The Mining Pod | Blockspace Media Bitcoin Mining Isn't Dead w/ Steve Barbour
Nov 25, 2025
Steve Barbour, CEO of Upstream Data and a bitcoin-mining infrastructure expert, shares insight into the evolving mining landscape. He highlights the importance of energy partnerships for profitability and discusses the impact of new ASIC models on margins. Barbour argues that bitcoin mining is maturing with sustainable business models, despite challenges like mining difficulty and market pressures on public miners. He also emphasizes the potential for home mining and the significance of utilizing marginal energy sources such as oilfield gas.
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Reliability Beats Raw Hash Price
- Hardware reliability and dynamic performance matter more than raw $/TH when power quality worsens.
- Steve Barbour warns miners will need machines that ramp, survive thermal cycling, and handle marginal energy.
Low Hash Price Favors Efficiency Edge
- Current low hash price favors newest, most efficient machines and forces marginal operators to the edges.
- Barbour expects shakeouts but thinks oil/gas and used-gear operators will be resilient.
Require Rapid Payback For New ASIC Buys
- Avoid buying top-end new miners unless they pay back quickly; target six-month spot payout before ops.
- Steve Barbour recommends second-gen gear for oilfield and cautious capex for newcomers.