HashrateUp - A Bitcoin Mining Podcast

Jesse

HashrateUp is a podcast that delves into Bitcoin mining and exciting projects, utilizing hashrate production to unlock new potentials in the broader energy industry. From details about innovative mining operations to exciting applications powered by classic energy resources, we’ll discuss the various ways the Bitcoin network is powered and its impact on the environment. Join us as we talk with industry experts, researchers, and thought leaders to understand how Bitcoin is shaping the future of power and investigate the energy challenges and opportunities Bitcoin and its ecosystem bring to the table. Whether you are an industry professional, thought leader, or…

  1. 5d ago

    Why This Miner Refuses to Pivot to AI w/ Raphael Zagury

    🔗 GUEST LINKS - Raphael Zagury (LinkedIn): https://www.linkedin.com/in/rzagury/ - Elektron Energy: https://elektronenergy.io/ - Twitter/X: @alphazeta ("Here Be Dragons" & monthly mining reports) 🛠 SPONSORED BY - Luxor – Mining software, firmware & hashrate tools https://luxor.tech/ - Altair Technology – ASIC hardware, replacement parts & mining infrastructure Code: HASHRATEUP https://altairtech.io/aff/125/ 📄 OVERVIEW Everyone's leaving Bitcoin mining for AI. Raphael Zagury — co-founder & CEO of Elektron Energy, one of the largest private Bitcoin miners in the world — explains why they're doing the exact opposite. We break down the first-ever hash rate bear market: why this cycle feels different, why hash rate has been grinding down since October (not crashing like the China ban), and what happens when 60-70% of machines get wiped out at the next hashprice halving. Raphael makes the contrarian case that right now is one of the best times ever to start mining — if you can survive on the left side of the cost curve. We also get into why Elektron refuses to pivot to AI/HPC, how they pitch mining to institutions like Fidelity, the self-correcting mechanism in hashprice, and why stranded energy in Brazil and Africa is the real opportunity nobody's pricing in. ⏱ TIMESTAMPS 0:00 – Intro 0:47 – World Cup, bear markets & Bitcoin cycles 2:49 – The first-ever hash rate bear market explained 3:36 – How this affects one of the largest private miners 3:53 – Why this isn't the China ban (gradual grind vs sharp drop) 5:33 – Why miners are fleeing to AI/HPC 6:50 – Why Elektron sees this as an opportunity 8:19 – The risks in AI/HPC nobody is pricing 9:05 – Pitching mining to Fidelity & institutions 9:30 – Unit economics: mining is still profitable 10:32 – Cost curve & the self-correcting mechanism 11:14 – What happens when 60-70% of machines shut off 13:02 – Why institutions love contrarian miners 14:37 – The AI pivot & hash rate on the way back up 16:32 – When does mining beat just buying Bitcoin? 19:08 – Why this story is so hard to tell investors 20:25 – Market share, path dependency & hash rate dynamics 22:20 – Why now is one of the best times to start mining 22:45 – Capital & capital structure in mining 23:40 – Why the AI boom will boom and bust 24:19 – Building the optionality stack around energy 25:17 – Why AI/HPC innovation is still dangerously early 28:34 – electronics.dev: open-sourcing mining research 30:29 – The efficiency curve (log scale) explained 31:50 – Predicting the S23s with a regression line 32:14 – Why efficiency gains are about to flatten 32:42 – Network composition: S19s, S21s, S23s 33:38 – Machine-by-machine break-evens & cost to mine 34:58 – What a hashprice halving does to the network 36:11 – Summer heat & temperature-sensitive machines 36:36 – The shareholder-money era & underwater machines 40:17 – Stranded energy: wind in Brazil, curtailment credits 42:19 – Bitcoin's only customer is the protocol 42:39 – Old S19s at $30: 6-month ROI vs 10-year energy ROI 43:11 – Why Raphael is bullish on mining in Africa 47:28 – Speaking the language of energy & TradFi 48:08 – Batteries vs miners: a tenth of the capex 49:54 – "Buyers of last resort, sellers of first resort" 50:47 – RAPID FIRE: hashprice bottom, recycling, security & Brazil 📊 KEY TOPICS - The first hash rate bear market — gradual grind vs the China ban shock - Why 60-70% of machines could turn off at the next hashprice halving - The self-correcting mechanism in hashprice and the cost curve - Why Elektron refuses to pivot to AI/HPC (and the mispriced risks) - When mining beats simply buying Bitcoin - The efficiency curve flattening as R&D dries up - Stranded energy, curtailment & why Bitcoin is the most flexible load ever invented 🔗 RESOURCES 📊 HashrateUp Hardware Deals: https://t.me/hashrateup 📩 Free 5-Day Bitcoin Mining Course: https://hashrateup.com/newsletter-sign-up/ #BitcoinMining #HashRate #BearMarket #BitcoinVsAI #Mining #Elektron

