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Why Miners Are Trading BTC For AI Compute w/ Rory Murray & Chris Bae
Chris Bae Founder of Enhanced Digital Group, and Rory Murray, Director of Digital Asset Management at CleanSpark, join us to talk about the professionalization of the Bitcoin mining industry. From managing $40 billion at UBS to overseeing 13,300 BTC at CleanSpark, Rory & Chris break down the three regimes of mining evolution: Wildcat, Market Share, and the current Margin era. We explore why the "Texas Hedge" is failing, how miners use options to manage risk, and why the next frontier for hashrate is AI data centers.
Subscribe to the newsletter! https://newsletter.blockspacemedia.com
**Notes:**
* CleanSpark holds ~13,300 BTC
* Chris Ray formerly managed $40B at UBS.
* BTC -20% drawdown recovery averages 18 days.
* Texas hedge: Doubling down on BTC exposure.
* Shift toward AI and HPC in mining data centers.
Timestamps:
00:00 Start
00:45 Chris' background
05:08 How Rory knows Chris
07:16 Miners hedging risk, or not...
11:55 Reflecting on mining history
20:31 Ellipsis labs
21:18 It's "expansion" not a "pivot" sir
26:22 Bitcoin is the hurdle rate for compute
30:15 Private credit
41:32 What's big money doing right now?
45:06 What's the deal with 10/10/25?
1:00:57 Everything is fake
1:10:24 The age of GRIFT
The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs builds the most efficient on-chain markets. Their orderbook and Prop AMM products have delivered price improvement to hundreds of billions of dollars in retail volume. Now, they are bringing their expertise to build Phoenix, the best on-chain perpetuals platform.
Ellipsis Labs is hiring New York-based engineers. If you're an engineer looking to work with a proven team in making DeFi better, go to ellipsislabs dot xyz slash careers.
Learn more about your ad choices. Visit megaphone.fm/adchoices
View all episodes
By Blockspace Media
4.8
1212 ratings
Chris Bae Founder of Enhanced Digital Group, and Rory Murray, Director of Digital Asset Management at CleanSpark, join us to talk about the professionalization of the Bitcoin mining industry. From managing $40 billion at UBS to overseeing 13,300 BTC at CleanSpark, Rory & Chris break down the three regimes of mining evolution: Wildcat, Market Share, and the current Margin era. We explore why the "Texas Hedge" is failing, how miners use options to manage risk, and why the next frontier for hashrate is AI data centers.
Subscribe to the newsletter! https://newsletter.blockspacemedia.com
**Notes:**
* CleanSpark holds ~13,300 BTC
* Chris Ray formerly managed $40B at UBS.
* BTC -20% drawdown recovery averages 18 days.
* Texas hedge: Doubling down on BTC exposure.
* Shift toward AI and HPC in mining data centers.
Timestamps:
00:00 Start
00:45 Chris' background
05:08 How Rory knows Chris
07:16 Miners hedging risk, or not...
11:55 Reflecting on mining history
20:31 Ellipsis labs
21:18 It's "expansion" not a "pivot" sir
26:22 Bitcoin is the hurdle rate for compute
30:15 Private credit
41:32 What's big money doing right now?
45:06 What's the deal with 10/10/25?
1:00:57 Everything is fake
1:10:24 The age of GRIFT
The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs builds the most efficient on-chain markets. Their orderbook and Prop AMM products have delivered price improvement to hundreds of billions of dollars in retail volume. Now, they are bringing their expertise to build Phoenix, the best on-chain perpetuals platform.
Ellipsis Labs is hiring New York-based engineers. If you're an engineer looking to work with a proven team in making DeFi better, go to ellipsislabs dot xyz slash careers.
Learn more about your ad choices. Visit megaphone.fm/adchoices
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