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Riot Q2 Earnings and $9.1B Rockdale Deal, NVIDIA’s $500B Financing Program, ERCOT Seeks Pushback on Batch Zero Deadlines
01:11:46
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A
What's going on y'?
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B
All?
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A
Welcome back to Blockspace Live presented by Clean Spark for another beautiful day of earnings week. Phase 2 Charlie and man, do we have some news for y' all today. Riot dropped its Q2 earnings last night and they dropped two bombshells. First, a new AI lease reportedly with Anthropic. We'll get into that in a second at its Rockdale site for 191 critical IT megawatts and a multi billion dollar deal. Plus an LOI has been inked for its Corsicana site. The entire gigawatt site Gross. Will they get it across the finish line? We don't know, but we do have the deal details as well as their Q2 results, so we will be tackling that for our first story. Following that, Nvidia talking about $500 billion in financing. New $500 billion financing coming from Nvidia. Just when you think that the capex bubble can't keep inflating, they keep throwing dollars around like it's nothing. Second story coming up on that. For our third story, we have requests from ERCOT to move deadlines for parts of the Batch 0 process to accommodate Greg Abbott's data center audit. They need PUC approval and they are trying to move the deadlines for a few things, but crucially they're not actually moving the April 9, 2027 deadline for final deliberations on the Batch 0 study. We will cover that for our third story and then for our interview today. To cap off the stream, we have none other than CEO of Anchor Watch Rob Hamilton on to talk about his experience with Red Team putting out fires following the cold card exploit. Or rather I should say doing some due diligence to make sure the fires don't actually start in the first place. He's got some great insights here, including why linear algebra might be the new cryptography because we're talking about banning it with American AI models. He's run into some stonewalling with their ability to actually audit these code bases for open source software. Rob's coming with receipts for what has worked and the frustrations he's encountered along the way.
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B
Block Space goes live every single weekday at 1pm Eastern. We are COMPUTE's daily live show, live streaming every single day at 1pm Eastern. If you missed the live stream, you can catch the podcast later. Everywhere podcasts are found and if you can't get enough of the audio and video, we write a lot. You can find all of our content at Blockspace. The website is blockspace.media. this show is brought to you by CleanSpark NASDAQ listed ticker CLSK. More on CleanSpark later on. And Colin, it's week two, day two of earnings week. Let's kick it off. Yes, Earnings week direct. Straight to your feedback before Colin does a review of Riot, which was last night, which if you tune into our Watch party, we're going to review it. Let me show you what's on the docket right now. Earnings week two Monday down was Keel bit Deer Riot today, Core Weave this afternoon. A little tweak to this as we originally had. I know some people are tuning in to see Saluna CEO John Belize there today. He had to postpone so we'll run it back later. Don't worry. We have the CFO of Saluna, Mike Pitchy on Friday. That'll be after their earnings callers Saturday. So today, Tuesday, Core Weave earnings call watch party later tomorrow, Wednesday, Sam Tabor of white fiber, Brandon McBee of Coreweave Nevius watch party White Fiber Watch Party Thursday, Ben Gagneon, CEO and captain of Keel Infrastructure as well as the Saluna Watch Party. And again Friday, Mike Pichi of Saluna. So all that said, let's actually dive into the analysis. Colin Right was yesterday they announced a big ass deal.
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A
A big ass deal and some breadcrumbs for what could be a larger deal around the corner. That's the loi for all of Corsicana. No deal yet. Have to get that out in front. They were very clear about that on the earnings call. In fact, they didn't even put it on the press release or mention it in the 10Q for their earnings. But that being said, a huge announcement for Riot and just a nice feather in their cap for Q2 earnings. We talked about it yesterday on the stream. I had a hunch that they were delaying because they were getting a deal over the finish line. And in fact that's exactly what happened. So here's the headline from Block Space. Riot platform signs $9.1 billion 191 megawatt AI lease at Rockdale signs LOI for 1 gigawatt Corsicana site Q2 earnings. I will go ahead and go over some of the headline numbers because Riot actually broke out a data center segment for its revenue for the first time ever. I believe they might have done it last quarter, but this was the first one that it was consequential. Then we'll get into the deals specifically because I know y' all are probably more interested in that headline numbers for Q2 Total revenue 174.2 million, up 14% from 153. In Q2 2025, Bitcoin mining revenue stood at 113.7, down 19% from Q2 2025. Data center revenue 23.2 million. Going to break that out though, because it makes it sound like that's all lease revenue and it's not all lease revenue. The components of that are operating leased revenue at 4.542 million. Variable lease revenue, which includes power reimbursements at 353,000. This was the lion's share here. Tenant fit out reimbursement revenue 18.318 million. So that is Riot ordering equipment for A and D for their build out and getting reimbursed for some of that equipment and installing it for them. Earning a little bit of a cut on top of that. So operating loss 239.4 million. Net loss 237.2 million. Earnings per share diluted minus $0.68 per share adjusted EBITDA coming in at negative 69.7 million. H1 net loss was 737.6 million. Seems really bad. That being said, the loss is overwhelmingly non cash. 97, almost 100 million. 