WULF’s CFO joins the pod to discuss TeraWulf’s Q3 earnings, financing strategy, and the future of its bitcoin mining business. Subscribe to the Blockspace newsletter for market-making news as it hits the wire! Welcome back to The Mining Pod! Today, Patrick Fleury, CFO of TeraWulf, joins us to talk about WULF’s Q3 where they booked their first AI revenue at $7.2 million, signed AI deals with FluidStack  and Core42, and how they're balancing their debt structure. Patrick also drops a provocative warning about Bitcoin's security: with US hashrate potentially dropping from 40% to just 5-10% by 2028, Bitmain could become the largest miner controlled by China, creating the only real vulnerability in Bitcoin's network. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** • First AI revenue: $7.2 million in Q3 • 450MW contracted with FluidStack at Lake Mariner • 72.5MW deal with Core42 signed • Demand response revenue: $7.3-7.4 million Q3 • Adjusted energy cost: 4.7 cents per kWh • Current hashrate: 7.2 exahash Timestamps: 00:00 Start 02:57 Anthropic 05:50 Q3 summary 11:05 HPC & income margin 13:01 Designing capital raises 21:31 Balancing different debt instruments 25:50 Replacing ATM debt 29:07 Agreements 33:32 Bitcoin mining ops 👉CleanSpark, America's Bitcoin Miner! CleanSpark (Nasdaq: CLSK), America's Bitcoin Miner®, is a market-leading Bitcoin miner with a proven track record of success. They own a fully self-operated portfolio of mining facilities across the U.S. powered by globally competitive energy prices. CleanSpark sits at the intersection of Bitcoin, energy, operational excellence and capital stewardship. Optimally monetizing low-cost, high reliability electricity positions them to prosper in an ever-changing world. 👉 FBOX, Cooling for Bitcoin Mining and the AI Data Center Transformation FBOX is the global leader in cooling system manufacturing, with the #1 shipment volume of bitcoin mining containers worldwide. Not only powering for the strongest hashrate, their technology also helps mining infrastructure transform into AI data centers. Backed by the largest production scale on earth, global deployment capability, and a full range of cooling solutions, they are shaping the future of compute. 👉 Luxor, Leaders In Bitcoin Mining and Compute Power! Get game-changing mining results with Luxor Firmware. Boost hashrate, cut energy costs, protect your hardware, and maximize mining profits with LuxOS. Published twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday!