Un Podcast Sobre Bitcoin Irán paraliza la minería de Bitcoin
Mar 3, 2026
Discussion of Saylor's loan options and the rehypothecation risk with exchanges. U.S. miners converting facilities into AI data centers and how they finance those projects. A deep dive into Iran's sizable, state-linked mining operations and their impact on electricity and network dynamics. Analysis of what losing Iranian hash would mean for decentralization and miner economics.
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U.S. Miners Pledged Bitcoin To Fund AI Conversions
- Many U.S. miners collateralized about 70% of 20,900 BTC to finance converting facilities into AI data centers, sending ~$1 billion as collateral to crypto exchanges.
- Alberto Mera cites Marathon Digital and others rehypothecating Bitcoin to raise capital for expensive AI infrastructure conversions.
State Subsidies Made Iranian Mining Exceptionally Cheap
- Iran officially licensed mining in 2019 offering heavily subsidized industrial electricity (~$0.002/kWh) under condition mined BTC be sold to the Central Bank.
- That subsidy made otherwise unprofitable rigs generate ~ $50/day per older S21 miner after the halving, creating strong incentives.
Iran's Mining Dominated By IRGC And State Actors
- The IRGC and state-linked entities aggressively entered mining, often operating in special zones with near-free electricity and armed protection.
- Alberto Mera reports ~180,000 rigs in Iran in 2023, with ~100,000 controlled by the state or IRGC networks.