The shift that we're seeing from Bitcoin mining to AI reminds you a lot of the Chinese hash rate

ban and the great hash rate migration. The China exodus was essentially the government saying,

hey, we're done with this, essentially excommunicating 80% of the global hash rate during 2020,

and a good percentage of it ended up migrating to the United States and really put U.S. mining on the map. And so, like, what I'm seeing now is, like, the shift of all the mega miners getting out and going into HBCAI, it's going to have downstream effects. There's like, right now you would think ASIC brokers are boring, they don't have anything going on, and like, they're the busiest they've ever been. And it's like, wait a minute.

How is that the case? Everyone thought when this whole emergence came that the traditional data center companies would just chew up all that demand. And that's not happening. The Bitcoin guys kind of understood the power game a lot better. In five or 10 years when this market really matures, they're going to be the industry leaders. Right now, it's like, oh, they've abandoned Bitcoin.

But in reality, all of these companies all have Bitcoin in their DNA. shares, they're going to be the industry leaders. Right now, it's like, oh, they've abandoned

Bitcoin. But in reality, all of these companies all have Bitcoin in their DNA. And now we're going to be

part of this crazy emergence of where things are going with compute. Welcome back to the

Blockspace pod brought to you by Clean Sparkark. Is Bitcoin mining dead or dying?

Well, as I record this, Bitcoin has plummeted to $65,000, a level we haven't seen since

2024.

And as a result, hash price has also fallen to an all-time low of $29 per petahash per day.

And hash rate is cratering below a Zeta hash as a result of the margin squeeze on miners.

So where do we go from here?

Well, for today's show, which I recorded two weeks ago live at the Nashville Energy and Mining Summit,

we have Tom Massaro, the head of strategy at Cathedral, to discuss the structural shifts we're seeing in Bitcoin mining today.

Tom shares his thesis about why what we're seeing with the AI pivots really mirrors the China mining ban of 2021 and not just how

it will change the industry, but how it will structurally change where Bitcoin's hash rate is

flowing. And we also talk about dynamics in the ASIC market and where the opportunities still lie for Bitcoin miners and for the little guys who might be looking into getting into other forms of compute.

You're listening to the Blockspace pod. We'll be right back.

Hey, this is Charlie and Colin from Blockspace Media. And you're listening to the Blockspace podcast, a show about emerging tech in Bitcoin, AI, energy, and

markets. We published two interviews weekly with CEOs, investors, analysts, and anyone else

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