CoinDesk Podcast Network THE MINING POD: CoreWeave-Core Scientific Deal Fails, CleanSpark Eyes 285 MW AI Site, TeraWulf’s $9.5B Fluidstack Deal
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Oct 31, 2025 Ethan Vera, CEO of Luxor and ASIC market expert, joins to discuss the fallout from Core Scientific's failed $9 billion acquisition by CoreWeave. He reveals surprising hash rate growth driven by China and Russia, despite a slowdown in U.S. mining. The conversation dives into CleanSpark’s new 285 MW AI site and TeraWulf's $9.5B deal with FluidStack. They also debate the future of mining pools amidst a controversial soft fork proposal, highlighting the tension between economic incentives and permissionless transactions.
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Hashprice, Difficulty, And Rapid Hashrate Growth
- Hashprice fell to $43.73 per PH/day while difficulty just rose 6.3%.
- Seven-day hashrate reached ~1.12 ZH, driven partly by luck and global deployments.
China And Russia Fueling Hashrate Surge
- Luxor attributes much of recent hashrate growth to deployments in China and Russia.
- Public US deployments lag, so manufacturers and farms are plugging machines globally.
Manufacturers Deploy Machines To Global Hosted Sites
- Manufacturers facing weaker US demand are deploying machines in global hosted sites to monetize supply.
- Firms like Bitmain and others sell or host their own rigs to avoid idle inventory.