THE MINING POD: Nvidia’s Q3 Earnings, ERCOT Power Market Update, Cipher Lands $830M Fluidstack Expansion

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4.8 • 689 Ratings

🗓️ 21 November 2025

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

The market rallied this week following Nvidia’s earnings, only for it all to come tumbling down on Friday as bitcoin, tech, AI, and bitcoin miners sold off. Subscribe to the Blockspace newsletter for market-making news as it hits the wire! Welcome back to The Mining Pod! Today, Haley Thomson, the director of energy trading at Luxor Technology, joins us to talk about how AI demand is impacting the ERCOT power market. For news, we break down Nvidia's Q3 earnings and the market's Thursday morning reversal, dissect a load growth report that suggests there are currently 166GW of US load growth demand through 2030, and discuss Cipher's $830M extension with Fluidstack. And for this week’s cry corner, The Financial Times is doing its best to report on AI like it has with Bitcoin. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** • Hash price at all-time low: $36.97/PH/day • Previous low was August 2024 at $38/PH/day • 166GW load growth projected through 2030 • Cipher's deal: $830M over 10 years • Google backstop: $333M revenue guarantee • Oracle lost $350B market cap post-AI deal Timestamps: 00:00 Start 01:56 Difficulty report 07:32 Nvidia smashes earnings 12:24 Grid Strategy Forecast Report 36:37 Cipher Fluidstack deal 39:25 Cry Corner: Oracle down bad? 👉CleanSpark, America's Bitcoin Miner! CleanSpark (Nasdaq: CLSK), America's Bitcoin Miner®, is a market-leading Bitcoin miner with a proven track record of success. They own a fully self-operated portfolio of mining facilities across the U.S. powered by globally competitive energy prices. CleanSpark sits at the intersection of Bitcoin, energy, operational excellence and capital stewardship. Optimally monetizing low-cost, high reliability electricity positions them 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	Navidia reported smashing Q3 numbers on Wednesday, and the market liked what it saw.
0:05.7	That is until Thursday morning when all of those gains were puked back up.
0:09.2	We're listening to the mining pod brought to you by CleanSpark, and for today's show,
0:13.0	after our usual difficulty and hash rate update from Luxor and Hash Rate Index,
0:17.3	we jump into Navidia's Q3 earnings and look at the reaction and counterreaction from AI and tech stocks and Bitcoin miners.
0:24.4	We hop into a load growth report that projects 166 gigawatts of load growth in the U.S. through 2030.
0:32.1	We have Luxor's Director of Energy trading, Haley Thompson, on, to talk about that report and also what they're seeing in the Urquhart market and from their side on Luxor Energy.
0:42.0	And to close out the show, we have an update from Cipher's new fluid stack extension.
0:46.4	And for this week's Cry Corner, why the Financial Times has moved from fudding Bitcoin to fudding AI.
0:52.2	You're listening to the mining pod and we'll be right back after a word from our sponsors.
0:56.1	Guys, there is a serious problem right now in Bitcoin mining and we need to talk about it. You need to
1:00.7	pay attention to this. Bitcoin miners are identifying as AI companies and people keep mis-sectoring
1:07.0	them because they say, well, look, your infrastructure is clearly for Bitcoin mining.
1:11.6	What do you want me to do about it? I'm going to tell you what you need to do.
1:14.8	You need to call FBOX, the leading digital infrastructure company with all-encompassing
1:20.7	cooling solutions. F-box designs industry-leading air, hydro, and emerging cooling systems for
1:26.0	Bitcoin mining and AI and HBC data centers. I want to highlight that.
1:29.6	If you're a Bitcoin miner who needs to bridge the gap,
1:31.7	if you're pivoting or doing hybrid operations,
1:34.3	they can build cooling solutions and infrastructure
1:36.8	for both your Bitcoin mining
1:38.0	and your AI and HBC operations.
	...

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