Blockspace: Datacenter deals, SpaceX IPO, and Saylor didn’t sell

**Charlie** (0:05)
Welcome back to Blockspace Live, presented by CleanSpark. You've got Charlie and Will today, and we are talking markets. We've got Keel, Cipher, Keel Alpha on the show, if you hang in for a second. Galaxy is ripping. We're going to talk, stretch Michael Saylor and how Zcash has a lot more to do with digital credit than you realize. We're talking with Francis Corvinho of Lygos Finance here.
We've got Kaan Farhani of Luxor to go over the monthly look back, and of course, SpaceX, because SpaceX is a data center company, not a rocket company, which means it's within our purview to cover. Blockspace goes live on Mondays, Wednesdays, Fridays. Whoa, let me roll that back. Every single day of the week, weekdays at 1 p.m. Eastern featuring quick hits on AI data centers, some Bitcoin mining and emerging technology. Make sure to like and subscribe, hit the notification bell on YouTube so you get the push notification if you're on mobile. If you like what you hear, it turns into a podcast anywhere podcasts are found, RSS, Spotify, and Apple will.
We're leaving CoinDesk.

**Will** (1:22)
We are. I don't know if it's the SpaceX news or people coming over from the CoinDesk stream, but downloads of the podcasts are jumping off the charts, which is always great to see.
Yeah, if you're listening on CoinDesk right now, this is our last week working with CoinDesk on this feed. Be sure to add us as your primary podcast host location. Just go to Blockspace on Spotify, Apple, or elsewhere and click the bell notification. Give us a five-star review and be sure to download every episode Monday through Friday, 1 p.m. Eastern Live, and then of course 5 p.m. afterwards on your podcast location of choice.

**Charlie** (2:01)
This show is brought to you by CleanSpark, Nasdaq-listed ticker CLSK. More on them later on the show. Before we go to markets, we got to take a look at Hash Rate Index, which candidly will all-time low hash price this past week.

**Will** (2:21)
All-time low? I thought we already got there a little bit ago. I thought February was all-time low, but it's even worse now.

**Charlie** (2:27)
I mean, 27?

**Will** (2:29)
Yeah, that's all-time low.

**Charlie** (2:31)
Yeah. This is the thing, it's so low that people don't even notice that it's all-time low because it's going down.

**Will** (2:39)
That's bottom sentiment. I think that Bitcoin mining in space stories, we can put that aside for now.
We'll get to data centers in space with the SpaceX talk at the end of the show, but with revenue forecasts like this, I don't think you're launching rockets to mine Bitcoin. You might not even be willing to drive out to Oklahoma to launch a new Bitcoin mine.

**Charlie** (3:00)
Yeah. No, we'll kick you out. Please, no more Bitcoin mines here, more AI. Actually, not even that.
So, just overview of a hash rate index. Fees are low, 0.68%.
We have an estimated difficult adjustment down of 10%. That's pretty notable because hash rate is a little bit lower. Network hash rate on the 7-day moving average, 864 eggs a hash. Again, if we were to zoom out or look at the, I believe, the 30-day smoothed average of the network. Zoom out, bro. Yeah. Even if I zoom out, okay, maybe it's not 864 eggs a hash, it's 970 Still, not looking very good and optimistic, but it seems that network hash rate has plateaued for now. We'll get into a potential near-term catalyst for a direction with Kaan here in a second. Will, is there any other insight to be gleaned from the gloomy hash rate index?

**Will** (4:02)
I think just this follows headlines, right? So we have the headlines and the data follows later, typically, that we get from the network as it lags slightly. But all these large miners have been selling ASICs, liquidating entire fleets to put in GPUs for AI inference and training. That makes sense. So we're going to see that percentage of US miners, the percentage of global hash rate in the US, I should say, is going to go down year over year. And we'll see 2026 probably as the reset year going forward. And then maybe next year we get a bull market and hash rate flows back in. But I would only expect this number to sit and make this low period for the rest of the summer.
Yep.

**Charlie** (4:48)
All right.
Hash rate is not looking optimistic in the short term, but there are things which are looking optimistic, Will, and that is miners who have pivoted to AI. I think I'm going to let you intro this one. This is some Alpha you found about Keel the other day. Check this out. What's the say?