97.8 million in depreciation and amortization, 70.6 million negative mark on Bitcoin mark to market. 35.6 million in stock based comp and 28 million in impairment. The impairment line is worth mentioning. Riot wrote off 28 million of long lead items sitting in construction in progress for a planned bitcoin mining expansion at Rockdale. But that's no longer going to be a bitcoin mine. That's going to be a data center. Now they do have a little slice left over for bitcoin mining when you factor in gross megawatts at the site. Believe Rockdale right now is 700 megawatts. When you look at gross megawatts for these deals, they have somewhere between 100 and 200 megawatts left over for bitcoin mining. Jason Less said on the call that they will continue mining bitcoin at that portion of the site to continue to energize it and you know, to pay their bills with regards to the power. But obviously they're going to be looking for ways to monetize that for AI. Jason Less said, they're going to take the best deal that they can get and they will, at the drop of a hat, put a AI tenant in there if it makes sense. Quote, we are going to continue to utilize bitcoin mining to monetize that available capacity until we have the right lease or set of leases to take the balance. Looking at their balance sheet, Riot has become a big seller of bitcoin. It sold 9665 bitcoin for 732.5 million in the first half of 2026. Booked a 113.2 million realized loss on that. Bitcoin holdings have fallen from 18,005 bitcoin at year end to 11,380 bitcoin at June. Still a lot of bitcoin on the balance sheet. But 5,821 of those Bitcoin are restricted as collateral for a bitcoin backed loan. Leaving only 5,559 unencumbered. Worth 325.4 million positions underwater. That's not a shocker. Everyone's bitcoin is underwater. Total liquidity for Riot comes in at 1.2 million. Roughly 548.9 million in cash. Some of that is restricted. 77.5 million plus 666 million Bitcoin Again, some of that is restricted as well. Debt came in at 843 million. 254.6 million of that is current. 588.4 million of that is long term. Only 2.7 million interest in the quarter. Riot, like Mera, took out convertible notes I believe at the end of 2024. And so I believe those are an extremely low coupon. It might even be 0%. And let's see, H1 CapEx was 1 76.2 million plus 41.4 million in equipment deposits. All right, let's get to the meat of it, Charlie. Let's look at this new lease for Rockdale. We're also going to provide an update on the AMD LE because Riot has completed some milestones for that. But we're going to start with this new one at Rockdale because I think people are most interested in that. So this was signed in August after the quarter end and the terms are as such, 191megawatts critical. It built to tier 3 specifications at Rockdale. 20 year initial term running through June 2048 commencing upon full build out, which is full deployment, which is estimated in June 2028. 9.1 billion base rent over the initial term with two five year renewal options at tenant election. Take potential value to 16 point. We will take it the total value to 16.1 billion. Net operating income 7.3 to 8.2 billion cumulative or 365 to 411 million average annually. They plan to deliver 96 IT megawatts in December 2027 with the full 191 IT critical megawatts by June 2028. They are using Rockdale's existing approval interconnection. That's important for our story later on. There's no zero exposure here for Riot and there's about a 9080 to 90% net operating income margin during the earnings call. Lee, excuse me Jason. Less disclosed CAPEX of roughly 11 to $12 million per critical IT megawatt or 2.1 to $2.3 billion total. Now there are some financing details here as well that they addressed on the call. Riot has entered into a $573 million interim credit facility with JP Morgan Morgan Stanley senior funding as administrative agent to fund long lead equipment procurement and development contract costs. The key Items for this it matures in 10-15-2026 roughly two months out. This it is so for plus 2.75% floating. So I believe so for somewhere in the ballpark of like 3.6 right now. So we'll call that just over, just over 6.5 there and or sorry around 6.5. Secured by substantially all borrower assets related to the project and importantly non recourse to Riot platforms, it is subject to customary carve outs. Morgan Stanley Steven Byrd asked about the bridge financing and Riot CFO Jason Chung confirmed the Morgan Stanley facility is quote fully secured by the tenant and that's meaningful since it means near term build out costs already carry tenant credit support. They are going to use this bridge loan until management can button up an investment grade credit back stuff for the deal which they said is quote in the coming months, end quote coming down the pipe. Charlie, if you have anything to add here, I'm going to toss it to you for a second before I go into the AMD deal and then the LOI for Corsicana.
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B
Yeah, I mean I don't know how much you want to reiterate. Just touching on batch zero here. So this existing anthropic deal is not affected by batch zero as it's already the pre existing power pipeline from Riot that they're just repurposing formerly and currently mining Bitcoin to a what looks like December 2027 energization date for the first some odd. I think it's like 96 megawatts in December 2027. So every single deal that we talk about in Texas now is just going to have the batch zero cloud hanging over it. And the big question is Was this deal signed or loi signed before the batch 0 news or after? And then how does the batch 0 news or delay, indefinite delay affect these deals? The short version is it shouldn't affect this deal as its existing power capacity they're already pulling.
