THE MINING POD: TeraWulf’s Record $3.2B Note, Miner Debt Tops $20B, and Why AI Companies Are Buying Jet Engines

Oct 24, 2025

TeraWulf is making headlines with a groundbreaking $3.2 billion secured loan aimed at AI infrastructure. Meanwhile, Bitfarms has raised a notable $588 million as total miner debt skyrockets beyond $20 billion. The discussion dives into the innovative use of jet engine turbines as power sources for data centers. CleanSpark is gearing up for the future by hiring a Senior VP focused on AI. And, the closure of the Kadena blockchain raises concerns about the risks of ASIC-backed altcoins in a turbulent market.

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INSIGHT

Revenue Pressure From Rising Difficulty

Hash price sits near $47/PH/day and difficulty is trending up about 4.7% next adjustment.
Miners face tightening revenue conditions with more upward difficulty adjustments ahead.

INSIGHT

Miners Can Use Data Centers As Real Collateral

TeraWulf priced a $3.2B senior secured note at 7.75% to fund AI/HPC CapEx.
The loan marks a shift from risky ASIC-backed financing toward infrastructure-backed debt for miners.

INSIGHT

Convertible Notes Remain A Popular Tool

Bitfarms upsized a $588M convertible note with a 1.375% coupon due 2031.
Convertible financings remain a popular, less-dilutive route for miners raising AI pivot capital.

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TeraWulf is gunning to raise a $3.2 billion secured loan, right as bitcoin miner debt tops $20 billion.

Welcome back to The Mining Pod! This week, we dive into TeraWulf’s $3.2B secured note for AI infrastructure—the largest ever for a public miner – and Bitfarms’ $588M convertible note at a time when total industry debt crosses $20B.Plus, why data center companies are salvaging jet turbines to power data centers, CleanSpark’s SVP of AI Data Centers hire, and for this week’s cry corner, pour one out for the Kadena blockchain…

Notes:

• TeraWulf raised $3.2B secured note at 7.75%

• Bitfarms raised $588M convertible note

• Total Bitcoin miner debt exceeds $20 billion

• Hash price currently at $47/PH/day

• Next difficulty adjustment projected +4.7%

Timestamps:

00:00 Start

02:01 Difficulty Report by Luxor

05:00 Terawulf debt

08:40 Bitfarms raises $588M

10:55 Jet engine generators?

15:55 Cleanspark hiring

18:50 Miner debt record

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FBOX is the global leader in cooling system manufacturing, with the #1 shipment volume of bitcoin mining containers worldwide. Not only powering for the strongest hashrate, their technology also helps mining infrastructure transform into AI data centers. Backed by the largest production scale on earth, global deployment capability, and a full range of cooling solutions, they are shaping the future of compute.

👉 Luxor, Leaders In Bitcoin Mining and Compute Power!

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Published twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday!