Is Bitcoin mining getting squeezed out of North America or is it about to evolve into its next, off-grid chapter?

In this episode, Jake Corley (@jacobcorley) and Justin Ballard (@JLB_Oso) sit down with Matt Williams (Luxor) to unpack what’s changing in the mining and power markets and why Luxor just launched an energy business inside ERCOT to become a true “one-stop shop” for miners.

From netting mining rewards against power bills to using BTC as collateral, from AI/HPC demand pressuring grid capacity to the comeback of smaller 5–20 MW sites, this conversation connects the dots between power markets, miner survival, and the next wave of infrastructure.

We explore:
⚡ Why Luxor launched an ERCOT retail power offering and how it integrates with pools, firmware, and hash-rate derivatives
⚡ The miner pain point nobody stops talking about: deposits, cash drag, and capital efficiency (BTC collateral, automated payments, reward netting)
⚡ What AI/HPC demand is doing to energy pricing, grid stability, and North American hashrate growth (plateau vs migration)
⚡ Why “mega-sites” may permanently shift to AI and where Bitcoin mining still wins (flexible load, grid services, speed-to-energize)
⚡ The market reality: 50+ MW sites are hard to energize fast, and 10–20 MW sites are back in play
⚡ Hash price cycles, breakevens, and why disciplined operators with low overhead can stack through the ugly periods
⚡ The on-grid vs off-grid tradeoff and why oil & gas companies with stranded gas may be the best-positioned to scale off-grid mining
⚡ A quick reality check on AI infrastructure economics: margin compression, monetization uncertainty, and why the “bubble” debate isn’t going away

It’s Power x Bitcoin x AI and the operators who understand all three will have the edge.

Is AI infrastructure the next great buildout — or the next bubble waiting to burst?

In this episode, Jake Corley (@jacobcorley) and Justin Ballard (@JLB_Oso) break down what might be the largest capital migration in modern history — the trillion-dollar rush to build data centers, generation, and power infrastructure for AI.

From Fermi America’s $13B IPO to Crusoe’s $10B valuation, from China’s 40-GW dams to America’s permitting gridlock — this one connects the dots between energy, compute, and capital.

We explore:
⚡ The $250B+ pouring into AI infrastructure this year
⚡ How off-grid power and natural gas are reshaping the landscape
⚡ Whether the boom is sustainable — or headed for a shakeout
⚡ Why China’s generation advantage could reshape the AI arms race
⚡ The fusion of AI, Power, and Bitcoin — and what it means for the next decade

It’s AI x Power x Bitcoin — and the lines are blurring fast.

Justin Ballard (@JLB_Oso) and Jake Corley (@jacobcorley) regroup to riff on miner-to-AI megadeals, gas-to-power plays, and a modular ASIC that could reset fleet economics.

AI x Power x Bitcoin

This week we break down:

TeraWulf × Google – a 10-year, 200 MW hosting deal (headline $3.7B; options could push multiyear value far higher) and why clean, reliable electrons (nuke/hydro) earn a premium—and might end in outright M&A.

Who’s Next? – the consolidation map: why Bitfarms (and possibly IREN/Iris) look “target-ready,” what MARA/RIOT are more likely to do, and how miner stock spikes telegraph hyperscaler interest.

CoreWeave–Core Scientific Playbook – how long-dated revenue agreements morph into acquisitions when the real prize is energized, rack-ready capacity.

Coterra’s Power Option – a 7-year gas sale to CPV’s 1.3 GW CCGT in Ward County with the right to buy ~250 MW/day indexed to ERCOT West—the first true Permian netback template and what it signals for E&Ps.

Turbines, Permits & Sudoku – deposits and long lead times, GPA/air permits (NOx/CO₂), and the catch-22 between offtakes and hardware—why scale + compliance + capital win.

Block’s Proto Miner – Apple-clean design, rack-side sub-90-second repairs (as pitched), modular hashboards, open-source fleet software, and a 10-year design life—what that does to uptime and capex cycles.

