HashrateUp - A Bitcoin Mining Podcast

Hosted by Jesse

TechnologyInterviews guests

Website RSS feed

Episodes

151

Latest episode

Jun 2026

Language

About the show

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…

Listen to episodes

60 recent

June 12, 202643 min

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

🔗 Brad Cuddy:Website: https://chollainc.com/energyX (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 tweet1:30 What Cholla Inc. actually does5:00 Flexible load: mining only when power is cheap8:30 Why Bitcoin is the most unique commodity business12:00 Demand-response software stack (Load, Foreman, Luxor)15:30 Curtailment strike prices & response times18:30 Whatsminer vs custom firmware for flexible load22:00 The $30 S19 J Pro retirement home strategy26:00 Scrap value as the new price floor29:00 Pubcos, AI pivot & where lost hashrate goes33:00 Securing megawatts in B/C-tier jurisdictions36:00 Oil exploration, Waha pricing & powered-land development40:00 Rapid fire: best units, hydro vs air, efficiency jumps🛠 Sponsored by:SoloMining, Home & solo mining made easyCode: HASHRATEUPhttps://solomining.deAltair Technology, Buy Bitcoin Mining SolutionsCode: HASHRATEUPhttps://altairtech.ioLuxor, Mining software, firmware & hashrate toolshttps://luxor.tech/📲 HashrateUp Hardware DealsTelegram: https://t.me/hashrateup📩 Learn Bitcoin Mining (Free 5 Day Course)https://hashrateup.com/newsletter-sign-up/

June 6, 202637 min

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

🔗 Ryan Nuckolls:LinkedIn: https://www.linkedin.com/in/ryan-nuckolls-36a9975bX (Twitter): https://x.com/RyanNuckolls_🔗 Texas Energy Group:Website: https://texasenergygroup.comEnergy Management: https://texasenergygroup.com/energy-management/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 Intro0:39 Ryan returns to HashrateUp0:48 Texas Energy Group and the AI pivot3:00 From oil and gas power to "permit to power" infrastructure5:30 How long energy and land development deals actually take6:29 Permitting, counties, and political risk8:55 Does AI baseload demand help the Texas grid?9:20 AI bubble risk and the dot-com comparison12:24 What happens to a 10 MW mining site if mining disappears?15:01 Natural gas, grid power, BESS, and backup generation18:20 Bitcoin miners vs AI data centers: speed, scale, and timelines21:08 Why air-cooled Bitcoin miners are moving behind the meter21:20 Where Ryan thinks hash rate goes next24:04 Why AI can outbid Bitcoin miners for electrons27:00 Europe, Germany, and the U.S. compute opportunity30:25 Are developers overbuilding for AI?33:05 Why cheap ASICs may still be a good bet33:31 Rapid fire36:09 Ryan's favorite gas engine setup🛠 Sponsored by:SoloMining - Home & solo mining made easyCode: HASHRATEUPhttps://solomining.deAltair Technology - Buy Bitcoin Mining SolutionsCode: HASHRATEUPhttps://altairtech.io📲 HashrateUp Hardware DealsTelegram: https://t.me/hashrateup📩 Learn Bitcoin Mining (Free 5 Day Course)https://hashrateup.com/newsletter-sign-up/

June 1, 202633 min

Hydro vs Immersion: Bitcoin Mining Infrastructure Reality Check w/ Matthew Carson

