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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

👉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.

👉 FBOX, Cooling for Bitcoin Mining and the AI Data Center Transformation

FBOX is the global leader in cooling system manufacturing, with the #1 shipment volume of bitcoin mining containers worldwide. Not only powering for the strongest hashrate, their technology also helps mining infrastructure transform into AI data centers. Backed by the largest production scale on earth, global deployment capability, and a full range of cooling solutions, they are shaping the future of compute.

👉 Luxor, Leaders In Bitcoin Mining and Compute Power!

Get game-changing mining results with Luxor Firmware. Boost hashrate, cut energy costs, protect your hardware, and maximize mining profits with LuxOS.

Learn more about your ad choices. Visit megaphone.fm/adchoices

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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?

👉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.

👉 FBOX, Cooling for Bitcoin Mining and the AI Data Center Transformation

FBOX is the global leader in cooling system manufacturing, with the #1 shipment volume of bitcoin mining containers worldwide. Not only powering for the strongest hashrate, their technology also helps mining infrastructure transform into AI data centers. Backed by the largest production scale on earth, global deployment capability, and a full range of cooling solutions, they are shaping the future of compute.

👉 Luxor, Leaders In Bitcoin Mining and Compute Power!

Get game-changing mining results with Luxor Firmware. Boost hashrate, cut energy costs, protect your hardware, and maximize mining profits with LuxOS.

Published twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday!

Learn more about your ad choices. Visit megaphone.fm/adchoices

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

👉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.

👉 FBOX, Cooling for Bitcoin Mining and the AI Data Center Transformation

FBOX is the global leader in cooling system manufacturing, with the #1 shipment volume of bitcoin mining containers worldwide. Not only powering for the strongest hashrate, their technology also helps mining infrastructure transform into AI data centers. Backed by the largest production scale on earth, global deployment capability, and a full range of cooling solutions, they are shaping the future of compute.

👉 Luxor, Leaders In Bitcoin Mining and Compute Power!

Get game-changing mining results with Luxor Firmware. Boost hashrate, cut energy costs, protect your hardware, and maximize mining profits with LuxOS.

Published twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday!

Learn more about your ad choices. Visit megaphone.fm/adchoices

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

👉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.

👉 FBOX, Cooling for Bitcoin Mining and the AI Data Center Transformation

FBOX is the global leader in cooling system manufacturing, with the #1 shipment volume of bitcoin mining containers worldwide. Not only powering for the strongest hashrate, their technology also helps mining infrastructure transform into AI data centers. Backed by the largest production scale on earth, global deployment capability, and a full range of cooling solutions, they are shaping the future of compute.

👉 Luxor, Leaders In Bitcoin Mining and Compute Power!

Get game-changing mining results with Luxor Firmware. Boost hashrate, cut energy costs, protect your hardware, and maximize mining profits with LuxOS.

Published twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday!

Learn more about your ad choices. Visit megaphone.fm/adchoices

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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, 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.

👉 FBOX, Cooling for Bitcoin Mining and the AI Data Center Transformation

FBOX is the global leader in cooling system manufacturing, with the #1 shipment volume of bitcoin mining containers worldwide. Not only powering for the strongest hashrate, their technology also helps mining infrastructure transform into AI data centers. Backed by the largest production scale on earth, global deployment capability, and a full range of cooling solutions, they are shaping the future of compute.

👉 Luxor, Leaders In Bitcoin Mining and Compute Power!

Get game-changing mining results with Luxor Firmware. Boost hashrate, cut energy costs, protect your hardware, and maximize mining profits with LuxOS.

Published twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday!

Learn more about your ad choices. Visit megaphone.fm/adchoices

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

👉CleanSpark, America's Bitcoin Miner!

CleanSpark (Nasdaq: CLSK), America's Bitcoin Miner®, is a market-leading Bitcoin miner with a proven track record of success. They own a fully self-operated portfolio of mining facilities across the U.S. powered by globally competitive energy prices. CleanSpark sits at the intersection of Bitcoin, energy, operational excellence and capital stewardship. Optimally monetizing low-cost, high reliability electricity positions them to prosper in an ever-changing world.

👉 FBOX, Cooling for Bitcoin Mining and the AI Data Center Transformation

FBOX is the global leader in cooling system manufacturing, with the #1 shipment volume of bitcoin mining containers worldwide. Not only powering for the strongest hashrate, their technology also helps mining infrastructure transform into AI data centers. Backed by the largest production scale on earth, global deployment capability, and a full range of cooling solutions, they are shaping the future of compute.

👉 Luxor, Leaders In Bitcoin Mining and Compute Power!

Get game-changing mining results with Luxor Firmware. Boost hashrate, cut energy costs, protect your hardware, and maximize mining profits with LuxOS.

Published twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday!

Learn more about your ad choices. Visit megaphone.fm/adchoices

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

👉CleanSpark, America's Bitcoin Miner!

CleanSpark (Nasdaq: CLSK), America's Bitcoin Miner®, is a market-leading Bitcoin miner with a proven track record of success. They own a fully self-operated portfolio of mining facilities across the U.S. powered by globally competitive energy prices. CleanSpark sits at the intersection of Bitcoin, energy, operational excellence and capital stewardship. Optimally monetizing low-cost, high reliability electricity positions them to prosper in an ever-changing world.

👉 FBOX, Cooling for Bitcoin Mining and the AI Data Center Transformation

FBOX is the global leader in cooling system manufacturing, with the #1 shipment volume of bitcoin mining containers worldwide. Not only powering for the strongest hashrate, their technology also helps mining infrastructure transform into AI data centers. Backed by the largest production scale on earth, global deployment capability, and a full range of cooling solutions, they are shaping the future of compute.

👉 Luxor, Leaders In Bitcoin Mining and Compute Power!

Get game-changing mining results with Luxor Firmware. Boost hashrate, cut energy costs, protect your hardware, and maximize mining profits with LuxOS.

Published twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday!

Learn more about your ad choices. Visit megaphone.fm/adchoices

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

👉CleanSpark, America's Bitcoin Miner!

CleanSpark (Nasdaq: CLSK), America's Bitcoin Miner®, is a market-leading Bitcoin miner with a proven track record of success. They own a fully self-operated portfolio of mining facilities across the U.S. powered by globally competitive energy prices. CleanSpark sits at the intersection of Bitcoin, energy, operational excellence and capital stewardship. Optimally monetizing low-cost, high reliability electricity positions them to prosper in an ever-changing world.

👉 FBOX, Cooling for Bitcoin Mining and the AI Data Center Transformation

FBOX is the global leader in cooling system manufacturing, with the #1 shipment volume of bitcoin mining containers worldwide. Not only powering for the strongest hashrate, their technology also helps mining infrastructure transform into AI data centers. Backed by the largest production scale on earth, global deployment capability, and a full range of cooling solutions, they are shaping the future of compute.

👉 Luxor, Leaders In Bitcoin Mining and Compute Power!

Get game-changing mining results with Luxor Firmware. Boost hashrate, cut energy costs, protect your hardware, and maximize mining profits with LuxOS.

Published twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday!

Learn more about your ad choices. Visit megaphone.fm/adchoices

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?

👉CleanSpark, America's Bitcoin Miner!

CleanSpark (Nasdaq: CLSK), America's Bitcoin Miner®, is a market-leading Bitcoin miner with a proven track record of success. They own a fully self-operated portfolio of mining facilities across the U.S. powered by globally competitive energy prices. CleanSpark sits at the intersection of Bitcoin, energy, operational excellence and capital stewardship. Optimally monetizing low-cost, high reliability electricity positions them to prosper in an ever-changing world.

👉 FBOX, Cooling for Bitcoin Mining and the AI Data Center Transformation

FBOX is the global leader in cooling system manufacturing, with the #1 shipment volume of bitcoin mining containers worldwide. Not only powering for the strongest hashrate, their technology also helps mining infrastructure transform into AI data centers. Backed by the largest production scale on earth, global deployment capability, and a full range of cooling solutions, they are shaping the future of compute.

👉 Luxor, Leaders In Bitcoin Mining and Compute Power!

Get game-changing mining results with Luxor Firmware. Boost hashrate, cut energy costs, protect your hardware, and maximize mining profits with LuxOS.

Published twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday!

Learn more about your ad choices. Visit megaphone.fm/adchoices

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?

👉CleanSpark, America's Bitcoin Miner!

CleanSpark (Nasdaq: CLSK), America's Bitcoin Miner®, is a market-leading Bitcoin miner with a proven track record of success. They own a fully self-operated portfolio of mining facilities across the U.S. powered by globally competitive energy prices. CleanSpark sits at the intersection of Bitcoin, energy, operational excellence and capital stewardship. Optimally monetizing low-cost, high reliability electricity positions them to prosper in an ever-changing world.

👉 FBOX, Cooling for Bitcoin Mining and the AI Data Center Transformation

FBOX is the global leader in cooling system manufacturing, with the #1 shipment volume of bitcoin mining containers worldwide. Not only powering for the strongest hashrate, their technology also helps mining infrastructure transform into AI data centers. Backed by the largest production scale on earth, global deployment capability, and a full range of cooling solutions, they are shaping the future of compute.

👉 Luxor, Leaders In Bitcoin Mining and Compute Power!

Get game-changing mining results with Luxor Firmware. Boost hashrate, cut energy costs, protect your hardware, and maximize mining profits with LuxOS.

Learn more about your ad choices. Visit megaphone.fm/adchoices