The AI Arms Race – trillion-dollar capex, billion-dollar talent bids, China’s generation build-out, and why power-secure brownfield beats greenfield timelines.

Where to Find Us IRL – Permian Power Conference (Midland, Sep 29–30) + Texas Capitol investor day/North American Blockchain Summit (Dallas, October).

Chris Kline, co-founder & COO of Bitcoin IRA, sits down with Justin Ballard (@JLB_Oso) and Jake Corley (@jacobcorley) to show you how to turn the IRS into your silent stacking partner.

They break down:

• Tax-Free BTC Forever – how Roth and SEP IRAs let your sats snowball to seven figures without kissing them goodbye to the tax man.
• Checkbook Control – spin up an IRA-owned LLC or trust to self-custody keys, lease tractors, or even run mining rigs—all inside the shelter.
• $69K Contribution Hack – entrepreneurs can shovel up to $69k a year into a SEP and slash today’s bill while super-charging tomorrow’s stack.
• Pentagon of Custody – the security architecture (and Rocket Dollar acquisition) that keeps grandma’s seed phrase off Facebook and ransom gangs at bay.

Justin Ballard (@JLB_Oso) and Jake Corley (@jacobcorley) sit down with Bitfarms power duo Rachel Silverstein (GC & firm-builder) and Alex Brammer (ex-Ranger turned HPC czar) to map out Bitfarms’ high-voltage pivot from pure Bitcoin mining to hyperscale AI infrastructure. They unpack how a 460 MW fleet, a gigawatt development pipeline, and a fresh $300 million Macquarie project-finance deal are transforming legacy mining sites into liquid-cooled, 600 kW-per-rack AI engines. Discover why a “dream-team” exec roster, project-level debt, and a land-plus-power land-grab strategy could vault Bitfarms from blocks to bots—and what it all means for energy markets, AI’s compute arms race, and the future of work.

Rajiv Khemani, co-founder & CEO of Auradine, sits down with Justin Ballard (@JLB_Oso) and Jake Corley (@jacobcorley) live from Bitcoin 2025 in Las Vegas to pull back the curtain on America’s newest 3 nm ASIC powerhouse.
Auradine
They break down:

• Hydro Hash Density – 600 TH/s packed into a 2U rack and tunable down to 13.5 J/TH for “eco-mode” efficiency.
• AI-by-Day, Bitcoin-by-Night – shared liquid-cooling racks that swing idle GPU power into mining revenue in seconds.
• Heat Recapture Hustles – turning spent watts into shower water, fish-farm warmth, and any creative thermal side-gig you can dream up.
• Tariff-Proof Supply Chain – why building chips at TSMC but assembling in the U.S. (or non-China Asia) hedges geopolitical risk.
• $150 M War Chest & Creative Financing – how fresh capital lets Auradine offer pay-as-you-mine terms and sell standalone chips for DIY devices.

If you’re obsessed with mining density, cheap electrons, and staying geopolitically uncancelled, this episode hands you the playbook.

Comedian T.J. Miller (@nottjmiller) drops by to riff with Jake Corley (@jacobcorley) and Justin Ballard (@JLB_Oso) about getting “orange-pilled” by the Winklevoss twins, swapping war stories with Michael Saylor, and why true Bitcoiners keep stacking no matter how “frothy” the market gets. Expect unapologetic laughs, hard-won lessons on dollar-cost averaging, and a spicy take on politicians suddenly chasing crypto clout. Plug in for a fast-paced, no-filters tour of Bitcoin culture—from Broadway dinners to back-stage conference drama—and find out why T.J. thinks hodling might be comedy’s greatest punchline.

Charlie Brady of Bitfufu sits down with Justin Ballard (@JLB_Oso) and Jake Corley (@jacobcorley) to explore the world of cloud mining as a major revenue stream. They unpack the dynamics of Bitfufu's cloud mining operations, the strategic shift from asset-light to owning data centers, and how cloud mining is reshaping the financial landscape for both institutional and retail investors. Discover why cloud mining is a game-changer in the cryptocurrency space and what the future holds for this innovative approach.