Blockspace: AI & Bitcoin

Get your tickets to OPNEXT 2026 before prices increase! Join us on April 16 in NYC for technical discussions, investor talks, and intimate conversation with the brightest minds in Bitcoin. Welcome back to The Blockspace Podcast! Today, Hut 8 CEO Asher Genoot, Luxor Head of Financial Services Matt Williams, and Bitcoin Policy Institute Head of Government Affairs Ken Egan join us to respectively talk about the latest in Hut 8’s AI expansion, the regulatory battle over stablecoin rewards in the CLARITY Act, and Luxor’s new energy and financing offerings for AI operators. Plus, for news, we dive deep into why Marathon Digital is selling BTC to retire debt, how Coinbase and Better Homes and Finance secured a historic mortgage win with Fannie Mae-approved crypto-backed home loans, and why markets are backsliding going into the weekend. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Next difficulty adjustment expected at +4.5%. * MARA sold 15,133 BTC ($1.1B) to retire $1B in debt. * Fannie Mae rubberstamps crypto-backed mortgages from Coinbase/Better Homes. * CLARITY Act nearing finish line Timestamps: 00:00 Start 01:19 Difficulty Report by Hashrate Index 04:58 CLARITY Act update 31:39 Asher Genoot, HUT8 44:49 Matt Williams, Luxor 1:01:07 MARA selling BTC 1:22:13 Market update = bad :( 👉CleanSpark 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. 👉Luxor, Blockspace's preferred mining pool Bitcoin mining revenue changes every day. Difficulty adjusts. Fees move. Prices shift. And that makes it hard to plan. Luxor Pool’s Fixed Payouts let miners lock in revenue at a guaranteed daily rate for up to 18 months. According to Hashrate Index, miners who used rolling fixed payout strategies since the last halving have outperformed FPPS mining by up to 15 percent. Fixed Payouts give you predictable daily revenue, so you can plan, budget, and grow with confidence. With Luxor, uncertainty is optional. Learn more at luxor.tech/mining Learn more about your ad choices. Visit megaphone.fm/adchoices

Get your tickets to OPNEXT 2026 before prices increase! Join us on April 16 in NYC for technical discussions, investor talks, and intimate conversation with the brightest minds in Bitcoin. Welcome back to The Blockspace Podcast! Today, Jay Patel, Founder of Lygos Finance, joins us to talk about tremors in private credit markets and how they might affect bitcoin-backed credit markets, and Blockspace podcaster Gwart hops on to discuss crypto’s year of soul-searching. We also dive into Tether’s first-ever audit, why the banks beat crypto in the latest draft of the CLARITY Act, and the emergence of a new Bitcoin client. Finally, we break down the incredible story of the unlikely hiding place for an Irish Drug dealer’s bitcoin stash. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: • Tether seeks first Big Four audit vs Circle. • Banks beat crypto in CLARITY Act. • Irish authorities seized 500 BTC from dealer. • Private credit faces risks as Blue Owl, others alter redemptions. • New Bitcoin client makes the “conservative case” for BTC Timestamps: 00:00 Start 02:35 Tether audit 16:30 CLARITY Act update 28:44 Gwart 47:07 Jay Patel from Lygos on Private Credit 1:02:18 New Bitcoin software client 1:12:10 Irish weed dealer's BTC gets seized 👉CleanSpark 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. 👉Luxor, Blockspace's preferred mining pool Bitcoin mining revenue changes every day. Difficulty adjusts. Fees move. Prices shift. And that makes it hard to plan. Luxor Pool’s Fixed Payouts let miners lock in revenue at a guaranteed daily rate for up to 18 months. According to Hashrate Index, miners who used rolling fixed payout strategies since the last halving have outperformed FPPS mining by up to 15 percent. Fixed Payouts give you predictable daily revenue, so you can plan, budget, and grow with confidence. With Luxor, uncertainty is optional. Learn more at luxor.tech/mining Learn more about your ad choices. Visit megaphone.fm/adchoices

Get your tickets to OPNEXT 2026 before prices increase! Join us on April 16 in NYC for technical discussions, investor talks, and intimate conversation with the brightest minds in Bitcoin. Welcome back to The Blockspace Podcast! Today, we check the market’s pulse as risk-on assets rally following a postponement in US strikes on Iran, and we look into the data that is making the Fed hawkish and what that means for bitcoin. Plus, Ryan Gentry, CEO of Bitcoin Infrastructure Corp, joins us to talk about the evolution of agentic payments with the Lightning Network. We also break the latest sweep of layoffs in the crypto sector; Strategy’s stock offerings for $21 billion in MSTR, $21 billion in STRC, and $2.1 billion in STRKl; and Marathon’s entrance into the AI software landscape. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Bitcoin popped back above $70,000. * Gold touched $4,100/oz after a 10% weekly drop. * Inflation expectations surged to 5.2%. * 30-year bond yield moved up by 30 basis points since outbreak of Iran war * Strategy files to sell $21B each of MSTR and STRC * Strategy has purchased more BTC in Q1 2026 than any quarter except for Q4 2024 Timestamps: 00:00 Start 01:39 Fed Reserve vs Iran 12:57 Machine to machine payments x402 30:33 Crypto Layoffs 39:02 MSTR is at it again! 47:37 MARA goes AI, kind of? 👉CleanSpark 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. 👉Luxor, Blockspace's preferred mining pool Bitcoin mining revenue changes every day. Difficulty adjusts. Fees move. Prices shift. And that makes it hard to plan. Luxor Pool’s Fixed Payouts let miners lock in revenue at a guaranteed daily rate for up to 18 months. According to Hashrate Index, miners who used rolling fixed payout strategies since the last halving have outperformed FPPS mining by up to 15 percent. Fixed Payouts give you predictable daily revenue, so you can plan, budget, and grow with confidence. With Luxor, uncertainty is optional. Learn more at luxor.tech/mining Learn more about your ad choices. Visit megaphone.fm/adchoices