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A
Yeah, and that's a good thing to bring up. Just with regards to the power portfolio for Riot with Rockdale and Corsicana, they've been building out these facilities for years. They were at one point, at least for a public miner. They were the largest bitcoin mines of any public miner. And we were actually talking on the show yesterday, it's like we haven't seen a deal for Rockdale yet. And then that day one comes out.
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B
Right. I mean we were literally talking about yesterday. We were like, they're probably going to announce it on their earnings call. And they did so little. Get our flowers. Put a feather in your cap.
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A
Yeah. And the Corsicana deal is massive too. Just one gigawatt is huge. They were asked on the call whether or not it's with a hyperscaler and Jason less just ducked that. But you have to expect obviously there are only a few companies that are going to take that capacity.
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B
Right.
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A
You could name them. You could name them and then count them on one hand.
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B
It almost like doesn't matter who it is, you just think they are a hyperscaler. Okay, so it's one of five to seven companies, right? That's all you really need to know. I think it's like you may have a little question over, is it, you know, is it a specific hyperscaler? But they're all, they're all top tier investment grade, you know, money and they all want infinite compute yesterday.
- [15:17]
A
So 100% and going to this deal specifically this is this KBW outperform target that we have from Stephen Gladgola. They he's calling for a 35 price target following the anthropic deal and he calls it the anthropic deal in this note and I believe there's been some reporting on that. It was mentioned, it was described, the counterparty here was described by Riot as being an AI frontier lab. There's only two. So it's either OpenAI or anthropic. And according to the reporting that we've seen and from this investment note, it is likely anthropic. We don't know for sure. Riot hasn't said anything. Right. So take that with a grain of salt. But just wanted to flag that for us for to explain where we're getting that from. Exactly. All Right, Moving on to the amd because there were some updates with regards to the AMD deal. Riot completed the final 20 megawatts of AMD's initial deployment during the quarter, bringing 25 megawatts commissioned and online on time and on budget, according to management. Construction is underway on the second 25 megawatts, 10 to be delivered in November 2026 according to projections and 15 megawatts to be delivered in May 2027. The option structure was restructured for this. The option structure was restructured for this deal in April. AMD exercised 25 megawatts of his expansion option and holds 50 megawatts of remaining reserve capacity plus conditional first priority right to lease up to 100 more. This is, this is a first priority right as opposed to right of first refusal. They weren't very explicit with this, but as my understanding, right of first refusal typically means that Riot has to go out and find a someone else who would take that capacity, show AMD the specs for that deal and then AMD can decide whether or not they want to take or walk. But this gives AMD the opportunity to say we want that now let's negotiate a deal for it. Importantly, this expansion for 100 megawatts which will take AMD to 200 is only applicable if AMD exercises the 50 megawatt option. They are branding this campus on media as a mech, as one of their mega labs. I think they went on CNBC saying that I would be surprised if AMD didn't actually didn't take all the megawatts they have here. In fact, if Riot continues to execute, I think it's kind of a foregone conclusion that they will end up exercising the rest of this option and get the 200 megawatts that they currently have in their potential if they want to continue this relationship. Per management's call or per management's call figures, the 50 megawatt should generate roughly 63.6 million average annual revenue 51 million annual net operating income on 170.2 million of capex. All right, last bit here. Corsicana. The LOI that they announced during the earnings call was not in the press release but they have signed a non binding letter of intent with a single prospective tenant for the entire course of Connor campus. One gigawatt of fully approved utility power supporting roughly 75 or 756 megawatts of critical IT capacity. Management framed the full site is capable of generating more than 1 billion in annual rent. It is not subject to batch interconnection. Process totally outside batch zero, currently equipped for 400 megawatts of bitcoin mining capacity. There's no tenant disclosed, no rental rate, credit support or the terms of it. KBW notes the LOI remains subject to further technical and commercial work. Asked whether a single tenant for a full gigawatt implies a hyperscaler, again Jason Less declined to characterize it, saying that only that it carries uncertainty. And Riot chose to disclose this one solely for transparency and you know, to get people excited there. Right. One interesting note though is that they're building it right now. They're moving towards the construction phase and they're trying to maintain flexibility. According to the earnings call, Riot is proceeding with horizontal work and long lead procurement only for items quote that will confidently support any eventual tenants requirements whether it is for our current LOI or otherwise. So the first core and shell building is underway. They are not committing to a single design. They are trying to keep their options open so that if this LOI falls through they can move quickly and secure another tenant at this site. Some people may read that as they're not very confident in this loi. I think that's just hedging your bets and being smart about how you're going to build out these massive data centers. You don't want to just put all your eggs in one basket, especially if the Easter Bunny is going to make away with that basket. So that is the TLDR for Riot. With that, with the loi, number of banks have moved up their targets. Bernstein's from 30 to 35, City from 28 to 32. Piper Sandler from 23 to KBW outperform at $35. One last thing I wanted to note here Charlie, because it shows you just how far we've come and how fast we've moved with regards to these AI builds. Riot purchased 50.9 exahashes of micro BT orders. I believe these were made in 2023 with delivery running through Q4 of this year. 795.2 million dollars worth of equipment. My biggest question, if we could get Jason less on outside of the AI stuff, what's going to happen to all that hash rate? I'm sure they'll deploy some of it in their Kentucky sites, but I mean that's almost a billion dollars worth of bitcoin miners that are worth nowhere near that now. Some of them might live in Rockdale in the capacity that is not being taken up by AI. Maybe they'll put some in Corsicana as they continue to build that out as well. And can't sell it. There's no one to buy that much hardware.
