CoinDesk Podcast Network THE MINING POD: Antalpha’s Q1, Public Miners Hit 1/3rd of BTC’s Hashrate, Summer Curtailment is Coming
Jun 20, 2025
Haley Thomson, Director of Energy Trading at Luxor Technology, joins the conversation to shed light on Texas miners' strategies amid peak energy demands. They discuss the record 31.6% hash rate achieved by U.S. public miners and the implications of increasing corporate treasury strategies, which some fear may be a bubble. Additionally, Haley highlights how miners are evolving from burdens to valuable contributors in Texas's energy landscape, adapting to the challenges posed by peak load occurrences in the ERCOT system.
AI Snips
Chapters
Transcript
Episode notes
Better Mining Profit Metrics
- Energy-adjusted long-term mining profit charts reveal more stable and realistic miner economics.
- Early high hash prices were offset by less efficient machines, so adjusted charts better reflect true returns.
Texas Miners Manage Peak Loads
- Bitcoin miners in Texas flexibly reduce power usage during 4CP periods, flattening peak load curves.
- This demonstrates miners as a grid solution by shifting load, not just a problem for electricity demand management.
Miners Shift Market Demand Curve
- Bitcoin mining's flexibility is transforming ERCOT electricity market's traditional load assumptions.
- Mines respond dynamically to price signals, showing demand is no longer vertical but highly price elastic.