CoinDesk Podcast Network THE MINING POD: Nvidia’s Q3 Earnings, ERCOT Power Market Update, Cipher Lands $830M Fluidstack Expansion
Nov 21, 2025
Haley Thompson, Director of Energy Trading at Luxor Technology, is the guest, bringing her expertise on energy trading and AI's impact on power markets. She dives into the ERCOT dynamics, explaining how AI demand is stressing infrastructure while detailing the significant 166GW load growth projection through 2030. The discussion also covers risks associated with reliance on natural gas and the funding of infrastructure buildouts, highlighting the major beneficiaries in the energy sector.
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Mining Economics At An All-Time Low
- Bitcoin mining economics have hit all-time lows with hash price at $36.97/PH/day and weak fee revenue.
- A negative difficulty adjustment and seasonal Russian shutdowns may provide limited relief to miners.
Nvidia Beats But Market Retraces Gains
- Nvidia posted record Q3 revenue and said data center demand remains huge, yet markets later retraced the rally.
- The pullback suggests investor concerns about concentration and the uncertain ROI timeline for AI infrastructure.
Massive Projected Load Growth Through 2030
- Grid Strategies projects 166 GW of U.S. load growth through 2030 driven 55% by data centers.
- ERCOT alone could see ~53 GW of incremental demand, concentrating stress on a few regions.