CoinDesk Podcast Network THE MINING POD: TeraWulf’s $1.3B Raise, Riot’s $500 ATM, SMLR-ASST Merger, Beckham Bends Away from BTC
Jan 2, 2026
TeraWulf successfully secures a staggering $1.3 billion for its AI compute venture, while Riot launches a $500 million ATM offering, adding financial flexibility. The conversation dives into a dramatic drop in Bitcoin’s network hash rate and the implications of potential miner capitulation. David Beckham's Prenetics unexpectedly pivots away from Bitcoin investment, holding onto $44.8 million in BTC but shifting focus towards supplements. The hosts also explore market dynamics and potential tailwinds for the future.
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Hash Rate Stagnation Risks Miner Capitulation
- Bitcoin network hash rate has stalled and recently fell sharply, nearly triggering four negative difficulty adjustments in a row.
- Low hashprice (< $40/PH/day) and muted fees increase miner stress and risk of capitulation.
Nearly Historic Difficulty Drop Avoided
- Four straight negative difficulty adjustments almost occurred, a rare event last seen during China's 2021 mining ban.
- That close call highlights how extreme the recent miner outflows and network stress have been.
Big Debt Shows Lender Appetite For AI Compute
- TeraWulf's FluidStack JV secured $1.3B in secured notes for an Abernathy AI campus due 2030 at 7.25% interest.
- The deal shows ongoing lender appetite for AI/data center projects despite macro worries.