HashrateUp - A Bitcoin Mining Podcast

Public Bitcoin miners shed about 75 EH/s in the first half of 2026, roughly $1.5 billion worth of mining hardware, as their power moves to AI. In this NEWS episode, Jesse breaks down who is leaving, where the hashrate is going and what it means for the miners who stay.

Hashprice is back at $38.88, but a +6.3% difficulty adjustment is coming. Ethiopia cuts miners' power by 75%, CleanSpark's $6.6B lease turns out to be with Meta, and public miners carry $35B in AI debt. Meanwhile the US keeps losing hashrate while Pakistan, Venezuela and Paraguay come back online, Foundry's founding CEO steps down and Binance shuts its mining pool.

Nothing discussed is financial advice. Do your own diligence before making mining or hosting decisions.

Sources:
Ethiopia cuts miners' power by 75%: https://news.bitcoin.com/mining/ethiopias-bitcoin-mining-boom-just-ran-into-a-water-problem/
AI infrastructure debt reaches $35B: https://forklog.com/en/news/debt-financing-for-miners-and-ai-firms-reaches-35-billion
CleanSpark names Meta as Sandersville tenant: https://thedeepdive.ca/cleanspark-reveals-meta-behind-6-6-billion-ai-lease-requires-2-23-billion-financing/
Bitcoin's Great Unplug: https://news.bitcoin.com/bitcoins-great-unplug-1-5-billion-in-hardware-behind-the-ai-pivot/
Global Hashrate Heatmap Q4 2026: https://hashrateindex.com/blog/global-hashrate-heatmap-update-q4-2026-c/
Foundry CEO steps down: https://cryptobriefing.com/foundry-ceo-mike-colyer-steps-down/
TeraWulf expands Muskie to 1 GW: https://news.constructconnect.com/terawulf-expands-kentucky-data-center-power-commitment-to-1-gw
Binance shuts down its mining pool: https://cointelegraph.com/news/binance-shut-down-crypto-mining-pool-november

Timestamps:

0:00 Hashprice $38.88 and a +6.3% difficulty adjustment
0:00 Hashrate back to May levels
0:00 Ethiopia cuts mining power by 75%
0:00 $35B in debt behind the AI build-out
0:00 CleanSpark's $6.6B Meta lease
0:00 Sponsor: Altair Technology
0:00 Bitcoin's Great Unplug: $1.5B in hardware
0:00 Where hashrate is moving: Q4 heatmap by country
0:00 Foundry CEO steps down as block share falls
0:00 TeraWulf expands to 1 GW
0:00 Binance shuts down its mining pool
0:00 Hydro hosting aggregation, starting from one machine
0:00 Outlook: hashrate vs difficulty

Sponsored by:

Altair Technology. ASIC hardware, replacement parts and mining infrastructure
Code: HASHRATEUP
https://altairtech.io/aff/125/

HashrateUp Hardware Deals: https://t.me/hashrateup
Free 5-Day Bitcoin Mining Course: https://hashrateup.com/newsletter-sign-up/

#BitcoinMining #Hashrate #AIPivot #MiningPools #Ethiopia #CleanSpark #BitcoinNews #HashrateUp

Cheap power means nothing if the government turns against you. Giannis Andreou, CEO of Bitmern Mining, started hosting Bitcoin miners in the UAE on agricultural power below 6¢/kWh, was forced out when the government banned that power, moved to Ethiopia, and is now watching the same story repeat as the Ethiopian government takes over mining and large operators pack up and leave.

Giannis breaks down what went wrong in both countries, why it took 45 days to get his miners out of the UAE, how Ethiopia's uptime fell to 70% before things got worse, and why exporting miners from Ethiopia comes with a 35% tax. His conclusion: own the land and the infrastructure, or don't build on it at all.

We also cover his pivot to buying two farms in Texas (5.5 MW and 8 MW), why AI data centers pay 17 to 25¢/kWh while he found power at 3.9¢, why he stopped retail hosting, a 20 MW joint venture opportunity in Brazil, and how he borrowed against mined Bitcoin to pay for power at $25K and held it to $107K.

Nothing discussed is financial advice. Do your own diligence before making mining or hosting decisions.

