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Get your tickets to OPNEXT 2026 before prices increase! Join us on April 16 in NYC for technical discussions, investor talks, and intimate conversation with the brightest minds in Bitcoin. Welcome back to The Blockspace Podcast! Today, Rapha Zagury, CEO of Elektron, joins us to talk about the company’s management of Tether's massive 50 EH/s bitcoin mining portfolio. Rapha breaks down Elektron and Tether’s partnership, the incipient market bifurcation between AI/HPC and Bitcoin mining, and why he believes progress is directly correlated with energy use. We dive into the legal origins of Elektron, the company’s global footprint across 32 sites, and the future of mining as Tether and Elektron double down on hashrate while the rest of the industry eyes AI. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: Tether runs 50 EH/s with Elektron Greenfield sites trading at $1/MW amid AI boom Elektron manages ~200,000 ASICs globally Operations span 32 sites across 5 countries AI and BTC Mining bifurcation expected in 6 to 12 months Timestamps: 00:00 Start 05:31 BTC market crash 07:59 Who is Rapha? 11:16 What is Electron? 14:46 Swan & Tether legal struggle 18:00 Asset light build out plan 23:20 Business setup 25:05 Why mine? 33:18 Hashrate geographic distribution 38:54 Bad places to mine BTC? 40:50 AI & HPC 48:56 3.8% staff costs 52:11 Hashrate growth 57:28 There's ALWAYS stranded energy 59:44 Elektron IPO? Published thrice weekly, "The Blockspace Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish twos per week, on Tuesday and Thursday, plus our News Roundup on Saturdays! From public miners like CleanSpark, Riot Platforms and MARA, to small private miners finding their edge, The Blockspace Pod covers it all. Listen to experts on hashrate, network difficulty, ASIC miners and more by tuning in twice per week. Includes coverage of major manufacturers like Bitmain, MicroBT, Canaan, Proto and Auradine. Learn more about Bitcoin mining metrics, stories, and analytics by tuning in! The Blockspace Pod brings you the full spectrum of Bitcoin mining—from industry giants like CleanSpark, Riot Platforms, and MARA to nimble private miners carving out their edge. Twice a week we cover hashrate trends, network difficulty, ASIC hardware updates, and insights from leading manufacturers like Bitmain, MicroBT, Canaan, Proto, and Auradine. Stay ahead of the hash with expert takes, mining metrics, and the latest stories shaping the industry. Newsletter https://newsletter.blockspacemedia.co... Apple: https://podcasts.apple.com/us/podcast... Spotify: https://open.spotify.com/show/1NQIkiC... RSS: https://feeds.megaphone.fm/bitcoin-se... 👉CleanSpark CleanSpark (Nasdaq: CLSK) is a market-leading data center developer with a proven track record of success. We own a portfolio of power, land, and data centers across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our infrastructure to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by producing a global emerging critical resource – compute – positions us to prosper in an ever-changing world. 👉Luxor, Blockspace's preferred mining pool Bitcoin mining revenue changes every day. Difficulty adjusts. Fees move. Prices shift. And that makes it hard to plan. Luxor Pool’s Fixed Payouts let miners lock in revenue at a guaranteed daily rate for up to 18 months. According to Hashrate Index, miners who used rolling fixed payout strategies since the last halving have outperformed FPPS mining by up to 15 percent. Fixed Payouts give you predictable daily revenue, so you can plan, budget, and grow with confidence. With Luxor, uncertainty is optional. Learn more at luxor.tech/mining