Get your tickets to OPNEXT 2026 before prices increase! Join us on April 16 in NYC for technical discussions, investor talks, and intimate conversation with the brightest minds in Bitcoin. Welcome back to The Blockspace Podcast! Today, Aydin Kilic, CEO of HIVE Digital Technologies, joins us to talk about the company’s AI shift, and Bitcoin developer Portland Hodl joins us to discuss how AI is disrupting the software engineering industry. We also break down Nasdaq's SEC approval for tokenized equity trading, and the upcoming Netflix series on the FTX collapse produced by the Obamas, and an update on the CLARITY Act. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Bitcoin difficulty drops by 7.23%. * Hashrate down over 100 EH/s recently. * HIVE BC site targeting 12.5MW by 2027. * Grace Blackwell GPUs earn $60M/year per 5MW. * Nasdaq cleared to offer tokenized trading * Coinbase opens perpetual futures trading to non-US users * CLARITY Act could advance to Senate floor next month Timestamps: 00:00 Start 02:29 Difficulty Report By Hashrate Index 13:11 Netflix FTX adaptation 19:30 Portland Hodl 32:19 SEC approves Nasdaq for tokenized securities 37:36 Morgan Stanley ETF 40:31 Aydin Kilic - CEO at HIVE 1:06:15 Bitcoin Bugle & Maxi Madness 1:15:12 CLARITY Act update 👉CleanSpark 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. 👉Luxor, Blockspace's preferred mining pool Bitcoin mining revenue changes every day. Difficulty adjusts. Fees move. Prices shift. And that makes it hard to plan. Luxor Pool’s Fixed Payouts let miners lock in revenue at a guaranteed daily rate for up to 18 months. According to Hashrate Index, miners who used rolling fixed payout strategies since the last halving have outperformed FPPS mining by up to 15 percent. Fixed Payouts give you predictable daily revenue, so you can plan, budget, and grow with confidence. With Luxor, uncertainty is optional. Learn more at luxor.tech/mining Learn more about your ad choices. Visit megaphone.fm/adchoices

Francis Corvino, of Lygos Finance joins us to talk about the Blockfills bankruptcy filing, their $145M in unsecured claims, and why the 2022 "hangover" is still claiming victims today. We also dive into Kraken’s decision to delay its public offering, the SEC’s long-awaited guidance on token offerings, and the meteoric rise of Circle’s stock following Clarity Act talks. Finally, we warn you about the sophisticated Lazarus Group phishing campaign that hit Bitrefill and targeted seasoned developers. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Kraken delayed IPO due to market conditions. * Blockfills: $145M in unsecured claims reported. * Lazarus Group hack targeted Bitrefill via Telegram. Timestamps: 00:00 Start 03:33 Kraken IPO delay 12:06 Lygos Finance on Bitfills 26:09 SEC clarity on crypto assets 34:59 Vanity Fair hit piece 47:44 Ledn & the Bitcoin loan market 1:02:42 Cathedra on HPC & mining 👉CleanSpark 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. 👉Luxor, Blockspace's preferred mining pool Bitcoin mining revenue changes every day. Difficulty adjusts. Fees move. Prices shift. And that makes it hard to plan. Luxor Pool’s Fixed Payouts let miners lock in revenue at a guaranteed daily rate for up to 18 months. According to Hashrate Index, miners who used rolling fixed payout strategies since the last halving have outperformed FPPS mining by up to 15 percent. Fixed Payouts give you predictable daily revenue, so you can plan, budget, and grow with confidence. With Luxor, uncertainty is optional. Learn more at luxor.tech/mining Learn more about your ad choices. Visit megaphone.fm/adchoices