Guest: Giannis Andreou, Founder & CEO of Bitmern Mining
Bitmern Mining: https://www.bitmernmining.com
Bitmern on YouTube: https://www.youtube.com/@bitmernmining
Giannis on X: https://x.com/gandreou007
Giannis on Instagram: https://www.instagram.com/gianisandreou
Giannis on LinkedIn: https://www.linkedin.com/in/giannisandreou/

Timestamps:

0:00 Intro
0:46 From crypto YouTuber to Bitcoin miner
2:23 Central banks and the case for mining
4:21 Greece, Cyprus and the banking crisis
6:39 Why the UAE in 2023
7:35 Agricultural power below 6¢/kWh
8:43 Renting farms vs building your own
9:29 How to choose a hosting partner
11:07 Leaving the UAE: 45 days to move miners
12:30 UAE loopholes and $600K per MW capex
13:38 Ethiopia: from great to complete disaster
15:02 The lesson: own the land and the farm
15:45 Sponsor: Altair Technology
16:16 Why 30 minutes from the airport is a red flag
17:40 The pivot: buying 5.5 MW and 8 MW in Texas
18:37 Bitcoin mining vs AI: 3.9¢ vs 25¢/kWh
21:12 Why he stopped retail hosting
22:56 Finland, Norway and the hidden costs abroad
23:44 Ethiopia's 35% export tax on miners
24:44 Manufacturer JVs and 20 MW in Brazil
25:51 Is Bitcoin mining becoming institutional only?
27:31 Why hashrate didn't drop at $60K
28:36 Will Bitcoin average above $120K?
30:31 Borrowing against BTC to pay for power
32:51 Communicating downtime to customers
34:18 Bribes, quotas and the 20% energy rule
35:24 Wrap-up

Sponsored by:

Altair Technology. ASIC hardware, replacement parts and mining infrastructure
Code: HASHRATEUP
https://altairtech.io/aff/125/

HashrateUp Hardware Deals: https://t.me/hashrateup
Free 5-Day Bitcoin Mining Course: https://hashrateup.com/newsletter-sign-up/

#BitcoinMining #Ethiopia #UAE #BitmernMining #TexasMining #MiningHosting #HashrateUp

Texas is ending 4CP. The incentive that saved flexible miners roughly $50,000 per MW per year is likely in its final season, and ERCOT is moving toward 12CP by 2028. Haley Thomson, Director of Energy at Luxor, explains what that means for Bitcoin miners and who ends up paying for the grid.Haley breaks down how 4CP actually works, why firm loads are pushing for change, and how 18+ GW of new battery storage has compressed capacity prices across ERCOT. We also cover why Bitcoin mining is close to the perfect grid-balancing load, how batteries and miners compare as grid assets, and how Luxor performed what's likely the first 4CP curtailment of GPUs in ERCOT.We also walk through the Luxor Energy dashboard live, from tracking load against breakeven to iMiner underclocking, 4CP buffer settings and what it really costs to be online during a peak. At the time of recording, 4CP season 2026 was likely already over.This episode is not sponsored by Luxor. Nothing discussed is financial advice. Do your own diligence before making energy or mining decisions.Guest: Haley Thomson, Director of Energy at Luxor TechnologyLuxor Energy: https://luxor.tech/energyHaley on Hashrate Index: https://hashrateindex.com/blog/author/haley/Luxor: https://luxor.techTimestamps:0:00 Intro0:45 Can AI provide grid flexibility?1:31 The first GPU 4CP curtailment in ERCOT3:45 What 4CP is worth: ~$50K per MW per year6:02 How 4CP works and who pays for the grid8:54 Why Bitcoin mining is the perfect flexible load11:45 Adding 60 GW of renewables: the transmission bottleneck14:00 Why firm loads want 4CP gone16:43 How miners lower off-peak energy prices20:57 Renewables, congestion and transmission costs24:54 12CP explained: what changes for miners29:29 Curtailing at $0 power: the solar mismatch31:04 How 18 GW of batteries reshaped ERCOT36:22 Battery vs Bitcoin mine39:10 Capex: batteries vs hydro vs air-cooled mining41:49 Luxor Energy dashboard walkthrough43:54 iMiner: raising breakeven from $75 to $90/MWh45:28 4CP buffer settings and risk48:58 What missing a 4CP peak really costs51:54 The AI pivot and tier-zero data centers55:11 Where to find Haley and Luxor EnergySponsored by:Altair Technology. ASIC hardware, replacement parts and mining infrastructureCode: HASHRATEUPhttps://altairtech.io/aff/125/HashrateUp Hardware Deals: https://t.me/hashrateupFree 5-Day Bitcoin Mining Course: https://hashrateup.com/newsletter-sign-up/#BitcoinMining #ERCOT #4CP #LuxorEnergy #HashrateUp

Matteo Spinosa, founder and CEO of Doefin, built the first accessible prediction market for Bitcoin miners to hedge difficulty. Doefin lets miners and traders take a directional view on network hashrate — or lock in revenue certainty before difficulty spikes — using a Polymarket-style venue where price equals probability.

