CoinDesk Podcast Network THE MINING POD: Picking Winners in the Bitcoin Miner AI Race w/ Kevin Dede
Nov 4, 2025
Kevin Dede, Managing Director and Senior Technology Analyst at H.C. Wainwright, brings insights into the evolving landscape of bitcoin miners pivoting to AI. He discusses how AI-driven opportunities are outpacing traditional mining, emphasizing the benefits of the Powershell model over neo-cloud solutions. Dede also dives into the implications of recent AI deals, including the failed CoreWeave merger, and highlights the potential for U.S. mining operations to thrive. With an exciting competitive field, he predicts that the race for AI-miners is just getting started.
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AI Runway Exceeds The Early Internet
- AI adoption has broad enterprise runway and likely exceeds early internet impacts.
- Kevin Dede believes AI still sits in early innings with major enterprise transformation ahead.
Miners' Core Strength Is Infrastructure
- Bitcoin miners' core competency is facility buildout, power deals, and delivery rather than advanced GPU software stacks.
- That makes the powershell/infrastructure model a natural fit versus full neocloud development for many miners.
GPU Scale Is A Supercomputer Problem
- Managing thousands of GPUs becomes a networking and software challenge akin to running a supercomputer.
- Kevin notes projects like Stargate (450,000 GPUs) require deep orchestration beyond traditional miner skills.