Get your tickets to OPNEXT 2026 before prices increase! Join us on April 16 in NYC for technical discussions, investor talks, and intimate conversation with the brightest minds in Bitcoin. Welcome back to The Blockspace Podcast! Today, we dive into reports that Coinbase is allegedly lobbying against the de minimis tax exemption for BTC purchases in the CLARITY Act and the bitcoin miners caught up in the Blockfills bankruptcy. Plus, for today’s guests, Chad Masters and Danny Plainview, co-founders of OP_NET, join us to discuss their $5M raise and vision for Bitcoin-based smart contracts, and Hashlabs analysts Valentin Rousseau breaks down his latest report that scores which countries are the best for mining bitcoin. Plus, for this week’s cry corner, why Stanley Druckenmiller is fading bitcoin after supporting it as early as 2020. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Bitcoin price hits $74k * Coinbase allegedly lobbying against BTC tax breaks. * OP_NET announced a $5 million fundraise. * Blockfills undergoes bankruptcy proceedings. Timestamps: 00:00 Start 01:19 Former UBER CEO comes out of stealth 06:17 COINBASE vs de minimus, TFTC??? 15:41 Is OPNET spam? 33:19 Best & Worst Places to Mine BTC 47:48 Blockfills files chapter 11 56:48 Druckenmiller dunks on BTC 👉CleanSpark 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. 👉Luxor, Blockspace's preferred mining pool Bitcoin mining revenue changes every day. Difficulty adjusts. Fees move. Prices shift. And that makes it hard to plan. Luxor Pool’s Fixed Payouts let miners lock in revenue at a guaranteed daily rate for up to 18 months. According to Hashrate Index, miners who used rolling fixed payout strategies since the last halving have outperformed FPPS mining by up to 15 percent. Fixed Payouts give you predictable daily revenue, so you can plan, budget, and grow with confidence. With Luxor, uncertainty is optional. Learn more at luxor.tech/mining Learn more about your ad choices. Visit megaphone.fm/adchoices

Get your tickets to OPNEXT 2026 before prices increase! Join us on April 16 in NYC for technical discussions, investor talks, and intimate conversation with the brightest minds in Bitcoin. Welcome back to Blockspace! Today, Alex B, Ecosystem Lead at Ark Labs joins us to talk about their massive $5.2M raise led by Tether and the push for programmable finance on Bitcoin. We also sit down with Rory Murray of CleanSpark and Alex Bloom of Two Prime to discuss the "beach ball" state of the market and how institutional lenders are navigating high volatility. Finally, we expose the IRS’s new 1099-DA form "perjury trap" and settle the debate on when the 20 millionth Bitcoin was actually mined. Timestamps: 00:00 Start 01:55 Bitcoin price action 04:29 Hashrate Index update by Luxor 08:58 Ark Labs seed round 30:43 CLSK & Two Prime 46:50 Luxor & ASIC prices 1:00:33 IRS trap 1:07:45 Binance & CZ 1:19:39 Cry Corner: 20M BTC Mined 👉CleanSpark 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. 👉Luxor, Blockspace's preferred mining pool Bitcoin mining revenue changes every day. Difficulty adjusts. Fees move. Prices shift. And that makes it hard to plan. Luxor Pool’s Fixed Payouts let miners lock in revenue at a guaranteed daily rate for up to 18 months. According to Hashrate Index, miners who used rolling fixed payout strategies since the last halving have outperformed FPPS mining by up to 15 percent. Fixed Payouts give you predictable daily revenue, so you can plan, budget, and grow with confidence. With Luxor, uncertainty is optional. Learn more at luxor.tech/mining Learn more about your ad choices. Visit megaphone.fm/adchoices

Get your tickets to OPNEXT 2026 before prices increase! Join us on April 16 in NYC for technical discussions, investor talks, and intimate conversation with the brightest minds in Bitcoin. Welcome back to The Blockspace Podcast! Today, Nazar Khan, CTO of TeraWulf, joins us to talk about the company's expansion into AI and HPC. We dive deep into their new sites in Kentucky and Maryland, the strategy behind repurposing brownfield industrial infrastructure, and why battery storage is the key to grid reliability. Nazar explains the transition from bitcoin mining to AI loads and how TeraWulf plans for its bitcoin mining fleet amid the AI expansion. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Targeting 480MW capacity in Kentucky by H2 2027. * Maryland site to feature 1GW load and generation. * 500MW battery storage planned for Maryland campus. * Targeting energy availability in MD by 2028-2029. Timestamps: 00:00 Start 04:07 Kentucky site 06:33 Maryland site 08:25 Redundant power 10:13 Battery storage 13:40 New generation 14:49 Tenants for sites 17:08 Brownfield sites 19:28 Lake Mariner & Abernathy sites 24:28 Geopolitical concerns 27:49 Managing a power plant 33:55 168 megawatts 40:55 Local pushback on new data centers 48:21 Bitcoin mining future 👉CleanSpark 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. 👉Luxor, Blockspace's preferred mining pool Bitcoin mining revenue changes every day. Difficulty adjusts. Fees move. Prices shift. And that makes it hard to plan. Luxor Pool’s Fixed Payouts let miners lock in revenue at a guaranteed daily rate for up to 18 months. According to Hashrate Index, miners who used rolling fixed payout strategies since the last halving have outperformed FPPS mining by up to 15 percent. Fixed Payouts give you predictable daily revenue, so you can plan, budget, and grow with confidence. With Luxor, uncertainty is optional. Learn more at luxor.tech/mining Learn more about your ad choices. Visit megaphone.fm/adchoices

