What Bitcoin Did The Bitcoin Treasury Machine | Harry Sudock & Rory Murray
May 13, 2026
Harry Sudock, a senior CleanSpark exec experienced in Bitcoin mining and energy infrastructure, and Rory Murray, VP of Digital Asset Management overseeing Bitcoin treasury strategies, explain how miners turn Bitcoin into capital tools. They discuss using Bitcoin as collateral, covered calls and basis trades for yield, and why miners are expanding into AI data centers while balancing energy and decentralization.
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AI And Mining Solve Different Energy Problems
- AI and Bitcoin mining compete for electrons but solve different grid problems: AI highlights generation scarcity, mining highlights consumption inefficiency.
- Harry Sudock says miners can exploit underutilized power pockets while AI demands high-bandwidth, centralized campuses.
Don’t Retool Mines For AI Build Adjacent AI Sites
- Build greenfield AI capacity adjacent to existing mining sites rather than retrofitting mining buildings for GPUs.
- Harry uses Sandersville as a case: 250 MW mining site next to 122 acres reserved for purpose-built AI deployment to switch power when ready.
AI Data Centers Need Power Land Capital And Firm Leases
- Successful AI data centers require four things: power and land acquisition, leasing, capital to pay for buildout, and predictable tenant revenue.
- CleanSpark leverages its mining heritage for power/land and plans to underwrite projects using land, CapEx, and lease revenue as collateral.