  2. Jul 13

    Why Scandinavia Is Bitcoin Mining's Next Frontier w/ Lukas Pfeiffer

    🛠 SPONSORED BY - Luxor – Mining software, firmware & hashrate tools https://luxor.tech/ - Altair Technology – ASIC hardware, replacement parts & mining infrastructure Code: HASHRATEUP https://altairtech.io/aff/125/ 🔗 LINKS FROM THIS EPISODE - Gridmetry: https://gridmetry.com - Lukas Pfeiffer (LinkedIn): https://www.linkedin.com/in/lukas-pfeiffer-/ 📄 OVERVIEW In this episode of HashrateUp, Jesse sits down with Lukas Pfeiffer, CEO & Co-Founder of Gridmetry, to break down how Bitcoin miners in Northern Europe get paid to be flexible loads on the grid. Lukas explains Gridmetry's flexibility-as-a-service model: qualifying miners for grid balancing markets, connecting steering software to site infrastructure, and running pre-qualification tests with regulators. Once live, miners can earn up to three separate revenue streams from a single megawatt hour — a 24/7 capacity fee for standing ready, payment for consuming power during negative price events, and Bitcoin mining itself. For some clients running older S19-class hardware, only 10% of income now comes from mining, with the rest from load balancing — at gross margins in the 60-70% range. The conversation covers what it takes to qualify for FCR, mFRR, and FFR markets in the Nordics, why older air-cooled miners often outperform the latest ASICs in these programs, and why GPU/AI compute can't yet replicate this model economically. Jesse and Lukas also dig into the biggest blocker to scaling in Europe — not politics, but capital and perception — and why Gridmetry is already the largest balancing provider by activated hours in Sweden's SE1 zone. They close with a rapid-fire round covering the best EU market for mining (Northern Sweden), why miners make better "batteries" than actual batteries, heat reuse vs. demand response, and Norway's ongoing Bitcoin mining moratorium. ⏱ TIMESTAMPS 0:00 – Intro 0:52 – Why Gridmetry focuses on Northern Europe 1:55 – State of the bear market & hash price at $30 4:07 – What Gridmetry does: flexibility-as-a-service explained 4:48 – Customer economics: demand response vs. heat reuse revenue 6:46 – Getting paid to be offline vs. mining at 95% uptime 7:40 – Three revenue streams from one megawatt hour 9:03 – How integration works for a mining farm 10:55 – Pricing model & pre-qualification process 11:44 – Requirements to qualify for demand response markets 12:42 – FCR, mFRR, FFR markets explained 13:23 – Preferred miner models (Bitmain, Canaan) 14:11 – Air-cooled vs. hydro-cooled fleets 14:27 – Can AI/GPU compute do the same? (not yet economical) 16:22 – Helping clients source machines 17:13 – Growth: 60MW under contract, where's next 20:48 – Biggest blockers: capital & perception in Europe 23:07 – Bridging Bitcoin and traditional energy conferences 28:12 – The unsolved problem of stranded power 33:34 – US behind-the-meter vs. Germany 34:54 – Rapid fire: best market, minimum size, old vs. new ASICs 35:39 – Are miners "better batteries" than actual batteries? 37:17 – Heat reuse vs. demand response: what's underrated 37:28 – Political blockers to scaling in Sweden 38:03 – Norway's mining moratorium explained 39:21 – Where to find Lukas & Gridmetry 🔗 RESOURCES 📲 HashrateUp Hardware Deals (Telegram): https://t.me/hashrateup 📩 Learn Bitcoin Mining (Free 5-Day Course): https://hashrateup.com/newsletter-sign-up/ #BitcoinMining #DemandResponse #Gridmetry #Nordics #HashrateUp