- [21:28]
B
Weren't these the water cooled ones?
- [21:31]
A
Yes, yeah, I think some immersion as well. They were top of the line advanced immersion and water cooled units.
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B
I think like a lot of people, you know, I'm so sorry for those of those who care more about AI, hpc, compute, but like repurposing and reselling, like even not used but just water cooled rigs is different because it's not simply pull from the rack and replace it. You have to consider the entire loop, the water loop of the system. So in a way like you actually have to consider the dry coolers that were associated. You have to consider that they, you know, you have depending on how far along on the actual build of like the loop system that kind of goes with it. So it's not like in this new age of different form factors, especially water cool directed chip cooling rigs, the resale game is just very different. Maybe they, you know, on the flip side, maybe these things don't appreciate as quickly because like you have much less dust, you have a lot, probably a lot less wear and tear. Again I haven't like really dived into the resiliency of the modern era of like direct chip water cooled stuff. But the resale gets more complicated because there's more moving parts. Perhaps the depreciation is less and less due to wear and tear and more just due to efficiency. So I'm kind of spit still a billion dollars of rigs. Where do those go? Holy smokes.
- [23:10]
A
Yeah, and no questions about that on the call. No one cares about it.
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B
That's why nobody cares.
- [23:15]
A
Interesting. You know, these companies have set billions of dollars on fire buying hardware in the years leading up to this inflection point in their industry. And you know, no one cares because frankly if you like weigh that against the potential value of these leases. What's 795 million when you've got a 9.2 billion dollar lease and you might have an even larger lease across around the corner at Core Sakana. So you know, yeah, that's not default Riot. Every, every bitcoin miner did this. They were all buying, you know, I was at you know the World Digital Mining Summit in Hong Kong in 2023. All the CEOs of all these names that are now doing AI, or at least some of them were up there shaking hands with the, with the Bitmain C suite and announcing massive orders of the latest bitcoin miners. And now Bitmain has no pool. Yeah, Bitmain has No game anymore, bro.
- [24:21]
B
I mean a lot of people are like, how do we kill Bitmain's, you know, monopoly over the sector? Don't worry, the sector will kill it for you. So that's, that's that. We're going to keep rolling. Let's talk about some more AIHPC this time, how it's financed Nvidia half a trillion yeeting into the ecosystem. Will it touch some neoclouds? The answer is yes. But before we hit that, a word from our sponsor, CleanSpark.
- [24:50]
A
We are CleanSpark, America's Bitcoin miner. A publicly traded company with the largest operating hash rate powered entirely by self operated infrastructure across four states. This is our proof of work. We are setting the standard for what's next. Learn more about the intersection of energy and bitcoin@cleanspark.com
- [25:22]
B
all right, so yesterday Nvidia just signed up six of the biggest names in Wall street to raise half a trillion dollars so that everyone can buy Nvidia chips. This gets to the heart of the financing question and is coupled with a letter from Jensen Huang, his second tweet ever directly addressing the circular financing story. So here is the letter. Let me explain what has happened. So the goal of Nvidia's new announcement is to mobilize over $500 billion in third party capital for hyperscalers, Frontier AI labs and enterprises to build data centers and crucially to buy Nvidia hardware. The six financial firms will independently underwrite the AI infrastructure, providing capital at attractive rates to Nvidia's customers. Who are the six? Well, their names, their household names. If you're in finance, maybe if you're outside of finance, you'll know a couple. They are Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR. This answers a lot of the question of where's the next dollar coming from because this is a lot of, you know, we've kind of squeezed all that we can out of the like out of the cash from hyperscalers from everybody else. So where's, how's, this, how do we get, you know, half a trillion dollars while we get it from the even bigger guys, Larry Fink, et al. So let's look into Jensen's letter here titled Nvidia AI Factory Compute is becoming an investable asset class. His core argument here, and he doesn't give a lot of specifics actually he's kind of, he creates some broad strokes here, not a lot of specifics, but his core argument is, well, Nvidia hardware is broadly adopted Flexible transferable and lenders can now underwrite Compute, specifically Nvidia Compute as revenue generating. We saw coreweave Pioneer the GPU as a service as collateral. Nvidia is taking the GPU as collateral and basically making the analogy that it's kind of like how Boeing did airplane financing. You have like project level financing but with GPUs backing. Jensen calls chips revenue generating assets and said it's the first time chips have become an investable asset class. So what is he trying to do? Jensen is as Nvidia has written and financed many of their own clients. He's trying to now keep further risk off Nvidia's balance sheet. He references the late 90s telecom disaster. For those of you who are around, I wasn't and is determined not to repeat it specifically having tapping project level financing with Apollo, Blackstone, KKR as the alternative. Every hyperscaler is stretched. Jensen says the useful life of their now pretty legacy a 100 series is extending its economic life towards a decade. This is in contrast to a lot of folks who have accounted for the depreciation on those to be two to three years. Now we're in year six of the A100. Jensen says it's more like a decade.