🔗 Matthew Carson:LinkedIn: https://www.linkedin.com/in/matthew-carson-354b4715a/🔗 Hash House:Website: https://hashhouse.tech/LinkedIn: https://www.linkedin.com/company/hashhouse/In this episode of HashrateUp, Jesse sits down with Matthew Carson, Chief Business Officer at Hash House, to break down the real-world tradeoffs behind Bitcoin mining infrastructure, hydro cooling, immersion cooling, ASIC deployments, and the future of high-density compute.Matthew has worked across large-scale mining and infrastructure projects for more than a decade, including projects across hundreds of megawatts and multiple countries. In this conversation, he explains why cheap infrastructure can destroy long-term mining ROI, how operators should think about hydro vs immersion systems, and what actually matters when building containers, power setups, and cooling systems that need to survive real field conditions.What's covered in this episode:Jesse and Matthew discuss Hash House's liquid-cooled mining infrastructure, ASIC manufacturer differences, hydro container design, immersion tradeoffs, generator deployments, power-price strategy, and why total realized hashrate over a machine's lifespan matters more than simple spreadsheet assumptions.They also get into the AI/HPC overlap, why converting Bitcoin mining sites into AI data centers is not as simple as many people think, and how miners should evaluate long-term infrastructure decisions as compute density keeps rising.Timestamps:0:00 Intro0:32 Matthew Carson & Hash House1:03 What Hash House builds2:46 Hydro vs immersion: which would Matthew choose?5:53 ASIC form factors & the Bitmain compatibility problem7:12 Custom containers, lead times & generator setups8:56 Why premium mining infrastructure wins10:38 Altair ad / hardware sales11:29 What miners miss about cooling systems12:35 30-year containers vs cheap infrastructure14:28 Bitcoin mining shifts toward curtailable low-cost power17:27 Total realized hashrate over equipment lifespan18:34 Best ASIC manufacturers to buy20:21 Excel models vs real-world failure rates22:04 Solo mining ad22:47 Chinese manufacturing quality & German components25:11 AI/HPC pivot: why it is not as simple as it looks27:00 Hybrid AI + Bitcoin mining power strategy29:22 Biggest and most interesting deployments31:13 Rapid fire mining infrastructure questions32:35 Where to find Hash House / closing🛠 Sponsored by:SoloMining – Home & solo mining made easy Code: HASHRATEUP https://solomining.deAltair Technology – Buy Bitcoin Mining Solutions Code: HASHRATEUP https://altairtech.io📲 HashrateUp Hardware Deals Telegram: https://t.me/hashrateup📩 Learn Bitcoin Mining (Free 5 Day Course) https://hashrateup.com/newsletter-sign-up/Subscribe for more Bitcoin mining conversations, mining infrastructure breakdowns, ASIC market insights, and hashrate strategy.#BitcoinMining #HydroCooling #ImmersionCooling #ASICMining

May 28, 202618 min

Nobody Is Buying Bitcoin Miners Anymore [NEWS]

In this NEWS episode of HashrateUp, Jesse breaks down the latest earnings reports, structural shifts, and AI pivots reshaping the Bitcoin mining industry.From Bitdeer's collapsing miner sales and Canaan's $23M quarterly loss to Mara dumping 38% of its Bitcoin treasury and laying off 15% of staff, the signals all point one direction: nobody is buying miners, and the companies that own power are pivoting hard to AI. Meanwhile, AI-focused funds like Situational Awareness LP are quietly accumulating mining stocks, not for the hashrate, but for the energized megawatts underneath.Jesse also covers the Luxor halving retrospective, Bitfufu's Ethiopia outage, the latest Q2 hashrate heatmap, and what an 8 to 50x capex gap between AI data centers and Bitcoin mines means for the future of US hashrate.TIMESTAMPS:0:00 Intro0:24 Bitdeer earnings: 143% inventory surge, 84% drop in machine sales2:12 Canaan Q1: $23M gross loss, joint mining projects4:14 Avalon hydro miner pricing & efficiency gap5:15 Luxor: two years after the halving5:50 Bitfufu Ethiopia outage & "all-in" cost transparency8:21 Situational Awareness LP: AI funds buying miners for power12:41 BlockSpace report: 8 to 50x capex gap between AI and BTC mining14:21 New West Data: stranded gas in Alberta15:18 Q2 2026 global hashrate heatmap17:09 Mara: 38% of BTC sold, 15% layoffs, AI pivot confirmed🛠 Sponsored by:SoloMining – Home & solo mining made easyCode: HASHRATEUPhttps://solomining.deAltair Technology – Buy Bitcoin Mining SolutionsCode: HASHRATEUPhttps://altairtech.io📩 HashrateUp Newsletterhttps://hashrateup.com/newsletter-sign-up/📲 HashrateUp Hardware DealsTelegram: https://t.me/hashrateup#BitcoinMining #BitcoinNews #AIDataCenters #HashrateUp #Mara #Bitdeer #Canaan #Bitfufu

