CoinDesk Podcast Network THE MINING POD: CoreWeave Wants to Buy Core Scientific, Riot Sheds Bitfarms Shares, Texas’ Mandatory Curtailment Law
Jun 27, 2025
Nick Hansen, CEO of Luxor, offers insights into the dynamic world of Bitcoin mining. He discusses CoreWeave's ambitious plan to acquire Core Scientific and Riot's strategic divestment of Bitfarms shares. The conversation dives into the impact of extreme summer heat on Bitcoin's hashrate, highlighting a significant drop and upcoming difficulty adjustments. Hansen also examines a new Texas law enforcing power curtailment for data centers during emergencies, revealing its potential challenges for miners amid rising energy demands.
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CoreWeave Acquisition Insight
- CoreWeave's acquisition of Core Scientific signals a major shift towards AI and HPC, likely ending Core Scientific's Bitcoin mining operations.
- This deal may set valuation benchmarks for hybrid Bitcoin mining and data center assets in the industry.
Riot's BitFarms Strategy Fails
- Riot's attempt to acquire BitFarms was a risky move to diversify geographically and reduce Texas exposure.
- The strategy failed, leading to a 59% loss on shares sold and confusion about its rationale.
Possible Peak of U.S. Hash Rate
- The U.S. Bitcoin hash rate growth may have plateaued because AI HPC is more profitable and uses power at higher rates.
- Geographical and power availability constraints limit further Bitcoin mining expansion in the U.S.