- [29:10]
A
That's crazy. That blows all the depreciation models out of the water. All of these analysts that got cute citing three to five years and all of the bears that said that at most you're going to get six out of them. Now that being said, obviously this is coming from the guy who makes the GPUs. As my grandmother used to say, there are three sides to every story. This one's probably somewhere in the middle. But almost certainly the aggressive depreciation timelines for these GPUs are totally wrong. And there's a world in which that that depreciation schedule even lengthens over, you know, over the years.
- [29:44]
B
And the funny thing is like you could take a really simplistic view of this and say this is actually. Why would Jensen do this? This is basically like Steve Jobs or Tim Cook or the new guy at Apple saying well your iPhone can actually last 10 years. Why would they do this? Because now they can't sell you the next iPhone. And that's because this is getting to the heart of what Nvidia is doing and which is similar to they have. Similar to having the, the moat around Nvidia chips with Cuda Standard. They are building an even bigger moat with finance and we'll come back to that in a second. Actually, let's go to let's go to it now. Here's a great take from Wayne Nelms of Orn. We often have Kush Bharia on and wayne says that Nvidia's problem in 2026 is not demand. It is that the entities demanding COMPUTE cannot fund it the old way anymore. Hyperscaler Capex is running at hundreds of billions of dollars a year and their own investors have started asking pointed questions about free cash flow. So Wayne says in this piece that financing AI through derivatives as AI, as Nvidia is doing, deepens Nvidia's moat more than any chip could do. Specifically arguing that Nvidia is saying that their chip is the one that you can underwrite. Not saying that COMPUTE is fungible overall, but rather Nvidia COMPUTE is fungible within itself. So Nvidia is the investable asset. Class A competitorship, as Wayne says, could be cheaper per flop, but without the financing curve which accompanies this half a trillion dollar money injection, you just can't, you just can't find the money to turn these chips online. Wayne also then says something that my dad actually hit me with the other day, a critique pushing back on why this isn't the 2008 housing crisis. And let me pull up exactly where he says this. I can't find the section. But anyway, Wayne says that 2008 was not actually a housing shortage. It was rather an index marking problem, saying that everyone at the time lent against appraisals of the market later refused to acknowledge. So appraisals were wrong, people lent against those appraisals. And so this is a structurally different financing mechanism and that the same risk exists today, that any underwriting that model's residual value above the actual COMPUTE futures curve is doing the same thing. But when Jensen says that if we can accurately discover the true COMPUTE futures curve and lend against that, then we have a robust liquid mechanism to finance GPUs as a collateral. That was me yammering a lot. Colin. There's a bunch of different takeaways we could have.
- [33:02]
A
I think that that difference between the subprime mortgage crisis and what we're seeing now is really important to point out just with regards to the fact that you still have risks of defaults. If the money, if the cash doesn't come in at the levels that the LE think that it will, then you, you could have a cascading effect. But it's fundamentally different in the sense that the collateral for that housing market crash were the houses themselves that were inflated. Whereas with this, you actually have cash flow businesses that are going to be responsible for paying that debt back. Now the question is just like, when do you do, when do you get overextended? And when does, when does compute compress enough and get commoditized to where? Actually some of the older loans don't make sense under the new regime. And I think that gets to the heart of what Jensen's saying about if we have a reliable compute futures curve, then we can have more certainty with regards to how we finance these things. I think that, I think that what Nvidia's. Nvidia is doing here is for AI bulls. You know, I think you can read this two different ways. Number one, if you're a bull, like we're gonna. The gravy train's gonna keep chugging, brother.
- [34:20]
B
I read this as if you're like listening for the music to stop. The music just got turned up louder. Yeah.
- [34:26]
A
Cranked up to 11. And now the neighbors in the other neighborhood are asking, hey, is there a party going on?
- [34:32]
B
I mean, it's like, if you want to borrow the analogy from Jay Patel from Ligos yesterday, like, you know, like the police show up your. Show up at your door, the state, the government, or what are they going to do? The police show up and they're like, this is dope. We're going to invite all our police friends and we're going to come party with you guys. That's basically what's happening. The, the roost. The chickens will come home to roost, but not before they multiply into.
- [34:58]
A
And that gets to the bear thesis. This is just. If you're a bear on all this stuff, this just adds more powder to the keg, so to speak. And one thing I will say, I do think that you have to get. You have to be a little bit leery increasingly of how important Nvidia is to this entire thing. Like they, they, like we called them the King Maker, right? I mean, they're the Emperor Maker at this point, right? I mean, they are, yeah.
- [35:26]
B
The usurper.
- [35:27]
A
You know, it's like it's, it's, it's Nvidia's Holy Roman Empire and we're all just prostrate at the throne. I mean, at this point, it really does seem to me like you can't ignore the fact that this entire thing hinges largely on this one company. It always has to an extent, but it's becoming clearer and clearer every day that their influence grows. Not only, as you said, do they have the hardware moat and the software moat. For the hardware, they're starting to build out a financial moat that may make or break certain projects that can't meet capex requirements because they don't have financing.
