In this episode of The Defiant Podcast, we sit down with Fakhul Miah, Managing Director of GoMining Institutional and former Morgan Stanley executive, to explore the rapidly evolving world of Bitcoin mining in 2025.

From the rise of AI hyperscalers competing for energy resources to the financial engineering transforming miners into sophisticated operators, this conversation dives deep into the challenges and opportunities shaping the future of the industry.

Key topics covered:

Why AI is Bitcoin mining’s most aggressive new competitor
How miners are evolving with BTC-backed loans and convertible notes
The shifting geopolitics of mining: U.S. vs. Latin America and Africa
What $100B in Bitcoin ETFs and sovereign reserves mean for adoption
The big picture: Bitcoin mining’s transformation into a global infrastructure industry

Whether you’re a crypto enthusiast, investor, or just curious about the intersection of technology, energy, and finance, this episode is packed with insights you won’t want to miss.

Chapters:

00:00 Introduction: Bitcoin Mining Faces a New Kind of Competition

00:45 GoMining’s Role in Tokenized Bitcoin Mining

02:43 The Rise of AI Hyperscalers and Energy Market Disruption

03:15 Bitcoin Mining’s Flexibility vs. AI’s Energy Demands

06:15 Why AI Is a Formidable Competitor for Miners

08:09 The Power Struggle: Bitcoin Mining’s Future Amid AI Growth

09:02 Financial Engineering: How Miners Are Avoiding Liquidation

12:11 The Evolution of Bitcoin Mining into a Balance Sheet Business

16:57 Shifting Geopolitics: Latin America and Africa’s Mining Rise

20:36 U.S. Mining Dominance: Can It Adapt to Stay on Top?

24:50 Institutional Adoption: $100B in ETFs and Sovereign Reserves

28:40 Bitcoin’s Next Phase: Stability, Risks, and Financialization

31:10 Bitcoin as Digital Gold vs. Everyday Currency

34:51 The Role of Institutions and Whales in Bitcoin’s Future

37:00 The Big Picture: Bitcoin Mining’s Transformation by 2030

39:29 What Miners, Investors, and Policymakers Should Focus On

42:35 Closing Thoughts: GoMining’s Vision and What’s Next

📖 Learn more:

Explore GoMining’s H1 2025 Bitcoin Mining Market Review: [https://institutional.gomining.com/]

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