CoinDesk Podcast Network Trading the AI/HPC Sector, Bitdeer's ASIC, Bitcoin’s Parabolic Hashrate w/Pennyether
Sep 30, 2025
Join the insightful discussion as Pennyether unpacks the recent surge of Bitcoin's hashrate crossing 1 zettahash. Discover how ASIC manufacturing influences mining revenue, with miners investing heavily in these chips. Learn about the competitive landscape between Bitdeer and Bitmain, and how AI and HPC could reshape mining economics. The fascinating interplay between mining stocks and the HPC narrative shows why valuations are on the rise, despite megawatt challenges. It's a transformative time in the world of Bitcoin mining!
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HPC Odds Re-Rate Mining Stocks
- Investors re-rate mining stocks when they assign probability to HPC deals versus pure mining revenue.
- Pennyether says small probabilities of HPC megawatts boost valuations massively because HPC margins are 2–5x higher.
From Engineer To Bitcoin Mining Analyst
- Pennyether began as a software engineer, then taught herself mining economics during the retail trading mania.
- She used public filings and monthly reports to challenge bullish narratives like Riot's hosting cost presentations.
Difficulty Retarget Is The Real Hashrate
- Difficulty adjustments reflect the effective hashrate miners compete against over 2016 blocks.
- Pennyether treats each difficulty retarget as the true hashrate because miners face that value for the adjustment period.