- [36:02]
B
And, and this, I think this is, I mean my, my reading of the finance and compute people leads me to believe this is a bigger moat than cuda, than their standards, than their chip production. Bitcoiners. No, finance and money is the final boss of all end game markets. And this is Nvidia basically sprinting to build that mode.
- [36:32]
A
I, yeah, I, I just want to double tap on that. It's like in The Hollow Man T.S. eliot. Between the conception and the reality falls the shadow. It's like with, with the GPUs and with Coda. You know, as long as you can get that up and running, you have it up and running, but you can't get there until you actually have the money to erect the data center. Right. And then within the shadow Nvidia basically deciding whether or not you're going to end up getting that financing.
- [36:57]
C
Right?
- [36:57]
A
Yeah, I mean not totally. Obviously they're not the only decision makers in this process, but I do think it kind of underscores the point.
- [37:05]
B
So who gets rich off of this? Where is this half trillion dollars? Well, obviously Jay, he's already rich but we've been covering Neo Clouds and powershells on this show full time for a number of months now, part time for the past several years. And this is basically not like you thought the starting gun was a couple of years ago. I think this is more just like a bunch of runners just joined the race and are. And a wind at your backs. Like this is a very, very bullish for neoclouds who are trying to figure out where the money comes from so they can buy even more GPUs and build more. This is bullish for Neo Clouds. Obviously not financial advice, obviously like not the entire playing field won't like go up and to the right. But like yeah, I know you're, I know your core weaves and your irons and your, you know, what have you are already up huge over the past 3, 365, 400 days.
- [38:10]
A
So you should take out a HELOC and go leverage long all of these companies.
- [38:15]
B
No, no, no, no. What's happening is Jensen Huang is having other companies take out the HELOC to buy your GPUs. That's what's happening.
- [38:23]
A
So you eventually lock out to buy anything. Unless you're okay with losing your house. Guys. I mean, yeah, I mean there are so many people in the last bull market that did that with not just bitcoin, but I knew guys who did it with bitcoin miners, you know. So anyway, anyway.
- [38:41]
B
Okay, so Colin, I'll make a call live.
- [38:45]
A
We should definitely just. We'll do a little fliparoo here. We've got Rob Hamilton in the wings. Yeah, we're gonna bring him up and then do. We're caught. But first, a very important word about our sponsor, Luxor. This episode of Blockspace Live is brought to you by Luxor's Commander Bitcoin miner management software for enterprise operations. Luxor's Commander gives you real time fleet monitoring, bulk remote commands across your fleet and intelligent miner. That's an automated profitability engine that runs every five minutes and adjusts your fleet's power settings against live energy and hash rate markets. In fact, ercot backtests show 10% improved profitability with intelligent mining versus old fashioned binary mining. Commander Pro is a hundred dollars a megawatt or a 25 basis point pool fee adder. Roughly half the cost of competition. But you can also try it for free for 60 days. So if you'd like to learn more, go to Luxor tech forward slash commander to get started.
- [39:50]
B
All right, we're gonna swap. Roo, bring Robertino up to the stage. Rob Hamilton, welcome back to the show.
- [39:58]
C
Hey guys, thanks for having me.
- [39:59]
A
Do you enjoy being called Roberino? After running on two hours of sleep for the last week, for the past
- [40:05]
C
two nights, I got five, so I feel very, very luxurious. Yeah, sorry, I'm multitasking, but I can give you guys my full attention.
- [40:14]
B
Okay, we're going to keep. We're going to keep it quick. You're wearing the a red anchor watch hat, obviously to signify a red team, which we'll get into. But let me do a little cold open here and show this tweet from anchor watch engineer extraordinaire Portland HODL. Says US based Frontier AI model. You're absolutely right. Chinese open model 78 critical vulnerabilities found. The implications of this are unfathomable. Rob, the cold cart exploit happened a couple weeks ago. You spent a while in the trenches expanding basically all your time trying to find vulnerabilities everywhere. And this brings us head first into the dislocation between American AI models and Chinese models. Give me the tldr.