May 19, 202646 min

The PhD Data Bitcoin's Critics Don't Want to See w/ Dr. Margot Paez

🔗 Dr. Margot Paez:X (Twitter): https://x.com/jyn_ursoLinkedIn: https://www.linkedin.com/in/margotpaez/BPI Profile: https://www.btcpolicy.org/authors/margot-paez📄 PhD Thesis: https://github.com/dmrobotix/phd/blob/main/dissertation.pdfIn this episode of HashrateUp, Jesse sits down with Dr. Margot Paez, PhD researcher and fellow at the Bitcoin Policy Institute, to dig into the first empirical study of Bitcoin mining load flexibility across North American facilities.Dr. Paez collected hourly energy consumption data from 21 Bitcoin mining facilities and built a full network simulation model to study how miners respond to real-time price signals, curtailment incentives, and grid conditions. The conversation covers what the data actually shows about miner flexibility, why Texas facilities outperform the rest, what grid operators in other regions are getting wrong, and how the ongoing shift of public miners toward AI workloads threatens to permanently reduce one of the grid's most valuable flexible loads.The episode also explores the parallels between Bitcoin mining energy FUD and the emerging AI narrative, why academic research on data centers keeps getting it wrong, and what policymakers on Capitol Hill actually need to understand about this industry.0:00 Introduction & what a BPI fellow does2:04 How BPI shaped Bitcoin policy in the US4:42 How Margot got into Bitcoin from climate science8:43 Why academics keep getting Bitcoin mining wrong18:17 The PhD thesis: goals, data, and methodology20:46 Load flexibility findings: Texas vs the rest25:27 Why some miners are not flexible and what to do about it27:21 Bitcoin vs AI: why grid flexibility doesn't transfer37:45 AI pivot, hashrate decline, and what it means for the grid42:05 Rapid fire: hardest data, biggest misconceptions, what miners should stop claiming🛠 Sponsored by:SoloMining – Home & solo mining made easyCode: HASHRATEUPhttps://solomining.deAltair Technology – Buy Bitcoin Mining SolutionsCode: HASHRATEUPhttps://altairtech.io📲 HashrateUp Hardware DealsTelegram: https://t.me/hashrateup📩 HashrateUp Newsletterhttps://hashrateup.com/newsletter-sign-up/

May 14, 202632 min

What If Your Heater Paid Your Electricity Bill? w/ Max Obwexer

🔗 Max Obwexer (21energy):Website: https://21energy.comX: https://x.com/21energy_comLinkedIn: https://www.linkedin.com/in/maximilianobwexerIn this episode of HashrateUp, Jesse sits down with Max Obwexer, Co-Founder & CEO of 21energy, to explore how Bitcoin mining hardware is being turned into residential heating infrastructure — and why it still makes economic sense even at historic low hash prices.Max breaks down the real numbers behind Bitcoin heating versus heating oil in Austria, introduces the 21energy Port for solar automation via Home Assistant, and explains how 21energy is building a platform that aggregates thousands of distributed heating devices for grid balancing — creating additional revenue streams on top of hashrate and heat.0:00 Intro1:21 Company overview3:04 Bitcoin heating economics5:17 Low hash price — does it still make sense?11:50 Why Europe comes first13:30 Grid balancing platform20:35 The 21energy Port25:36 Product roadmap29:11 Rapid fire🛠 Sponsored by:SoloMining – Home & solo mining made easyCode: HASHRATEUPhttps://solomining.deAltair Technology – Buy Bitcoin Mining SolutionsCode: HASHRATEUPhttps://altairtech.io📲 HashrateUp Hardware DealsTelegram: https://t.me/hashrateup📩 HashrateUp Newsletterhttps://hashrateup.com/newsletter-sign-up/