Get your tickets to OPNEXT 2026 before prices increase! Join us on April 16 in NYC for technical discussions, investor talks, and intimate conversation with the brightest minds in Bitcoin. Welcome back to The Blockspace Podcast! Today, Liang Wang, VP of Canaan, joins us to talk about how Canaan is approaching the changing tides in bitcoin mining as peers pivot to AI. We dive into their recent acquisition of Texas mining sites from Cipher Mining, their 60.9% year-over-year sales growth for their Avalon ASIC miner series, and the economics of mining in the current market. Liang also shares insights into China's regulatory landscape, the potential of stranded energy in North America, and how AI is impacting ASIC miner market dynamics. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * 60.9% YoY growth in ASIC equipment sales. * Sold 14.6 EH/s of new equipment in Q4. * Acquired 49% equity in three Texas sites. * Texas power rates below $0.03 per kWh. * Zero self-mining exposure in China. * Bitcoin price at $65,000–$70,000 range. Timestamps: 00:00 Start 04:23 Cipher acquisition 08:57 Behind the meter & asset heavy 13:08 Stranded energy & hashrate growth 16:16 ASIC sales are up? 22:46 China update 28:09 New markets by country 33:10 2 nanometer chips? 38:58 Chip making demand for AI & others 46:58 The "AI pivot" impact? 👉CleanSpark 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. 👉Luxor, Blockspace's preferred mining poolBitcoin mining revenue changes every day. Difficulty adjusts. Fees move. Prices shift. And that makes it hard to plan. Luxor Pool’s Fixed Payouts let miners lock in revenue at a guaranteed daily rate for up to 18 months. According to Hashrate Index, miners who used rolling fixed payout strategies since the last halving have outperformed FPPS mining by up to 15 percent. Fixed Payouts give you predictable daily revenue, so you can plan, budget, and grow with confidence. With Luxor, uncertainty is optional. Learn more at luxor.tech/mining Learn more about your ad choices. Visit megaphone.fm/adchoices

Chris Johhansen of Ion Stream and Kaan Farahani of Luxor join us to talk about the insane arrest of John DeGuida for allegedly stealing $46 million from the US Marshals Service. We break down Kraken Financial’s historic Fed Master Account and what a "skinny" seat at the table means for the industry. Plus, we analyze the massive pivot from ASICs to GPUs and review the tumultuous Bitcoin hash rate data from February. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Zoomer stole $46M from US Marshals Service (his dad!) * Kraken gets first Fed Master Account. * Iren expanding GPU fleet to 150,000. * Difficulty adjustment targeting 7.5% up. Timestamps: 00:00 Start 04:53 Difficulty Report by Hashrate Index 07:49 $46M Stolen from US Marshals Service 15:35 Kraken Financial Granted Federal Reserve Master Account 21:48 AI Compute & Neocloud Dynamics 24:11 AI boom vs crypto boom 27:39 AI inference vs training 30:44 Scoping AI deals 32:41 H100 are still viable? 36:35 Hashrate 37:46 February suprises 44:40 What ASICs are profitable? 45:36 More hashrate declines? 47:36 5 cents per KWH 49:29 Hashrate prediction 52:51 IREN Expands GPU Fleet 1:01:44 Cry Corner: Miners Are Dumping BTC? 👉CleanSpark 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. 👉Luxor, Blockspace's preferred mining pool Bitcoin mining revenue changes every day. Difficulty adjusts. Fees move. Prices shift. And that makes it hard to plan. Luxor Pool’s Fixed Payouts let miners lock in revenue at a guaranteed daily rate for up to 18 months. According to Hashrate Index, miners who used rolling fixed payout strategies since the last halving have outperformed FPPS mining by up to 15 percent. Fixed Payouts give you predictable daily revenue, so you can plan, budget, and grow with confidence. With Luxor, uncertainty is optional. Learn more at luxor.tech/mining Learn more about your ad choices. Visit megaphone.fm/adchoices

Get your tickets to OPNEXT 2026 before prices increase! Join us on April 16 in NYC for technical discussions, investor talks, and intimate conversation with the brightest minds in Bitcoin. Chris Seedor of Seedor & Bitsurance joins us to talk about the rising threat of physical "wrench attacks" and advanced Bitcoin self-custody. We discuss the 70% spike in violence against BTC owners, using Miniscript for time-locked security, and how AI-driven phishing is bypassing video IDs. Chris explains why simple seed phrases are high-risk and how protocol changes like covenants could revolutionize reactive security for all holders. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Physical attacks up 70% since 2024 * 74 documented Bitcoin physical attacks * 1 in 10 kidnappings resulted in death * Successful attacks occur 66% of the time * $1.5B Ethereum stolen in Bybit hack Timstamps 00:00 Start 03:26 Chris has a real job? 05:40 Hardware wallet vs steel backup? 08:12 Understanding your risk surface area 11:17 Attacker landscape 15:50 Shift in mindset 17:10 Even smart people get scammed 18:38 AI supercharging scams 20:50 New ways of securing your BTC 23:48 What's happening technically 25:58 Security on other chains 28:42 Softforks 31:53 Tools for the baddies (ordinals / runes) 👉CleanSpark 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. 👉Luxor, Blockspace's preferred mining poolBitcoin mining revenue changes every day. Difficulty adjusts. Fees move. Prices shift. And that makes it hard to plan. Luxor Pool’s Fixed Payouts let miners lock in revenue at a guaranteed daily rate for up to 18 months. According to Hashrate Index, miners who used rolling fixed payout strategies since the last halving have outperformed FPPS mining by up to 15 percent. Fixed Payouts give you predictable daily revenue, so you can plan, budget, and grow with confidence. With Luxor, uncertainty is optional. Learn more at luxor.tech/mining Learn more about your ad choices. Visit megaphone.fm/adchoices

Get your tickets to OPNEXT 2026 before prices increase! Join us on April 16 in NYC for technical discussions, investor talks, and intimate conversation with the brightest minds in Bitcoin. Welcome back to The Blockspace Podcast! Today, Dr. Hashem Hashemian, President of the American Nuclear Society and CEO of AMS, joins us to talk about the massive resurgence of nuclear energy in the United States. We dive into the shift from decommissioning plants to life-extensions of up to 100 years, the economic impact of AI and data centers on power demand, and the $12 billion investment flowing into Tennessee's nuclear hub. Dr. Hashemian explains why nuclear fell out of favor and the challenges the industry faces as it gets back on its feet. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * 94 nuclear plants produce 20% of US power. * License extensions aim for 100-year lifespans. * $12B committed for nuclear fuel refining in Oak Ridge. * $100M Tennessee state funding for nuclear dev. * Global nuclear must triple for climate goals. * $1.7B Oklo recycling plant coming to Tennessee. Timestamps: 00:00 Start 05:51 Tennessee represent 07:56 State of the nuclear industry 10:42 Nuclear faded in USA 17:19 Barriers to Nuclear development 20:12 Reforming the Nuclear Regulatory Commission 27:01 Red tape 29:47 What other policies would be good? 32:41 China copying 34:17 Remaining chokepoints 38:05 States leading the charge 40:46 Are SMRs really a thing? 44:18 Why are SMRs taking so long? 46:21 Fusion? Are we still talking about this? 48:56 Recycling fuel 👉CleanSpark 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. 👉Luxor, Blockspace's preferred mining poolBitcoin mining revenue changes every day. Difficulty adjusts. Fees move. Prices shift. And that makes it hard to plan. Luxor Pool’s Fixed Payouts let miners lock in revenue at a guaranteed daily rate for up to 18 months. According to Hashrate Index, miners who used rolling fixed payout strategies since the last halving have outperformed FPPS mining by up to 15 percent. Fixed Payouts give you predictable daily revenue, so you can plan, budget, and grow with confidence. With Luxor, uncertainty is optional. Learn more at luxor.tech/mining Learn more about your ad choices. Visit megaphone.fm/adchoices

Get your tickets to OPNEXT 2026 before prices increase! Join us on April 16 in NYC for technical discussions, investor talks, and intimate conversation with the brightest minds in Bitcoin. Welcome back to The Blockspace Podcast! Today, Charlie and Colin cover the Block’s 40% workforce reduction and why the stock ripped 20% on the news. We also dive into the bitcoin mining conditions that are driving hashprice to all-time lows, Blockspace’s scoop that Magic Eden is sunsetting its Bitcoin Ordinals marketplace, MARA’s latest AI partnership, and the Terra/Luna lawsuit against Jane Street. Plus, Luxor’s Michael San Miguel joins the show to discuss the ins and outs of the GPU market. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Block laid off 40% of its 10,000 employees. * Block stock surged 20% after the layoff news. * Bitcoin hash price hit an all-time low of $28. * Bitcoin difficulty adjusted upward by 14.73%. * Magic Eden is shutting down BTC and ETH marketplaces, multi-chain wallet * Bitdeer sold all its bitcoin; Cipher plans to sell its bitcoin in 2026 * MARA forms partnership with data center developer Starwood Timestamps: 00:00 Start 03:33 Hashrate update via Luxor’s Hashrate Index 09:29 Block lays off 40% of staff 16:37 Magic Eden shutting down 25:54 GPUs & compute 28:03 GPU vs ASIC complexity 29:04 Upgrading hardware 32:16 Finding a compute buyer 34:00 Powershell vs Neocloud 37:12 Compute still in price discovery mode 42:05 MARA earnings 45:20 CIPHER dumping bags 48:44 Jane Street is the new boogyman 59:34 Everyone's short MSTR 👉CleanSpark 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. 👉Luxor, Blockspace's preferred mining poolBitcoin mining revenue changes every day. Difficulty adjusts. Fees move. Prices shift. And that makes it hard to plan. Luxor Pool’s Fixed Payouts let miners lock in revenue at a guaranteed daily rate for up to 18 months. According to Hashrate Index, miners who used rolling fixed payout strategies since the last halving have outperformed FPPS mining by up to 15 percent. Fixed Payouts give you predictable daily revenue, so you can plan, budget, and grow with confidence. With Luxor, uncertainty is optional. Learn more at luxor.tech/mining Learn more about your ad choices. Visit megaphone.fm/adchoices