- [41:01]
C
Yeah. The epiphany moment was as the cold card news was breaking. Coming up on two weeks. Wow, it's been 12 days. 12 days ago, that Thursday where the hack happened, Wednesday night on chain. But it took people a couple hours to understand what was happening. And the thesis that was going around was that entropy was broken. So myself and a bunch of other developers in bitcoin thought, okay, if the entropy is broken, it's going to be right here. This is where it happens. And the first thing I did out of instinct, I've been using Codex and cloud code a lot. So I pulled them up, I said hey, look at this, are there any issues? And anthropic instant downgrade, like non real answer. Codex was like open but like it wouldn't be clear. And then I pulled up Kimik 3 using open code and it was like, here's a full vulnerability report pop, like it's busted. And that was like a, like an eye opening moment of realizing something had changed. Now we're coming up on that Monday before that. So I'm pulling up a calendar so I can get my dates correct. So this was on Thursday, June 30th was what I just described happening on Monday, July 27th, Kimmy Casey went full open weight. And so when that came out, I immediately, for my own internal infrastructure, anchor watch, started poking around, seeing like seeing what's going on, right? And I was already seeing that it was very impactful for surfacing issues or potential issues just in general. And it wasn't until that Thursday afternoon realizing not only had most companies probably not have been on top of this, but most just software and bitcoin was probably not on top of this. And a lot of bitcoin software, if it's either handling keys or if it's like moving your money for you, it's usually open source, so you can trust it. And I immediately that Thursday night started scanning, poking around with repos using Kimmy K3 and I started finding things and then I was like, okay, well you know, these aren't my software projects. Let me reach out to these people and ask them. And I'd start getting a couple like responses. I started getting responses back of, you know, confirm received a couple hours later, like this is interesting. And then like 12 hours later being like thank you, we just patched or whatever. And that happened like several times across Friday to a point where I was like, something's happened, something just happened in just software development. I think it's not just a bitcoin story. I think that's probably a misunderstanding of the event, it's an all software story. And I've said that the bugs have always been inside the code. But we finally have the veil lifted to be able to see them all and Kimmy K3's ability to do this compared to any of the American models is shocking. It's night and day and I would assume that there's just kind of a post training tampering and filtering on the responses coming back that's kind of obfuscating the, the actual insight that's probably seen. It's not like the American models aren't able to see this. They are better, they are better performing across all these benchmarks.
- [43:59]
A
So why, why is it, is it a liability thing for the labs? They don't want to have their, their LLMs fingerprint over some sort of black hat attack. What is your bet, your most charitable read for why they're doing this and your least charitable read for why they won't give this information up?
- [44:16]
C
I think the most charitable one is something in the sense of like liability and they don't want to be associated with people using AI to do very harmful things. The, the tragedy and the paradox of it though is when you have a team of white hats that are trying to proactively fix things, are now unable to use those tools and both Anthropic and OpenAI have cyber verification programs that allow you to actually say like, hey, I work with an industry, I need to do this. Anchor Watch has been signed up for those for months at this point, like both Anthropic and OpenAI. And as of this morning I've gotten total breakdowns on both of those, even using like my approved credential seat to be able to use these models. Yep. Yeah. So that's the tweet you're pulling up there. Yeah, this was like my big epiphany moment where I was focusing on a code base pretty intensely to try and find additional issues and it broke all of my agentic pipelines because it was failing over and wasn't getting a response. So I've largely at this point removed all American models from my ability to do this research because they actively just hinder it. And it's just difficult to trying to at scale run, run these scans when you have constant, just like triaging because endpoints are failing.
- [45:36]
B
And this has like, like, like, like patriotic, I mean it has patriotic implications. You say quote, it absolutely guts me as a patriotic American to have to do this, but I will be going back to using Chinese open source models to conduct my research to protect Bitcoin infrastructure. This obviously we narrowly in our world is focused on Bitcoin, but this has huge implications for software, especially open source and security critical software. If the US does nothing, if this doesn't change in the next couple months, what happens?
- [46:18]
C
Well, two things. One, I think it's a Sputnik moment. This is a digital Sputnik moment of you. You genuinely have. And for those, for history that, you know, the Russians were the first to get the satellite in space, but America got their act together and got on the moon first. Right. And this is kind of that shot across the bow. And listen, it's at a point now with the amount of compute. I probably personally on as part of the Red Team efforts have spent somewhere between 30 and $40,000 of AI spend alone. Just me because I have set up infrastructure to do mass scanning across many like hundreds of code bases, whereas other people on the team are doing like domain specialization work and finding. I could go on for hours about what I've learned, but I think it's a, it's a, it's almost like a national security problem because now like here's the thing too, it's just because you're using an open source model like those may be hosted at Chinese companies. So now I'm just, now, now I'm just trying to fix things because the black cats are going to do it anyway. And now I'm trying to fix things and there's a great. I was talking to someone who referred me to Fireworks AI, which is like an American hosted, American owned company that runs these models. If you're trying to be compliant, I would say if you're working in it like this is really like relevant as a path to look into. I been using them so far for our own internal stuff and it's been going great. There's so many implications here. My head's, my head's kind of spinning the ultimate. Sorry, just so much even happening.
- [47:45]
B
You've had, you've been having less than five hours of sleep for, for 12 days straight. So I'm just glad we got you for 10 minutes.
