Foundry Capacity & Competition From AI

At a time when other bitcoin miners are pivoting to AI, Canaan is doubling down on bitcoin.

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Welcome back to The Blockspace Podcast! Today, Liang Wang, VP of Canaan, joins us to talk about how Canaan is approaching the changing tides in bitcoin mining as peers pivot to AI. We dive into their recent acquisition of Texas mining sites from Cipher Mining, their 60.9% year-over-year sales growth for their Avalon ASIC miner series, and the economics of mining in the current market. Liang also shares insights into China's regulatory landscape, the potential of stranded energy in North America, and how AI is impacting ASIC miner market dynamics.

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Notes:

* 60.9% YoY growth in ASIC equipment sales.

* Sold 14.6 EH/s of new equipment in Q4.

* Acquired 49% equity in three Texas sites.

* Texas power rates below $0.03 per kWh.

* Zero self-mining exposure in China.

* Bitcoin price at $65,000–$70,000 range.

Timestamps:

00:00 Start

04:23 Cipher acquisition

08:57 Behind the meter & asset heavy

13:08 Stranded energy & hashrate growth

16:16 ASIC sales are up?

22:46 China update

28:09 New markets by country

33:10 2 nanometer chips?

38:58 Chip making demand for AI & others

46:58 The "AI pivot" impact?

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CleanSpark (Nasdaq: CLSK) is a market-leading data center developer with a proven track record of success. We own a portfolio of power, land, and data centers across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our infrastructure to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by producing a global emerging critical resource – compute – positions us to prosper in an ever-changing world.

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