Get your tickets to OPNEXT 2026 before prices increase! Join us on April 16 in NYC for technical discussions, investor talks, and intimate conversation with the brightest minds in Bitcoin. Welcome back to The Blockspace Podcast! Today, Rapha Zagury, CEO of Elektron, joins us to talk about the company’s management of Tether's massive 50 EH/s bitcoin mining portfolio. Rapha breaks down Elektron and Tether’s partnership, the incipient market bifurcation between AI/HPC and Bitcoin mining, and why he believes progress is directly correlated with energy use. We dive into the legal origins of Elektron, the company’s global footprint across 32 sites, and the future of mining as Tether and Elektron double down on hashrate while the rest of the industry eyes AI. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Tether runs 50 EH/s with Elektron * Greenfield sites trading at $1/MW amid AI boom * Elektron manages ~200,000 ASICs globally * Operations span 32 sites across 5 countries * AI and BTC Mining bifurcation expected in 6 to 12 months Timestamps: 00:00 Start 05:31 BTC market crash 07:59 Who is Rapha? 11:16 What is Elektron? 14:46 Swan & Tether legal struggle 18:00 Asset light build out plan 23:20 Business setup 25:05 Why mine? 33:18 Hashrate geographic distribution 38:54 Bad places to mine BTC? 40:50 AI & HPC 48:56 3.8% staff costs 52:11 Hashrate growth 57:28 There's ALWAYS stranded energy 59:44 Elektron IPO? 👉CleanSpark 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. 👉Luxor, Blockspace's preferred mining pool Bitcoin mining revenue changes every day. Difficulty adjusts. Fees move. Prices shift. And that makes it hard to plan. Luxor Pool’s Fixed Payouts let miners lock in revenue at a guaranteed daily rate for up to 18 months. According to Hashrate Index, miners who used rolling fixed payout strategies since the last halving have outperformed FPPS mining by up to 15 percent. Fixed Payouts give you predictable daily revenue, so you can plan, budget, and grow with confidence. With Luxor, uncertainty is optional. Learn more at luxor.tech/mining Learn more about your ad choices. Visit megaphone.fm/adchoices

Join hosts Charlie Spears and Colin Harper for weekly insights, stories, and interviews in Bitcoin, AI/HPC and more. With 3 shows per week, we'll fill you up on what's actually happening in the world of emerging tech assets. If you're an investor in public data centers, mining companies, or bitcoin, this is the show for you. Learn more about your ad choices. Visit megaphone.fm/adchoices

Amanda Fabiano, former Head of Mining at Galaxy and now with Nakamoto, joins us to talk about the shift from Bitcoin mining to building diversified Bitcoin operating businesses. Why the "HODL-only" strategy is evolving for Nasdaq-listed companies, the importance of recurring revenue, and how NAKA is positioning itself as a leader in the next phase of the Bitcoin financial infrastructure. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: • Strategy focused on recurring revenue models. • Transition from mining to operating businesses. • Shift toward diversified crypto business models. • Market adjustment for Bitcoin specific firms. Timestamps: 00:00 Start 05:26 Amanda joins NAKA 07:18 BTC Inc brands 12:06 Valuing companies 16:45 Kindly MD deal 20:18 Next steps & business lines 21:53 Raising debt 28:49 Senior debt obligation 32:54 Preferred equity 34:17 Dividends? 34:58 David Bailey on both sides of the books 40:31 Using proceeds to buy BTC not debt 44:21 NASDAQ delisting notice 49:34 Wrap up 👉CleanSpark 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. Learn more about your ad choices. Visit megaphone.fm/adchoices

Get your tickets to OPNEXT 2026 before prices increase! Join us on April 16 in NYC for technical discussions, investor talks, and intimate conversation with the brightest minds in Bitcoin. Matt from CoinShares, Kaan from Luxor, and Jay from Lygos join us to talk about the massive 14.7% Bitcoin difficulty adjustment and the impact of the recent Arctic blast on North American miners. We dive deep into Luxor's 21-month mining analysis, showing why hedging has outperformed spot mining since the 2024 halving. Finally, we discuss Ledn's historic Triple B-rated Bitcoin-backed bond and how institutional investors are beginning to view Bitcoin as high-quality collateral compared to traditional assets. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: • Bitcoin difficulty spikes +14.73 • Hashprice drops to all-time low of $30/PH/day. • ERCOT uneconomic hours rose over 900%. • Ledn bond rated Triple B- by S&P Global. • Hedging outperformed spot mining in 2025 Timestamps: 00:00 Start 02:56 Bombshell difficulty adjustment!!! 20:08 Ledn's $188M Bitcoin-Backed Bond Securitization 31:03 Nakamoto acquires Bitcoin Conference & UTXO Mgmt 38:24 Datacenter cry corner/culture corner 👉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. Learn more about your ad choices. Visit megaphone.fm/adchoices

Get your tickets to OPNEXT 2026 before prices increase! Join us on April 16 in NYC for technical discussions, investor talks, and intimate conversation with the brightest minds in Bitcoin. Matt Hougan, CIO of Bitwise, joins us to talk about the current state of the crypto winter and when the bottom is finally in. We explore the digital gold narrative, explaining why central bank buying—not debasement—drove gold’s recent surge. Matt details the institutional vs. retail divide, the impact of Fed Chair Kevin Warsh, and the looming debate over Bitcoin’s security budget. Plus, we tackle the quantum discount and how AI agents could 1000x on-chain activity. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Altcoins like Sui and Aptos fell 70%+ in 2025. * Institutions might end the winter by Q2 2026. * BTC volatility capped at 50-60% drawdowns. * Gold price surge driven by central bank buys. Timestamps: 00:00 Start 03:22 Is it still "crypto winter"? 04:34 Why January? 06:36 Market segments 08:31 Gold 10:54 Central banks & Bitcoin 12:56 Causes of the crash 14:52 Kevin Warsh 16:58 Fed hawks become doves 17:34 Quantum... oh so scary! 19:59 Bitcoin Core 21:44 Revenue 24:37 Beyond "digital gold" narrative 26:44 AI 👉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. Learn more about your ad choices. Visit megaphone.fm/adchoices

Chris Alfano, CEO of 360 Energy, joins us to talk about the integration of Bitcoin mining and oil & gas. We discuss the recent investment from Halliburton and what it signals for the industry. Chris explains why major oil companies prefer giving away waste gas for free over taking hash price exposure, the technical challenges of dirty fuel gas, and the shift from individual wellheads to large-scale pipeline deployments. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Hash price hit all-time low of $29/PH/day. * China ban cut 80% of global hash rate. * 5 of last 6 difficulty adjustments negative. * AI infrastructure costs $10-$15M per megawatt. * Bitcoin price dropped to $65,000 level. * Sub-50 MW sites are the new frontier. Timestamps: 00:00 Start 03:22 AI boom & China mining ban 08:30 What edge do miners have over hyperscalers? 13:23 Energy production limits 21:23 Small scale HPC 24:23 Batteries 35:46 Secondary effects 36:51 Pleb miners 39:55 IS US mining doomed? 45:57 Powershell vs Neocloud 👉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. Learn more about your ad choices. Visit megaphone.fm/adchoices

Colin and Charlie join us to talk about a wild week in Bitcoin. We dive into the $16,000 price "puke" and whether we've hit a local bottom, explore Bitdeer's legal snag at their Ohio AI flagship site, and discuss IREN's inclusion in the MSCI USA index. We also break down the historic six-out-of-seven negative difficulty adjustments—the first since 2011—and tackle the "ontology of time" and quantum resistance. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Bitcoin lost $16,000 within 12 hours last week. * BTC saw a historic 21% daily price drawdown. * Bitdeer's Ohio site has 570MW allocated. * 6 of last 7 difficulty adjustments were negative. * IREN to join MSCI USA index on March 2nd. * Bitcoin hash price recovered to roughly $35/PH. Timestamps: 00:00 Start 04:01 BTC number go down! 10:10 Difficulty Update by Luxor 12:32 Bitdeer lawsuit 18:39 Cleanspark Ad 19:08 IREN added to MSCI USA Index 22:33 The MARA-Exaion plot thickens 29:14 BIP 360 merged 37:49 OP_NEXT Ad 39:21 Cry corner: No one understands anything about anything - 👉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. Enjoy the show? Check out our website and newsletter by clicking here. Questions or want to sponsor? [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Get your tickets to OPNEXT 2026 before prices increase! Join us on April 16 in NYC for technical discussions, investor talks, and intimate conversation with the brightest minds in Bitcoin. Welcome back to The Blockspace Podcast! Today, Tom Masiero, Head of Strategy at Cathedra joins us to talk about the structural shifts pushing bitcoin miners toward AI and HPC services. We explore why this migration mirrors the 2021 China mining ban, the hidden opportunities for smaller operators, and why Bitcoiners understand the "power game" better than traditional data centers. Tom breaks down the reality of infrastructure costs, the current state of hash price, and how the "cockroach" mentality of miners is paving the way for the future of global compute. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Hash price hit all-time low of $29/PH/day. * China ban cut 80% of global hash rate. * 5 of last 6 difficulty adjustments negative. * AI infrastructure costs $10-$15M per megawatt. * Bitcoin price dropped to $65,000 level. * Sub-50 MW sites are the new frontier. Timestamps: 00:00 Start 03:22 AI boom & China mining ban 08:30 What edge do miners have over hyperscalers? 13:23 Energy production limits 21:23 Small scale HPC 24:23 Batteries 35:46 Secondary effects 36:51 Pleb miners 39:55 IS US mining doomed? 45:57 Powershell vs Neocloud 👉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. Learn more about your ad choices. Visit megaphone.fm/adchoices

