THE MINING POD: How Coinbase is Quietly Driving Bitcoin's Hashrate Growth w/ Doug Wilson

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4.7 • 698 Ratings

🗓️ 16 December 2025

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

Coinbase Asset Management’s hashrate loans allow miners to borrow against their entire mining facility. Subscribe to the Blockspace newsletter! Welcome back to The Mining Pod! Today, Doug Wilson, Head of Credit Investments at Coinbase Asset Management (CBAM), joins us to talk about their new hashrate backed loans and how they differ from traditional loans for Bitcoin miners. Doug breaks down CBAM’s flexible collateral package, which allows miners to post their facilities and bitcoin as collateral. We also discuss the broader capital markets for crypto, the impact of institutionalization and ETFs, the importance of regulatory and tax clarity, and the untapped potential of the stablecoin economy to drive efficiency in payments and finance. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** * LTV typically 50-70% for Bitcoin loans * Up to 50% hash rate collateral * Coinbase Asset Management registered Q1 2023 * Coinbase is a wholly owned subsidiary * Bitcoin mining is a commodity industry with commodity margins Timestamps: 00:00:00 Start 00:02:37 What does CBAM do? 00:03:26 Hashrate Loans 00:06:25 Hashrate definition 00:08:25 Bitcoin industry stigma 00:10:25 Data centers as collateral? 00:12:44 Current & future state of lending 00:14:44 Rates & specifics 00:18:49 Target clients 00:20:08 Retail loans 00:22:07 DeFi? 00:24:30 Competition from TradFi 00:25:56 Stablecoins 00:28:03 Future of stablecoins? 00:28:41 Regulations 00:31:16 Future of capital markets products? 00:32:49 Taxes 👉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. 👉 FBOX, Cooling for Bitcoin Mining and the AI Data Center Transformation FBOX is the global leader in cooling system manufacturing, with the #1 shipment volume of bitcoin mining containers worldwide. Not only powering for the strongest hashrate, their technology also helps mining infrastructure transform into AI data centers. Backed by the largest production scale on earth, global deployment capability, and a full range of cooling solutions, they are shaping the future of compute. 👉 Luxor, Leaders In Bitcoin Mining and Compute Power! Get game-changing mining results with Luxor Firmware. Boost hashrate, cut energy costs, protect your hardware, and maximize mining profits with LuxOS. Published twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday!

Transcript

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0:00.0	What we've developed is a product where we will be lending into the mining space, but we call it a flexible collateral package.
0:09.5	What that means is that we accept hash rate as a form of collateral along with Bitcoin.
0:15.3	For the right miner with the right credit profile and the right operational metrics, we can now be flexible in the collateral
0:22.6	package that we take for the underlying miner and moving up to 50% hash rate and 50% digital
0:30.3	collateral. Is that where we're going to stop? I doubt it, but this is an important first step
0:35.7	in our realizing that hash rate is an acceptable form of collateral.
0:42.1	Bitcoin miners have a new product to use to borrow against their mining operations.
0:46.6	But don't raise the pitchforks just yet.
0:48.4	This is not your grandfather's ASIC-backed loan.
0:51.0	Welcome back to the mining pod brought to you by CleanSpark.
0:53.6	For today's show,
0:54.9	we have Doug Wilson, the head of capital markets at Coinbase Asset Management, a wholly owned
1:00.1	independent subsidiary of Coinbase. And he talks to us about their hash rate-backed loans and how
1:05.5	they differ from loans in the past. We also talk about some of the other capital markets
1:09.9	offerings at CBAM, as well as
1:12.4	taking a general look at capital markets and Bitcoin back lending for the sector as a whole.
1:17.5	You're listening to the mining pod, and we will be right back after a word from our sponsors.
1:21.5	Guys, there is a serious problem right now in Bitcoin mining, and we need to talk about it.
1:25.9	You need to pay attention to this.
1:33.4	Bitcoin miners are identifying as AI companies, and people keep mis-sectoring them because they say, well, look, your infrastructure is clearly for Bitcoin mining. What do you want me to do about it?
1:38.4	I'm going to tell you what you need to do. You need to call F-box, the leading digital infrastructure company with all-encompassing
1:46.1	solutions.
	...

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