newsletter.blockspacemedia.com

Notes:

• Bitcoin difficulty spikes +14.73

• Hashprice drops to all-time low of $30/PH/day.

• ERCOT uneconomic hours rose over 900%.

• Ledn bond rated Triple B- by S&P Global.

• Hedging outperformed spot mining in 2025

Timestamps:

00:00 Start

02:56 Bombshell difficulty adjustment!!!

20:08 Ledn's $188M Bitcoin-Backed Bond Securitization

31:03 Nakamoto acquires Bitcoin Conference & UTXO Mgmt

38:24 Datacenter cry corner/culture corner

👉CleanSpark, America's Bitcoin Miner!

CleanSpark (Nasdaq: CLSK) is a market-leading data center developer with a proven track record of success. We own a portfolio of power, land, and data centers across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our infrastructure to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by producing a global emerging critical resource – compute – positions us to prosper in an ever-changing world.

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Get your tickets to OPNEXT 2026 before prices increase! Join us on April 16 in NYC for technical discussions, investor talks, and intimate conversation with the brightest minds in Bitcoin.

Matt Hougan, CIO of Bitwise, joins us to talk about the current state of the crypto winter and when the bottom is finally in. We explore the digital gold narrative, explaining why central bank buying—not debasement—drove gold’s recent surge. Matt details the institutional vs. retail divide, the impact of Fed Chair Kevin Warsh, and the looming debate over Bitcoin’s security budget. Plus, we tackle the quantum discount and how AI agents could 1000x on-chain activity.

Subscribe to the newsletter! https://newsletter.blockspacemedia.com

Notes:

* Altcoins like Sui and Aptos fell 70%+ in 2025.

* Institutions might end the winter by Q2 2026.

* BTC volatility capped at 50-60% drawdowns.

* Gold price surge driven by central bank buys.

Timestamps:

00:00 Start

03:22 Is it still "crypto winter"?

04:34 Why January?

06:36 Market segments

08:31 Gold

10:54 Central banks & Bitcoin

12:56 Causes of the crash

14:52 Kevin Warsh

16:58 Fed hawks become doves

17:34 Quantum... oh so scary!

19:59 Bitcoin Core

21:44 Revenue

24:37 Beyond "digital gold" narrative

26:44 AI

👉CleanSpark, America's Bitcoin Miner!

CleanSpark (Nasdaq: CLSK) is a market-leading data center developer with a proven track record of success. We own a portfolio of power, land, and data centers across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our infrastructure to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by producing a global emerging critical resource – compute – positions us to prosper in an ever-changing world.

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Chris Alfano, CEO of 360 Energy, joins us to talk about the integration of Bitcoin mining and oil & gas. We discuss the recent investment from Halliburton and what it signals for the industry. Chris explains why major oil companies prefer giving away waste gas for free over taking hash price exposure, the technical challenges of dirty fuel gas, and the shift from individual wellheads to large-scale pipeline deployments.

Subscribe to the newsletter! https://newsletter.blockspacemedia.com

Notes:

* Hash price hit all-time low of $29/PH/day.

* China ban cut 80% of global hash rate.

* 5 of last 6 difficulty adjustments negative.

* AI infrastructure costs $10-$15M per megawatt.

* Bitcoin price dropped to $65,000 level.

* Sub-50 MW sites are the new frontier.

Timestamps:

00:00 Start

03:22 AI boom & China mining ban

08:30 What edge do miners have over hyperscalers?

13:23 Energy production limits

21:23 Small scale HPC

24:23 Batteries

35:46 Secondary effects

36:51 Pleb miners

39:55 IS US mining doomed?

45:57 Powershell vs Neocloud

👉CleanSpark, America's Bitcoin Miner!

CleanSpark (Nasdaq: CLSK) is a market-leading data center developer with a proven track record of success. We own a portfolio of power, land, and data centers across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our infrastructure to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by producing a global emerging critical resource – compute – positions us to prosper in an ever-changing world.

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Colin and Charlie join us to talk about a wild week in Bitcoin. We dive into the $16,000 price "puke" and whether we've hit a local bottom, explore Bitdeer's legal snag at their Ohio AI flagship site, and discuss IREN's inclusion in the MSCI USA index. We also break down the historic six-out-of-seven negative difficulty adjustments—the first since 2011—and tackle the "ontology of time" and quantum resistance.

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Get your tickets to OPNEXT 2026 before prices increase! Join us on April 16 in NYC for technical discussions, investor talks, and intimate conversation with the brightest minds in Bitcoin.

Welcome back to The Blockspace Podcast! Today, Tom Masiero, Head of Strategy at Cathedra joins us to talk about the structural shifts pushing bitcoin miners toward AI and HPC services. We explore why this migration mirrors the 2021 China mining ban, the hidden opportunities for smaller operators, and why Bitcoiners understand the "power game" better than traditional data centers. Tom breaks down the reality of infrastructure costs, the current state of hash price, and how the "cockroach" mentality of miners is paving the way for the future of global compute.

Subscribe to the newsletter! https://newsletter.blockspacemedia.com

Notes:

* Hash price hit all-time low of $29/PH/day.

* China ban cut 80% of global hash rate.

* 5 of last 6 difficulty adjustments negative.

* AI infrastructure costs $10-$15M per megawatt.

* Bitcoin price dropped to $65,000 level.

* Sub-50 MW sites are the new frontier.

Timestamps:

00:00 Start

03:22 AI boom & China mining ban

08:30 What edge do miners have over hyperscalers?

13:23 Energy production limits

21:23 Small scale HPC

24:23 Batteries

35:46 Secondary effects

36:51 Pleb miners

39:55 IS US mining doomed?

45:57 Powershell vs Neocloud

👉CleanSpark, America's Bitcoin Miner!

CleanSpark (Nasdaq: CLSK) is a market-leading data center developer with a proven track record of success. We own a portfolio of power, land, and data centers across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our infrastructure to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by producing a global emerging critical resource – compute – positions us to prosper in an ever-changing world.

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Subscribe to the Blockspace newsletter!

Welcome back to The Blockspace Podcast! Today, veteran Bitcoin journalist Kyle Torpey joins us to talk about the explosive revelations for Bitcoin in the latest Epstein files. We explore Epstein's $3M stake in Coinbase and his intriguing meetings with the architect of the Bitlicense, Ben Lawsky. Kyle debunks conspiracy theories about Epstein hijacking Bitcoin Core and explains the real influence Epstein had on early startups and protocol development. We also touch on the Blocksize Wars, SegWit2x, and other surprising Bitcoin connections hidden in DOJ documents.

Subscribe to the newsletter! https://newsletter.blockspacemedia.com

Notes:

* Epstein invested $3 million in Coinbase in 2014.

* Epstein sold 50% of his Coinbase stake for $15M.

* 90% of hashrate signed the New York Agreement.

* Brian Armstrong wrote to investors about Segwit2x

* Epstein met with Gavin Andresen in 2011

Timestamps:

00:00 Start

02:41 Epstein & Bitcoin highlights

06:05 Hard fork proposals

13:17 Ben Lawsky

15:44 Winklevoss

27:10 Knots

29:53 MIT

30:50 Both side on Blocksize Wars

33:29 Was Gavin influenced?

38:13 Vinny Lingham

44:48 Mining centralization

👉CleanSpark, America's Bitcoin Miner!

CleanSpark (Nasdaq: CLSK) is a market-leading data center developer with a proven track record of success. We own a portfolio of power, land, and data centers across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our infrastructure to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by producing a global emerging critical resource – compute – positions us to prosper in an ever-changing world.

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