THE MINING POD: Picking Winners in the Bitcoin Miner AI Race w/ Kevin Dede

CoinDesk Podcast Network

CoinDesk

Cryptocurrencies, Cryptocurrency, Dlt, Tokenization, Coindesk, Distributed Ledger, Blockchain, Tech News, Business News, Ethereum, Bitcoin, News, Digitalassets, Daily News, Decentralization, Defi, Crypto, Business

4.8 • 689 Ratings

🗓️ 4 November 2025

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Q2 and Q3 were explosive for bitcoin miners pivoting to AI. H.C. Wainwright’s Kevin Dede joins us to give his takes on the latest AI deals from IREN, CIFR, WULF, and more. Subscribe to the Blockspace newsletter for market-making news as it hits the wire! Welcome back to The Mining Pod! Today, Kevin Dede, Managing Director at H.C. Wainwright, joins us to give a pulse check on the bitcoin miners pivoting to AI. We cover the latest deals from IREN, Cipher, Terawulf, and others, and pick apart whether the neocloud or powershell business model is the best fit for bitcoin miners. Plus, what the CoreWeave-Core Scientific deal’s failure means for the AI-miner market as a whole, why bitcoin mining won’t die easily in the U.S., and why Dede thinks the AI-miners are just getting geared up. Notes: • AI runway better than mining for miners • IREN Microsoft deal is a win for powershell model thesis • AI business lines give miners better access to capital • Miners with exposure but no deals on the table could offer interesting opportunities • Mining in the U.S. not done yet Timestamps: 00:00 Start 02:34 Intro 03:33 Mining stock overview 04:13 AI 06:03 HPC 08:52 IREN 13:05 Infrastructure & Neo-Cloud 19:18 Miners w/ AI are ripping 20:16 Financing options 22:25 CORZ & Core Scientific 29:02 How many winners can there be? 31:18 JV deals 33:38 Bullish or bearish majors 👉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

Click on a timestamp to play from that location

0:00.0	You don't have to manage Bitcoin mining compute very much outside of managing the power settings.
0:05.1	But managing the compute itself is not something miners have ever had to do.
0:08.3	You have one buyer.
0:09.4	You're not having to think about optimizing that compute for the end customer.
0:13.1	And that is a really interesting problem when you think about actually trying to scale
0:16.6	NeoCloud versus the PowerShell model.
0:18.7	When you look at what a Bitcoin miner's core competency is,
0:21.4	it's building those facilities, arranging the power deals, and delivering. It's not necessarily
0:26.2	as intricate as you might look at some of the neoclouds, like CoreWeet, for instance, where
0:31.9	they've developed this software stack geared toward helping large language models develop. I don't think there are
0:38.0	companies that are entering the space on the Bitcoin side that have that core competency just
0:43.0	yet. Stargate is supposed to have 450,000 GPUs in it eventually. At that point, it's about how
0:48.9	you network a supercomputer, because that's what you got. AI pivoting Bitcoin mining stocks have been surging this year, and it seems like each
0:58.7	week comes with a slew of headlines for $100 million or multi-billion dollar deals.
1:03.8	And that is the topic of today's show with H.C. Wainwright, Manning, Director, and Senior
1:07.7	Technology Analysts Kevin Dedey, you are listening to The Mining Pod brought to you by Clean Spark, and on today's episode, we. Kevin Dede, you are listening to the mining pod brought to you
1:11.8	by CleanSpark. And on today's episode, we have Kevin break down some of the latest news and his
1:17.5	expectations for this cohort of Bitcoin miners. And he gives his thoughts on which business model
1:22.7	PowerShell versus NeoCloud he thinks will win out in the future and what all this means for the future of Bitcoin mining.
1:29.5	You're listening to the mining pod,
1:30.8	and we will get to the interview right after a quick word from our sponsors.
1:34.2	Guys, there is a serious problem right now in Bitcoin mining,
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from CoinDesk, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of CoinDesk and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.