May 11, 202650 min

The West Texas Loophole Bitcoin Miners Are Exploiting w/ Chris Alfano

🔗 Chris Alfano:Website: https://360energyco.comLinkedIn: https://www.linkedin.com/in/christopher-alfano-a195a058/X (Twitter): https://x.com/chrisallfanoIn this episode of HashrateUp, Jesse sits down with Chris Alfano, CEO of 360 Energy, to break down one of the most overlooked power cost advantages in Bitcoin mining: negative-priced natural gas in West Texas.Chris explains why the Waha Hub has traded at negative prices 70% of the time over the last three years, what's driving that structural imbalance in the Permian Basin, and how Bitcoin miners can co-locate at stranded gas sites to access energy costs that go below zero. The conversation covers 360 Energy's origin story, two and a half years of off-grid R&D, their APEX gas offtake model, and the contrarian case for deploying into Bitcoin mining right now while the rest of the industry pivots to AI.Whether you're an operator looking for your next marginal cost of power or a miner sitting on older-generation ASICs wondering where to redeploy them, this episode lays out a concrete playbook for mining profitably in a low hash price environment.0:00 Introduction & 360 Energy background7:00 Raising $6M in 2021 and the school of hard knocks15:51 The AI pivot and the contrarian case for Bitcoin mining22:00 Why West Texas gas trades negative: Permian Basin explained28:24 $1,800/day revenue per 1.2 MW just for consuming gas35:48 ASIC redeployment: off-grid sites as a hospice for older miners43:13 Scale, service model, and rapid fire questions🛠 Sponsored by:SoloMining – Home & solo mining made easyCode: HASHRATEUPhttps://solomining.deAltair Technology – Buy Bitcoin Mining SolutionsCode: HASHRATEUPhttps://altairtech.io📲 HashrateUp Hardware DealsTelegram: https://t.me/hashrateup📩 HashrateUp Newsletterhttps://hashrateup.com/newsletter-sign-up/#BitcoinMining #OffGridMining #NegativeEnergyPrices #WestTexas #HashrateUp #ASIC #BitcoinMiner

May 7, 202613 min

CoinShares: 1 in 5 Bitcoin Miners Is Unprofitable Right Now [NEWS]

In this episode of HashrateUp, Jesse breaks down the latest Bitcoin mining news -- from hash price and difficulty trends to public miner financials, Bhutan's Bitcoin sell-off, AI competition for power, and new developments from Luxor, Tether, and the solo mining community.What are public miners actually paying to produce one Bitcoin once you factor in salaries, financing, and overhead beyond the electricity bill? Jesse challenges the "3.8 cents all-in" narrative from Riot's Q1 2026 report and questions whether large-scale miners are truly profitable at current prices. Also covered: CoinShares estimates up to 20% of miners are now below breakeven, Bhutan has offloaded 70% of its Bitcoin reserves in 18 months, and Anthropic's multi-gigawatt compute deal is intensifying competition for cheap power across the U.S.On the innovation side: Tether and Canaan are developing modular mining infrastructure that separates compute from power and enclosure, Luxor has committed to a $100M MicroBT hardware purchase alongside a new miner OS for the M50 series, and the Parasite Pool mined its second block just 48 days after its first.0:00 Hash price, difficulty & mempool update1:47 Seal Miner A4 & Riot sells BTC to fund AI pivot2:22 What public miners actually pay to produce 1 BTC3:51 Bhutan sold 70% of its Bitcoin in 18 months5:57 AI is competing for miners' cheap power (Anthropic)7:17 CoinShares: 20% of miners unprofitable8:51 Parasite Pool mines 2nd block in 48 days9:59 Hut 8, Tether x Canaan & Luxor x MicroBT🛠 Sponsored by:SoloMining -- Home & solo mining made easyCode: HASHRATEUPhttps://solomining.deAltair Technology -- Buy Bitcoin Mining SolutionsCode: HASHRATEUPhttps://altairtech.io📲 HashrateUp Hardware DealsTelegram: https://t.me/hashrateup📩 HashrateUp Newsletterhttps://hashrateup.com/newsletter-sign-up/#BitcoinMining #BitcoinNews #HashPrice #MiningNews #HashrateUp