Subscribe to the Blockspace newsletter! Welcome back to The Blockspace Podcast! Today, veteran Bitcoin journalist Kyle Torpey joins us to talk about the explosive revelations for Bitcoin in the latest Epstein files. We explore Epstein's $3M stake in Coinbase and his intriguing meetings with the architect of the Bitlicense, Ben Lawsky. Kyle debunks conspiracy theories about Epstein hijacking Bitcoin Core and explains the real influence Epstein had on early startups and protocol development. We also touch on the Blocksize Wars, SegWit2x, and other surprising Bitcoin connections hidden in DOJ documents. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Epstein invested $3 million in Coinbase in 2014. * Epstein sold 50% of his Coinbase stake for $15M. * 90% of hashrate signed the New York Agreement. * Brian Armstrong wrote to investors about Segwit2x * Epstein met with Gavin Andresen in 2011 Timestamps: 00:00 Start 02:41 Epstein & Bitcoin highlights 06:05 Hard fork proposals 13:17 Ben Lawsky 15:44 Winklevoss 27:10 Knots 29:53 MIT 30:50 Both side on Blocksize Wars 33:29 Was Gavin influenced? 38:13 Vinny Lingham 44:48 Mining centralization 👉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. Learn more about your ad choices. Visit megaphone.fm/adchoices

Brandon Black, Alex Pruden, Nic Carter, and GG join us to talk about whether Bitcoin is prepared for the quantum era. We explore the technical divide between developers who see quantum as a distant concern and investors who fear an unaddressed existential risk. From the Factor 21 meme to the trade-offs of post-quantum signatures like Sphinx and SLH-DSA, we break down the spicy debate that could lead to Bitcoin's most heated internal battle yet and what it means for the future of the network. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Quantum computers struggle to factor 21. * Bitcoin requires 256-bit factoring security. * Post-quantum signatures decrease throughput. * PQ signatures could force much larger blocks. Timestamps: 00:00 Start 00:58 Quantum: Fear or foreshadowing 05:17 Pumping your bags 08:01 The "appearance" of a plan 13:32 Current activity - 👉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. Enjoy the show? Check out our website and newsletter by clicking here. Questions or want to sponsor? [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Charlie, Colin, and Matt join us to talk about Bitcoin's brutal 50% drawdown and the resulting 13% difficulty adjustment. We dive into the geopolitical tension in France over Mara’s data center acquisition and Tether’s strategic move into Anchorage Digital. We also break down the massive $2 billion debt offering from Cipher Mining that was 6x oversubscribed and TeraWulf's 1.5GW power grab. Whether it's hash price hitting record lows or institutional funds unwinding, we’ve got the pulse on the markets. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Estimated 13% downward difficulty adjustment. * Hashprice hit daily lows near $30. * TeraWulf added 1.5GW potential power capacity. * Cipher Mining $2B note saw $13B in bidding. * Tether invested $100M into Anchorage Digital. Timestamps: 00:00 Start 02:58 Bitcoin sell off 10:19 Gemini exit EU & AU 14:41 Difficulty Report by Luxor 20:44 France stalls MARA takeover bid for Exaion 26:19 Tether invests in Anchorage digital 29:17 CAPEX still going strong? 👉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. Enjoy the show? Check out our website and newsletter by clicking here. Questions or want to sponsor? [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Subscribe to the Blockspace newsletter! Welcome back to The Blockspace Podcast! Today, CleanSpark's VP of Digital Asset Management Rory Murray joins us to talk about the latest macro shocks hitting the market and how they are driving bitcoin’s price. Rory breaks down how the options market may have been weighing on bitcoin’s price in Q4, and how the options market has changed bitcoin’s market. We also dive into the six sigma move in Japanese rates, the unraveling of the yen carry trade, and how geopolitical tensions over Greenland are affecting global liquidity. Rory explains why bitcoin is being buffeted by noise while gold and silver take the lead in the debasement trade, plus the intersection of AI energy demand and Bitcoin mining as we head into 2026. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Japan 40-year bond yields topped 4% first time. * Japan has world's highest debt-to-GDP ratios. * Korean equity index rose 70% last year. * Yen carry trade has driven trillions in flow. * Gold crossed USD as top central bank reserve. Timestamps: 00:00 Start 03:20 Bitcoin & macro 06:45 Japan 17:08 Carry trade & liquidity drying up 18:08 Debasement trade 18:47 Hypercycle 22:50 Silver rally 23:18 Energy is the value creator 26:59 Options suppressing Bitcoin price? 41:10 Dampening volatility 42:35 Next 90 days 46:07 Cleanspark's BTC stack 48:14 Easier or harder to manage stack 👉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. Learn more about your ad choices. Visit megaphone.fm/adchoices