Rory Murray, Director of Digital Asset Management at Cleanspark, joins us to discuss his journey from global macro investing to leading Bitcoin mining operations, the Griid acquisition, cost structures, hedging strategies, and how the business is evolving into a hybrid energy‑finance powerhouse.

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Notes:

Clean Spark: “America’s Bitcoin miner”
Margins shrink toward zero over cycles
Hedging via covered calls at $65K
Power contracts lock in multi‑million deals
Bitcoin used as collateral for loans
Goal: monetize megawatts, not just hash

Timestamps:
00:00 Start
04:38 GRIID role
14:36 Managing BTC treasury
20:21 HODL strategy
24:09 Ellipsis Labs
25:10 Miners vs Treasury Companies
33:22 Miners could be better treasury companies
55:14 What is "cost to mine 1 BTC"?
58:50 Miners will fail
1:04:16 Future miner income diversity

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