Why Miners Are Trading BTC For AI Compute w/ Rory Murray & Chris Bae
About this episode
Chris Bae and Rory Murray discuss the evolution of the Bitcoin mining industry and its shift towards AI compute.
Chris Bae Founder of Enhanced Digital Group, and Rory Murray, Director of Digital Asset Management at CleanSpark, join us to talk about the professionalization of the Bitcoin mining industry. From managing $40 billion at UBS to overseeing 13,300 BTC at CleanSpark, Rory & Chris break down the three regimes of mining evolution: Wildcat, Market Share, and the current Margin era. We explore why the "Texas Hedge" is failing, how miners use options to manage risk, and why the next frontier for hashrate is AI data centers. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** * CleanSpark holds ~13,300 BTC * Chris Ray formerly managed $40B at UBS. * BTC -20% drawdown recovery averages 18 days. * Texas hedge: Doubling down on BTC exposure. * Shift toward AI and HPC in mining data centers. Timestamps: 00:00 Start 00:45 Chris' background 05:08 How Rory knows Chris 07:16 Miners hedging risk, or not... 11:55 Reflecting on mining history 20:31 Ellipsis labs 21:18 It's "expansion" not a "pivot" sir 26:22 Bitcoin is the hurdle rate for compute 30:15 Private credit 41:32 What's big money doing right now? 45:06 What's the deal with 10/10/25? 1:00:57 Everything is fake…
Sponsors
Ellipsis Labs
More episodes of The Gwart Show | Blockspace Media
- The Case For Q-Day 2032 w/ Justin Drake
- Why Threadguy Trades Oil Now
- We Need To Stop Geofencing DeFi Like Hyperliquid w/ Jake Chervinsky
- Why Crypto Options Are Still In The Early Days w/ Nick Forster
- Investable Crypto Is Shrinking w/ Noah Goldberg
- A Return To Fundamentals w/ Dean Eigenmann
Explore listener stats, chart rankings, contacts and more on the The Gwart Show | Blockspace Media podcast page.