HashrateUp - A Bitcoin Mining Podcast

🔗 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

🛠 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

🛠 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

🛠 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

🛠 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