  3. Jul 6

    A Pulse Check on Bitcoin Mining w/ Kaan Farahani

    🛠 SPONSORED BY - Luxor – Mining software, firmware & hashrate tools https://luxor.tech/ - Altair Technology – ASIC hardware, replacement parts & mining infrastructure Code: HASHRATEUP https://altairtech.io - SoloMining – Home & solo mining made easy Code: HASHRATEUP https://solomining.de 🔗 LINKS FROM THIS EPISODE - Hashrate Index: https://hashrateindex.com/ - Kaan Farahani (X): https://x.com/brightsideBTC - Luxor Bitcoin mining services: hello@luxor.tech or https://luxor.tech 📄 OVERVIEW In this episode of HashrateUp, Jesse sits down with Kaan Farahani, Research Associate at Hashrate Index (Luxor), for a full data-driven pulse check on Bitcoin mining. Starting with a breakdown of Luxor's full-stack platform (pool, firmware, hardware trading, hashrate forward contracts, and ERCOT power services), Kaan and Jesse dig into the hard numbers: Bitcoin price fell from a $125K all-time high to the low $60Ks, USD hashprice hit a fresh all-time low of $27.74/PH/day in June 2026, and network difficulty has now declined for the first-ever recorded bear market in hashrate — down 12.3% year-to-date after peaking in October 2025. The conversation shifts to forward markets, where Kaan unpacks two years of hashrate forward contract data — nearly $300M in trading volume in 2025 alone. The headline finding: every rolling hedge strategy, regardless of duration or denomination, has outperformed spot Bitcoin mining since the 2024 halving. Over the trailing 12 months specifically, dollar-denominated hedges beat spot by up to 9%, while Bitcoin-denominated hedges lagged — a direct result of the ongoing AI/HPC compute competition for power and its effect on network difficulty. Jesse and Kaan also debate why the forward market is currently pricing in a return to 1+ zettahash of network hashrate by October 2026, despite AI/HPC infrastructure buildout showing no signs of slowing — and close out with a look at ERCOT's 4CP summer curtailment season and its seasonal drag on difficulty. ⚠️ DISCLAIMER This content is for informational purposes only and should not be construed as legal, investment, financial, or other advice. Nothing contained in this content constitutes a solicitation, recommendation, endorsement, or offer by Luxor or any Luxor employee to buy or sell any derivatives or other financial instruments in this or any other jurisdiction in which such solicitation or offer would be unlawful under the derivatives laws of such jurisdiction. There are risks associated with trading derivatives. Trading in derivatives involves risk of loss, loss of principal is possible. 🔗 RESOURCES 📲 HashrateUp Hardware Deals (Telegram): https://t.me/hashrateup 📩 Learn Bitcoin Mining (Free 5-Day Course): https://hashrateup.com/newsletter-sign-up/ #BitcoinMining #Hashprice #HashrateIndex #Luxor #MiningData #HashrateUp