In this episode, Matteo breaks down why Bitcoin miners have historically been unbankable and uninvestable: difficulty volatility has run twice as volatile as the S&P 500, making cash flow impossible to forecast. Doefin gives miners a primitive tool to stabilize revenue, or to speculate on where hashrate is going.

We cover how the Oracle works (SHA-256 validation of Bitcoin block headers, secured by the network itself), why settlement is non-custodial via cbBTC on Base, and how a miner can hedge a specific amount of petahash against a difficulty increase. Matteo also walks through a live demo of the platform, explains the "For Miners" hedging tool, and shares why Doefin stays out of scope regulation-wise with legal opinions in the UK and Mauritius.

Doefin launched to the public one week before recording, already has seven miners trading (roughly 0.15 BTC in volume), and is building toward a full forward curve for hashrate.

Guest: Matteo Spinosa, CEO and Founder of Doefin

Doefin: https://www.doefin.com/
Matteo on X: https://x.com/MatteoDoefin
Doefin on X: https://x.com/DoefinOfficial

Timestamps:

0:00 Intro: what is Doefin and the gap it fills
4:00 Price equals probability explained
9:30 The Oracle problem: how difficulty is validated
15:00 Liquidity and finding the first miners
20:30 Licensing, non-custodial structure and regulation
25:00 Platform demo: deposits, markets and taking a position
32:00 The "For Miners" hedging tool walkthrough
38:00 What's next: forward curve, Asia and scaling

Sponsored by:

Altair Technology. ASIC hardware, replacement parts and mining infrastructure
Code: HASHRATEUP
https://altairtech.io/aff/125/

HashrateUp Hardware Deals: https://t.me/hashrateup
Free 5-Day Bitcoin Mining Course: https://hashrateup.com/newsletter-sign-up/

#BitcoinMining #Hashrate #DifficultyHedging #Doefin #PredictionMarket #HashPrice #HashrateUp

Elmeri Suomi runs a heating company that happens to mine Bitcoin. His product, the SunBit Bitcoin Boiler, drops one or two hydro-cooled ASICs into a water tank, heats a house to 60°C, and lets the mining revenue pay the power bill — in the best case leaving the homeowner in profit on their heating. He started in water-to-air heat pump sales, began mining as a hobby in 2020, and founded SunBit in 2023 once the two worlds clicked.

In this episode we get into the economics that make consumer-scale mining work at 7–12¢/kWh power: not fat mining margins, but offsetting an oil bill that can run 3,500 litres a year at €1.80/litre. Elmeri walks through the ROI (two years best case, five years worst), why he explains everything in cents per kWh instead of hashprice, and how spot-price optimisation and solar over-production feed into the tank.

We also cover why he abandoned immersion after too much grey hair — dissolved cooling paste, dead S21s and oil everywhere — and landed on hydro; why the boxes are Antminers, not Whatsminers (60°C is all you need once you're past Legionella at 52–55°C); the 3×25A wiring that lets it fit a normal Finnish home; the first installs in Kotka and Nokia plus the first international job in the Netherlands; and the pre-seed raise now funding a 100 kW industrial version.

Guest: Elmeri Suomi, CEO & Founder of SunBit Oy

SunBit: https://sunbit.fi/en
SunBit on X: https://x.com/SunbitOy
SunBit on LinkedIn: https://www.linkedin.com/company/sunbit-oy/

Timestamps:

0:00 Intro: a heating company that mines Bitcoin
4:30 Where the savings really come from — offsetting the oil bill
11:00 Explaining hashprice vs cents per kWh, pool and Lightning
17:30 Skepticism, "is this legal?" and the remote-managed mini-PC
23:00 Why hydro beat immersion — the grey-hair story
29:00 First installs, the total market and the pre-seed raise

Sponsored by:

Luxor. Mining pool, firmware, hardware trading and hashrate tools
https://luxor.tech/

Altair Technology. ASIC hardware, replacement parts and mining infrastructure
Code: HASHRATEUP
https://altairtech.io/aff/125/

HashrateUp Hardware Deals: https://t.me/hashrateup
Free 5-Day Bitcoin Mining Course: https://hashrateup.com/newsletter-sign-up/

#BitcoinMining #HeatReuse #BitcoinBoiler #SunBit #Finland #HydroCooling #HomeMining #ASIC #Bitcoin #HashrateUp