May 1, 202630 min

This Esports Giant Is Quietly Building a Bitcoin Empire w/ Carl Agren

🔗 Carl Agren:LinkedIn: https://www.linkedin.com/in/carl-agren-6921068/🔗 NIP Group:Website: https://miningninjas.comInvestor Relations: https://nipg.comIn this episode of HashrateUp, Jesse sits down with Carl Agren, CEO of Mining and Digital Assets at NIP Group, to explore how one of the world's most iconic esports brands quietly built 11.3 EH/s of Bitcoin mining across multiple global jurisdictions.Carl breaks down the deal structure behind NIP's mining buildout, why the company is staying focused on Bitcoin rather than chasing the AI data center hype, and what makes the AI pivot so dangerous for public miners who don't understand liquidated damages. He also shares his outlook on hash price, why he models NIP's strategy after CleanSpark, and where the company is hunting for stranded energy opportunities next.0:00 Intro: From Counter-Strike fan to interviewing NIP's mining CEO1:00 How NIP went from esports to 11.3 EH/s of Bitcoin mining3:45 Carl's background: co-founding G42 and the Phoenix Group IPO in Abu Dhabi4:31 The AI pivot debate: why NIP is staying selective and not jumping on the bandwagon7:43 AI power demand: 400 GW needed for AGI, data center cancellations, community pushback13:45 Why long-term Bitcoin mining thinking is nearly impossible for public companies15:40 NIP's current strategy: lean operations, energy arbitrage, stranded power opportunities18:00 Hash price outlook, the rainbow curve, and Bitcoin by end of 202626:49 Rapid fire: BTC price, CleanSpark, hydro vs immersion, HODL vs yield🛠 Sponsored by:SoloMining – Home & solo mining made easyCode: HASHRATEUPhttps://solomining.deAltair Technology – Buy Bitcoin Min

April 27, 202624 min

Braiins Just Built a Hashrate Market w/ Ryan Miller

🔗 Ryan Miller (Braiins):X (Twitter): https://x.com/ryanmllr107Telegram: https://t.me/ryanmiller_braiinsBraiins Hashpower: https://hashpower.braiins.com/In this episode of HashrateUp, Jesse sits down with Ryan Miller, Director of Business Development at Braiins, to explore the newly launched Hashpower platform — a marketplace where anyone can buy and sell Bitcoin hashrate directly.They cover how Braiins sources liquidity for the platform, what makes it fundamentally different from traditional cloud mining, and who it's actually built for — from retail solo miners to institutional buyers. Ryan also shares his background in FinTech consulting, why he made the move to Bitcoin mining, and why he believes the AI narrative will eventually swing back in Bitcoin's favor.🛠 Sponsored by:SoloMining – Home & solo mining made easyCode: HASHRATEUPhttps://solomining.deAltair Technology – Buy Bitcoin Mining SolutionsCode: HASHRATEUPhttps://altairtech.io📲 HashrateUp Hardware DealsTelegram: https://t.me/hashrateup📩 HashrateUp Newsletter → https://hashrateup.com/newsletter-sign-up/0:00 Introduction & Ryan's background3:24 Why Bitcoin mining felt organic after EY8:33 Braiins Hashpower platform: what problem does it solve?11:44 How hashrate liquidity is sourced (firmware, pool, own ops)16:29 Buying hashrate vs cloud mining: the key distinction18:52 Growth since launch & the solo block story