Mining Intelligence: Powering The Future
Speakers/Moderators
Irene Gao
Irene Gao
Session
Overview
Irene Gao of Bitmain discussed three market trends shaping Bitcoin mining: the economics of rising network hash rate, the role of mining in AI power infrastructure, and hosted hash rate models for institutions and partners.
The talk emphasized mining as a flexible load that can monetize power before AI data centers are fully operational, use stranded or curtailed energy in rural areas, and help offset infrastructure costs. Gao also framed mining containers and high-efficiency ASICs as tools for faster deployment and energy monetization.
Bitmain’s role was presented as an integrated mining infrastructure provider, combining hardware, modular containerized systems, global service, power sourcing, and financial solutions. The session connected Bitcoin mining, energy markets, AI infrastructure, and institutional access to hash rate.
Hi, everyone. It is a great pleasure to be here. I am Irene Gao, an executive at Bitmain. Today I am going to share three market trends with you.
First, let’s start with the numbers. The network hash rate has reached one zettahash until now. That is 1.5 times what we had in 2024. The Bitcoin price set an all-time high at $120,000 in October 2025. The Bitcoin block reward is 3.125 Bitcoin per block.
If we run the numbers right now, we find that 42% of miners, if the efficiency is around 20 joules per terahash, have difficulty with their unit economics.
The first trend I want to share is about the AI power infrastructure problem, and why miners are positioned to solve it. We all know it usually takes a very long time to build an AI data center, at least 18 months. But when the power purchase agreement is designed, you are committed to consume this power. From day one, you cannot consume it. You have to wait until the AI data center is ready around month 18.
If you have a mining business there, mining can start within six months of the build, and from month six it generates profit immediately. For the next 12 months, until the AI is live, the mining profit can offset the AI infrastructure.
When the AI comes to life, miners are not gone, because they are very flexible. Surplus energy from AI operations can flow into mining operations. This means you can run AI data centers and mining centers together to have double income.
Because mining is a very flexible load, we have clear examples from IREN and TeraWulf. During the construction and buildout of their AI data centers, they ran their mining businesses throughout the process. This is a good option to optimize the capital allocation strategy.
The second trend we want to share is energy, stranded energy. There is a lot of energy available in the U.S. To show you the scope of this, only in the United States there are more than 500 billion cubic feet of flared gas released every year. In rural areas, curtailment exists at almost 10% of generation, and that is where miners can perform as a mobile utility.
There is no need for transmission lines, and you do not have to build out all the electrical infrastructure. With the power, the container, the flare gas, and as far as the miner runs, profit is generated. It is early deployment and immediate monetization.
This is an example of how it works. This will truly become a trend because power in rural areas that nobody can use can be used by our industry. Our mining facilities are movable, and the hash rate can be turned up and down online very frequently. This is the only utility, or the only facility, that can do this. No other industry has a similar load.
The third trend is about hosted hash rate. We hear a lot of feedback from institutional investors that a barrier to adoption is operational complexity. They have to find where the power is, build out the mining data centers, and operate throughout the lifespan of the miners.
Now, hosted hash rate resolves this well. You purchase the miners, have the asset on your balance sheet, and then have a partner operate everything for you. We source the power, we operate the mining data centers, and you just need to have a wallet to receive the Bitcoin earnings.
This is a good model for clients who want to have hardware on their balance sheets, and for mining companies that do not want to expand their mining fleets but need more hash rate. This is also a solution for crypto exchanges that want to offer hash rate products to their users.
This is the product I want to introduce to you, engineered for all three of these scenarios. The 9.5 efficiency for miners is a true frontier of the industry. It is 27% more efficient than the previous generation, and it is 1,160 terahash in a single unit, which ensures a very high-density hash rate in one unit of capacity.
If you are an AI developer, this is where your tenant or yourself may bring mining to the site before the AI infrastructure is live. This is a good project for deployment when your power price is operating at a really low commodity price.
Bitmain, as a leading mining rigs manufacturer, is not only selling the most efficient miners, but also solutions for the ecosystem. No matter whether you are an investor, an AI business developer, or a power generator, you cannot run the business with only the most efficient miners. You need an integrated partner, and that is who we are.
We have the most efficient hardware, modular infrastructure solutions with containers, and 24/7 global services. If you need power resources, we will find your power resources and get everything up and running immediately. We also have financial solutions for clients to maximize their capital usage.
There is one more thing we want to share during this conference. We offer promotions to enable more people to access the mining infrastructure business, to build more infrastructure, and to maximize capital usage. We will offer one-to-one credit issued to your Bitmain account and allow you to use it to purchase miners, which enables you to get 20% off. 20% off means a 20% faster return on investment.
We offer two types of containerized solutions here. One is the standard type that enables you to deploy with all kinds of miners, and the high-density type uses advanced hydro cooling technology. We also have server-compatible containerized solutions. If you want infrastructure for the future, one infrastructure that is compatible with AI servers, this is your choice.
This is what we want you to take from here. First, come to our booth and run the numbers together with our team. Second, get more customized solutions from our team. They are there to support you. Third, partner with us. No matter whether you are miners, investors, or power owners, you can come to us and talk. We want to partner with you and build a better mining ecosystem.
That is all for today. Thank you all for your time and for listening.
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Mining Intelligence: Powering The Future
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