The Mining Pod | Blockspace Media

We're pausing The Mining Pod for now as we step into 2026.

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After nearly 5 years of weekly shows, we’ll be pausing the Mining Pod for now as we focus on our main show, The Blockspace Podcast. We'll still be posting 3 shows per week on the new feed, including our weekly interviews and news stories.

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See y’all on the other side, and thanks for listening!

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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

👉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

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: CRWV<>CORZ (because – not despite – it fell though)

Worst Deal of the Year: RIOT<>BITF 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

👉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

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)

👉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!

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?

👉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

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

👉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!

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

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?

👉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