  4. Jul 1

    Bitcoin Mining + BLOC = 60% More BTC w/ Steven Wilson

    🛠 Sponsored by: Luxor, Mining software, firmware & hashrate tools https://luxor.tech/ Altair Technology, ASIC hardware, replacement parts & mining infrastructure Code: HASHRATEUP https://altairtech.io SoloMining, Home & solo mining made easy Code: HASHRATEUP https://solomining.de 🔗 Links from this episode: BTC Backed Loans: https://firefish.io?ref=satoshi2984 Wilson Mining: https://wilsonmining.io/ https://x.com/WilsonMining/status/2033302654110065092?s=20 https://x.com/WilsonMining/status/2047725129288110136?s=20 https://x.com/WilsonMining/status/2049635444652978514?s=20 In this episode of HashrateUp, Jesse sits back down with Steven Wilson (Wilson Mining) to break down BLOC — Bitcoin Line of Credit — and why it may be one of the most underused tools for miners trying to survive the current hashprice bear market. Starting with an update on Wilson Mining's move from Iowa to Nebraska and where hashprice sits right now ($32/PH/day), Steven and Jesse get into the core idea: instead of selling mined Bitcoin every month to cover hosting bills, miners can borrow against their BTC holdings and pay operating expenses with the loan — keeping their Bitcoin in place while they wait for better prices. Using a real model (S21 Pro, 245T, hosted at 8¢/kWh, 4-year period, LTV capped at 15%), Steven walks through the numbers: without BLOC, a miner nets 0.02 BTC. With BLOC, that number jumps to 0.32 BTC — a 60% difference in final Bitcoin holdings, driven entirely by not being forced to sell during weak price periods. The conversation also covers why buying ASICs on credit is a bad idea (unlike BTC, they depreciate fast), how LTV and liquidation risk actually work, why rolling lines of credit (Strike-style) beat fixed 12-month loans, and how BLOC ties into US tax strategy for miners. Steven closes with rapid-fire advice on safe starting LTV, liquidation buffers, and the biggest mistake miners make with Bitcoin-backed loans. ⚠️ Neither Jesse nor Steven are financial advisors. This is not financial advice — treat Bitcoin-backed loans with caution and do your own research. TIMESTAMPS: 0:00 Intro & disclaimer 2:30 Wilson Mining update: move from Iowa to Nebraska 5:00 Market conditions: $32 hashprice, -10% difficulty 9:00 What is BLOC? Bitcoin Line of Credit explained 14:00 Commodity storage analogy (corn & soybeans) 18:30 Why you shouldn't buy ASICs on credit 23:00 LTV & liquidation risk explained 27:30 Case study: 0.02 BTC vs 0.32 BTC over 4 years 33:00 Rolling credit lines vs 12-month loans 38:00 Tax advantages for US miners 43:00 Rapid fire: safe LTV, liquidation buffer, biggest mistakes 47:00 Advice for first-time miners 📲 HashrateUp Hardware Deals Telegram: https://t.me/hashrateup 📩 Learn Bitcoin Mining (Free 5 Day Course) https://hashrateup.com/newsletter-sign-up/ #BitcoinMining #BLOC #BitcoinLoan #WilsonMining #Hashprice #HashrateUp

  5. Jun 27

    The First Bitcoin Hashrate Bear Market Ever [NEWS]

    🛠 SPONSORED BY - Luxor – Mining software, firmware & hashrate tools https://luxor.tech/ - SoloMining – Home & solo mining made easy Code: HASHRATEUP https://solomining.de - Altair Technology – Buy Bitcoin mining solutions Code: HASHRATEUP https://altairtech.io - BTC Backed Loans: https://firefish.io?ref=satoshi2984 📄 OVERVIEW In this news episode of HashrateUp, Jesse breaks down what may be the first-ever Bitcoin hashrate bear market — and the structural force behind it: the AI pivot pulling power away from mining for good. Starting with a Hashrate Index update at $31.25/PH/day, Jesse walks through the -10% difficulty drop (with a +5.83% adjustment incoming), the 4CP season, and Texas summer curtailment driving the volatility. But the bigger story is structural: public miners are no longer maximizing hashrate at all costs — they're deciding how much of their power should stay on Bitcoin versus shift to AI and HPC. From there the episode opens into the policy and energy picture reshaping the industry: ERCOT's newly approved Batch Zero framework, 438 GW of data center interconnection requests (5x Texas's all-time peak demand), Microsoft's 2 GW West Texas AI campus, FERC ordering grid operators to fast-track large loads, and PJM's $23B warning as wholesale power costs jump 75% year over year. Plus Oman's mandatory national mining pool, Hive's $220M sovereign AI deal, and why Jesse thinks Luxor's forward hashrate market may be mispriced — a trade he's tempted to fade. The throughline: hashrate may simply not come back this cycle. As more companies pivot to AI, the miners who survive will be the ones who already think like power developers — and that power-first playbook is becoming a real competitive edge. ⏱ TIMESTAMPS 0:00 – Intro & Hashrate Index update — $31.25/PH/day 1:17 – 4CP season, Texas curtailment & the -10% difficulty drop 2:27 – The AI pivot: every article is an AI story 3:33 – ERCOT Batch Zero & 438 GW of data center requests 7:10 – Microsoft's 2GW West Texas AI campus & FERC fast-tracking 9:27 – Oman launches a mandatory national mining pool 11:09 – Sponsor: Luxor & the forward hashrate market 14:49 – Bitcoin miners, AI re-pricing & the first hashrate bear market 18:08 – Data centers blocked & PJM's $23B power cost warning 20:17 – The power-first playbook as a miner's edge 🔗 RESOURCES 📲 HashrateUp Hardware Deals (Telegram): https://t.me/hashrateup 📩 Learn Bitcoin Mining (Free 5-Day Course): https://hashrateup.com/newsletter-sign-up/ #BitcoinMining #Hashrate #AIPivot #ERCOT #Hashprice #HashrateUp

