The Mining Pod | Blockspace Media

• Picking Winners in the Bitcoin Miner AI Race w/ Kevin Dede

  Subscribe to the Blockspace newsletter for market-making news as it hits the wire! Welcome back to The Mining Pod! Today, Kevin Dede, Managing Director at H.C. Wainwright, joins us to give a pulse check on the bitcoin miners pivoting to AI. We cover the latest deals from IREN, Cipher, Terawulf, and others, and pick apart whether the neocloud or powershell business model is the best fit for bitcoin miners. Plus, what the CoreWeave-Core Scientific deal’s failure means for the AI-miner market as a whole, why bitcoin mining won’t die easily in the U.S., and why Dede thinks the AI-miners are just getting geared up. Notes:  • AI runway better than mining for miners • IREN Microsoft deal is a win for powershell model thesis • AI business lines give miners better access to capital • Miners with exposure but no deals on the table could offer interesting opportunities • Mining in the U.S. not done yet Timestamps: 00:00 Start 02:34 Intro 03:33 Mining stock overview 04:13 AI 06:03 HPC 08:52 IREN 13:05 Infrastructure & Neo-Cloud 19:18 Miners w/ AI are ripping 20:16 Financing options 22:25 CORZ & Core Scientific 29:02 How many winners can there be? 31:18 JV deals 33:38 Bullish or bearish majors 👉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

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• Core Scientific-CoreWeave Deal Fails, CleanSpark Eyes 285 MW AI Site, TeraWulf’s $9.5B Fluidstack Deal

  Subscribe to the Blockspace newsletter for market-making news as it hits the wire! Welcome back to The Mining Pod! For this week’s roundup, we break down Core Scientific shareholders voting NO on the $9B CoreWeave acquisition, CleanSpark's plans for a new 285 megawatt Texas site for AI workloads, and TeraWulf's record 25-year contract with FluidStack. Plus, Ethan Vera from Luxor joins to analyze the ASIC market and where hash rate growth is really coming from. And for this week’s cry corner, why the filter soft fork is doomed to fail. Notes:  • Core Scientific shareholders rejected CoreWeave deal • Hashprice dropped to $43.73 per petahash daily • Difficulty adjusted upward 6.3% • Hashrate reached 1.1 zettahash on 7-day average • CleanSpark acquired Texas site with 300 MW pipeline • TeraWulf signed 25-year deal with FluidStack Timestamps: 00:00 Start 02:09 Difficulty Report by Luxor 07:47 ASIC market update 12:01 CORZ deal fails 22:14 CleanSpark data center acquisition 27:51 WULF $9.5B FS extension 33:36 Cry Corner: Fork time? 👉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

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• Has the Market Left MARA Behind?

  Welcome back to The Mining Pod! Today, we dive deep into MARA, the largest public Bitcoin miner by hash rate at 60.4 EH/s. Despite leading in hashrate, MARA has lagged behind peers like Riot and CleanSpark with just a 5.4% YoY return versus competitors seeing double or triple digit gains. We break down the ownership structure of MARA’s current bitcoin mining operations, the company’s 96% US concentration versus 50/50 US/international goals, vertical integration moves, and why the market values AI/HPC megawatts over Bitcoin mining capacity right now. Notes:  • MARA operates 60.4 EH/s across 18 sites • Only 5.4% YTD return vs peers at 62%+ gains • 96% US footprint, targeting 50/50 international split • ~50/50 split between owned and hosted capacity • 1.174GW total operational capacity • Q2 SG&A costs: $92-93 million Timestamps: 00:00 Start 02:56 MARA snapshot 07:20 Sovereign systems 15:32 Financials 18:20 IREN, RIOT flip MARA 19:50 CTO let go 22:48 MARA in a crab market 23:16 Exaion France Power Authority 26:30 Share dilution 30:03 Auradine rigs 👉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

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• TeraWulf’s Record $3.2B Note, Miner Debt Tops $20B, and Why AI Firms Are Buying Jet Engines

  Welcome back to The Mining Pod! This week, we dive into TeraWulf’s $3.2B secured note for AI infrastructure—the largest ever for a public miner – and Bitfarms’ $588M convertible note at a time when total industry debt crosses $20B.Plus, why data center companies are salvaging jet turbines to power data centers, CleanSpark’s SVP of AI Data Centers hire, and for this week’s cry corner, pour one out for the Kadena blockchain… Notes:  • TeraWulf raised $3.2B secured note at 7.75% • Bitfarms raised $588M convertible note • Total Bitcoin miner debt exceeds $20 billion • Hash price currently at $47/PH/day • Next difficulty adjustment projected +4.7% Timestamps: 00:00 Start 02:01 Difficulty Report by Luxor 05:00 Terawulf debt 08:40 Bitfarms raises $588M 10:55 Jet engine generators? 15:55 Cleanspark hiring 18:50 Miner debt record 👉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

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• NABs Takeaways: What Ppl Miss About the BTC ETF, Alberta Is Just Getting Started With BTC

  Click Here To Join the BitAxe Giveaway! Welcome back to The Mining Pod! Today, we have a two-for-one show with two interviews we recorded at the North American Blockchain Summit. To start, Colin interviews Blue Macellari (Head of Digital Assets at T. Rowe Price) on how institutional adoption is fundamentally changing Bitcoin's market structure, the debasement trade narrative going mainstream, and why fast money hasn't arrived yet this cycle. Then, Will hops on the horn with  Dale Nally (Minister of Red Tape Reduction in Alberta) to discuss Alberta's competitive advantages for Bitcoin mining and a concierge program for large miners. **Notes:** • BlackRock's IBIT reached $70B+ AUM, top 20 ETF • ETF holders parking Bitcoin for decades • Basis trade tied to futures market growth • T. Rowe Price sees institutions changing cycles • Alberta cut 35% of red tape, saved $3B • Alberta has 200-year natural gas supply Timestamps: 00:00 Start 04:34 Bitcoin ETFs & 4yr cycle 06:08 Institutional demand & cycle changes 08:18 Retail behavior 10:38 ETH treasury companies 14:04 Debasement trade 16:01 Fed rate cuts 19:51 BTC is risk on or off? 24:41 Cleanspark Ad 25:10 Canada's energy sector 25:46 Who is Dale Nally? 27:09 NatGas generators for AI 29:09 LNG exports 31:33 Exports to the US? 35:14 How is the Alberta energy system unique? 37:41 Capital formation 39:46 Canadian Federal Bitcoin Reserve? 👉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

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