THE MINING POD: How Coinbase is Quietly Driving Bitcoin's Hashrate Growth w/ Doug Wilson

Dec 16, 2025

Doug Wilson, Head of Credit/Capital Markets at Coinbase Asset Management, shares insights on innovative hashrate-backed loans for Bitcoin miners. He explains how these loans differ from traditional options, allowing miners to use their entire facilities and Bitcoin as collateral. The discussion also explores the growing impact of ETFs and regulatory clarity on lending, the future of stablecoins as a payment solution, and the importance of institutional engagement in the evolving crypto landscape. This intriguing conversation highlights the potential for growth in the digital asset economy.

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INSIGHT

Hash Rate As Accepted Collateral

Coinbase Asset Management accepts hash rate plus Bitcoin as a flexible collateral package for miner loans.
They can accept up to 50% hash rate and 50% digital collateral for qualified miners.

ANECDOTE

Lessons From 2022 ASIC Repossessions

Past ASIC-backed loans often forced lenders to repossess and operate miners after defaults.
Those experiences taught lenders to prefer stronger collateral mixes like Bitcoin plus hash rate.

INSIGHT

Hash Rate Means The Whole Facility

CBAM treats hash rate as the finished product—an assembly of ASICs, land, containers, transformers, and more.
That assembled system is valued because it generates ongoing Bitcoin rewards.

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