  6. Jun 21

    Introducing My New Venture: Bushmining

    🔗 Bush Mining: Website: https://bushmining.com In this episode of HashrateUp, Jesse introduces Bush Mining, his new venture with partner Conrad, and walks through the live pilot project: a hydro-powered farm in South Africa's Eastern Cape that turns stranded, wasted power into Bitcoin mining revenue. Jesse breaks down the flexible-compute model that makes it work: a site survey identifies surplus power, metering and load controllers measure what's truly available, and ASIC miners soak up only the stranded energy that would otherwise be dumped as heat. Local needs always come first, the load follows the site, and the system can switch off from full load to near-zero in under 0.4 seconds the moment power is needed elsewhere. The conversation then opens up into the bigger picture: why so much renewable generation goes to waste, and how flexible Bitcoin mining can make otherwise unviable energy projects pencil out. Whether you operate a farm with excess solar, sit on stranded hydro, or want to build an energy asset that nobody could justify before, this one shows how surplus power becomes income, fully scalable from a single machine to half a megawatt in a shipping container. TIMESTAMPS: 0:00 Intro: introducing Bush Mining 0:32 The idea: turning wasted power into revenue 0:48 Flexible compute, wherever surplus exists 1:05 The Eastern Cape pilot goes live 1:24 How it works: surplus first, local needs always come first 2:28 Switching off in under 0.4 seconds 3:13 Power source, metering & flexible compute 3:37 Remote operations & load following the site 4:00 The pilot site 4:36 Islanded grid: power that can't be sold 5:18 From dump load to productive mining 5:27 Scalability: one machine to a megawatt 5:59 The 40-year-old hydro dam up close 6:30 Existing dump load vs Bush Mining 7:16 Customer portal preview & next steps 7:24 Who should reach out 🛠 Sponsored by: SoloMining, Home & solo mining made easy Code: HASHRATEUP https://solomining.de Altair Technology, Buy Bitcoin Mining Solutions Code: HASHRATEUP https://altairtech.io Luxor, Mining software, firmware & hashrate tools https://luxor.tech/ 📲 HashrateUp Hardware Deals Telegram: https://t.me/hashrateup 📩 Learn Bitcoin Mining (Free 5 Day Course) https://hashrateup.com/newsletter-sign-up/

  7. Jun 12

    Why This Oil Company Buys Bitcoin Miners for $30 w/ Brad Cuddy

    🔗 Brad Cuddy: Website: https://chollainc.com/energy X (Twitter): https://x.com/_BradCuddy_ LinkedIn: https://www.linkedin.com/in/bradleycuddy/ In this episode of HashrateUp, Jesse sits down with Brad Cuddy, Director of Energy Operations at Cholla Inc., to unpack the "ASIC retirement home" strategy: buying S19 J Pros for $30 a unit and making them profitable on ultra-cheap Texas power. Brad explains how Cholla, a three-generation oil & gas exploration company, turned its mining arm into an R&D lab for the wider industry: flexible-load curtailment in ERCOT's energy-only market, early bets on hydro and immersion cooling, and breaking even by mining only when power is cheap. The conversation then widens into the structural shift reshaping mining: pubcos liquidating fleets, megawatts and ASICs being lost to the AI pivot, and what that means for US hashrate. Whether you run flexible load, hunt for low-cost ASICs, or want to understand where Bitcoin mining goes as AI swallows power capacity, this one is packed with ground-level insight from someone operating at the source. TIMESTAMPS: 0:00 Intro & the $30 ASIC tweet 1:30 What Cholla Inc. actually does 5:00 Flexible load: mining only when power is cheap 8:30 Why Bitcoin is the most unique commodity business 12:00 Demand-response software stack (Load, Foreman, Luxor) 15:30 Curtailment strike prices & response times 18:30 Whatsminer vs custom firmware for flexible load 22:00 The $30 S19 J Pro retirement home strategy 26:00 Scrap value as the new price floor 29:00 Pubcos, AI pivot & where lost hashrate goes 33:00 Securing megawatts in B/C-tier jurisdictions 36:00 Oil exploration, Waha pricing & powered-land development 40:00 Rapid fire: best units, hydro vs air, efficiency jumps 🛠 Sponsored by: SoloMining, Home & solo mining made easy Code: HASHRATEUP https://solomining.de Altair Technology, Buy Bitcoin Mining Solutions Code: HASHRATEUP https://altairtech.io Luxor, Mining software, firmware & hashrate tools https://luxor.tech/ 📲 HashrateUp Hardware Deals Telegram: https://t.me/hashrateup 📩 Learn Bitcoin Mining (Free 5 Day Course) https://hashrateup.com/newsletter-sign-up/

  8. Jun 6

    AI Is Stealing Bitcoin Mining Sites in Texas w/ Ryan Nuckolls

    🔗 GUEST & LINKS - Ryan Nuckolls (LinkedIn): https://www.linkedin.com/in/ryan-nuckolls-36a9975b - Ryan Nuckolls (X): https://x.com/RyanNuckolls_ - Texas Energy Group (Website): https://texasenergygroup.com - Energy Management: https://texasenergygroup.com/energy-management/ 📄 OVERVIEW In this episode of HashrateUp, Jesse sits down with Ryan Nuckolls from Texas Energy Group to unpack what is really happening on the ground in Texas power, AI data centers, and Bitcoin mining site development. Ryan explains how TEG works from "permit to power," why AI and HPC buyers are changing the value of energized land, and why Bitcoin miners are increasingly being pushed behind the meter into stranded energy, flare gas, small-scale gas generation, and more flexible power situations. The conversation gets into ERCOT, power trading, land deals, timelines, natural gas generation, grid interconnections, the AI bubble question, why AI can outbid Bitcoin miners for premium electrons, and why cheap ASIC prices may still create one of the more interesting mining opportunities if hashprice turns. ⏱ TIMESTAMPS 0:00 – Intro 0:39 – Ryan returns to HashrateUp 0:48 – Texas Energy Group and the AI pivot 3:00 – From oil and gas power to "permit to power" infrastructure 5:30 – How long energy and land development deals actually take 6:29 – Permitting, counties, and political risk 8:55 – Does AI baseload demand help the Texas grid? 9:20 – AI bubble risk and the dot-com comparison 12:24 – What happens to a 10 MW mining site if mining disappears? 15:01 – Natural gas, grid power, BESS, and backup generation 18:20 – Bitcoin miners vs AI data centers: speed, scale, and timelines 21:08 – Why air-cooled Bitcoin miners are moving behind the meter 21:20 – Where Ryan thinks hash rate goes next 24:04 – Why AI can outbid Bitcoin miners for electrons 27:00 – Europe, Germany, and the U.S. compute opportunity 30:25 – Are developers overbuilding for AI? 33:05 – Why cheap ASICs may still be a good bet 33:31 – Rapid fire 36:09 – Ryan's favorite gas engine setup 🛠 SPONSORED BY - SoloMining – Home & solo mining made easy Code: HASHRATEUP https://solomining.de - Altair Technology – Buy Bitcoin mining solutions Code: HASHRATEUP https://altairtech.io 🔗 RESOURCES 📲 HashrateUp Hardware Deals (Telegram): https://t.me/hashrateup 📩 Learn Bitcoin Mining (Free 5-Day Course): https://hashrateup.com/newsletter-sign-up/ #BitcoinMining

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About

HashrateUp is a podcast that delves into Bitcoin mining and exciting projects, utilizing hashrate production to unlock new potentials in the broader energy industry. From details about innovative mining operations to exciting applications powered by classic energy resources, we’ll discuss the various ways the Bitcoin network is powered and its impact on the environment. Join us as we talk with industry experts, researchers, and thought leaders to understand how Bitcoin is shaping the future of power and investigate the energy challenges and opportunities Bitcoin and its ecosystem bring to the table. Whether you are an industry professional, thought leader, or…

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