- [47:52]
C
Of course, of course. Yeah. I think if you're taking the cynical take, I'm under the impression that they, they want to lock these down because they can charge a higher markup for people who pay tens of thousands of dollars for cybersecurity scans. You could get a better quality report than what you would do for traditional third party pen testing or security audit. And you would get more value for a lesser price and that would massively scale. And so there's going to be way better margins than trying to sell metered intelligence through buying tokens when you just buy a service that could be marked up even higher. I will say from an AI spend perspective, it's going to accelerate. People are going to want access to these models. People are going to want to be able to at scale. I'm actually hitting throughputs right now where I'm going through three, if not four different providers, through Open Router, through Open Code's Zen product, through Wafer, through Fireworks. And I am, because If I'm running 50 agents at once, even if I'm willing to pay for it, they throttle me and they don't let me do it right. And I'm just a guy trying to help. Open source Bitcoin software. If I was any major IT company I would be spending tens if not hundreds of thousands of dollars a day because what I've learned and what I'm seeing of the ability for these things as you kind of learn how to use them, how it accelerates your understandings and the ability to find additional issues. There have been moments where I would scan something and it would come up kind of middling and then a domain expert with that type of software would look at it, prodded a little bit and you get this massive cascading because they know exactly where to poke of more issues. Right? So like this is not like this is the thing too with LLMs, they're, they're, they're not deterministic, they're probabilistic. So every time you query them you get something different. So you are literally pulling a slot machine and instead of getting coins you're getting vulnerabilities coming out and it's, it's, it. This has been insane. Like I, this has been the wildest two weeks of my life trying to do everything I can to help many, many maintainers. And at this point like I just got Portland just this morning for a confirmed vulnerability, tried doing additional triage and Fable and got downgraded like, like pushed out and it's just like what's the point? I'm just going to use a bunch of Kimmy K3 instant endpoints across five different like open, like five different vendors so I can don't hit rate limits and I just can keep on going.
- [50:06]
A
To me this problem seems all the more relevant and salient right now given the chatter about regulation for open weight models and, and open weight has got, is kind of being used as a synecdoche for Chinese models. So I'll just say that like for the Chinese open weight models. But you know, if you've been on X recently, you've seen open AIs Dean Ball going back and back with blows with David Sachs. And I, I just can't help but see all of this, Rob, as a kind of sort of Damocles moment for these frontier models in the sense that there's a real existential risk here that yeah, maybe they are going to try to charge these companies for more, for, for a higher tier to have access to these capabilities for cyber security. But how many people are just going to go for the open weight models unless there is some sort of, there's some sort of, you know, regulatory fencing and moat building.
- [51:02]
C
I hate to say it, but it's even worse than that. It's not an industry thing. It's a question of the American experiment. To be able to make math illegal is the death of the American experiment. And I say molang, like come and take it. Like you're going to take my linear algebra. Like, not a chance. Not in a free country like this. Linear algebra and matrices are not illegal. You cannot make them illegal. And to live in a society which makes them illegal is, is the death of the American experiment. You cannot have a free country where you're not allowed to do math anymore. Like, like where, where do we go from? Because it just starts with math. And if the math is a proxy for intelligence, you're going to make thoughts illegal next. Like this is, it is entirely un American. And what I have seen over the past two weeks, it. There are serious grave policy concerns. If there's like the American experiment, as I said, is cooked. If we're going to actually talk about banning math. Like, you can't do that. We had a run through of this in the 90s with cryptography. We tried making prime numbers illegal. It lost. This is the new frontier and it needs to be defended to for the continuation and the prosperity of the American experiment. Like, bar none know, like I, I try to be pretty reserved in my opinions at time and most of the time, but this is not one of those things. This is a die on the Hill situation. You cannot stop math. You cannot make math illegal. Not in a free country.
- [52:18]
B
Mike, drop a moment. Okay. To wrap this, to like, to like try to tie a bow on this, you know, the average person has no idea how their chat bot works. They're just like their boyfriend, if you will. It's like the average person probably difficult time like relating these two. If I'm kind of a dumb, not say dumb, inexperienced AI user and I just interface with the Internet as normal and I'm out here frolic, you know, I'm just blissfully unaware. What is like something you could. A practical piece of advice you could do give to someone who uses the Internet in a, in a regular fashion to psychologically prepare them or give them like a guiding light of like to help, like help them navigate the next several months.
- [53:11]
C
I'm an optimist at the end of the day. And just because there's great instability and fast changing of things does not take away from the prosperity and the abundance and the growth that will come from these tools. So while things may be chaotic and hectic, they were when the Internet was starting, they were with the introduction of electricity. This just may be one of those things of on that tier, if not starting to become larger than that. And I would say that being local, connected to your local community, spending time with real people, having those ties to kind of see these things through together or the things that I, what I would call out to for things, you know, your family, your friends and staying in touch and having that network to be able to, you know, have a sense of comfort and the inevitability of what's going on at the moment. Things change and that's, you know, it could, you know, I'm an optimist. I think it'll all be for the better. But we have to carefully navigate the next couple of months, if not maybe a year to make sure that's being all handled responsibly.
- [54:24]
B
It's like the meme, hey, I know it's bad now, but it's going to get way better. So it's going to get. Rob, thank you so much for your time. Go back to red teaming and solving the world's problems. We're all a huge champion. Also, if you wish to donate or support Rob's efforts, give me a CTA. Rob.
- [54:42]
C
Yes. Open SATS. Yes. So OpenSats started a red team fund. You can go to OpenSats.org red and there is a link there. You can donate in bitcoin. It's a 501C3. If you want to get any tax advantage status, you could do dollars, you could do bitcoin and you can help support the efforts@opensats.org all right, thank you, Rob.
- [55:07]
B
Man, I hope he gets some sleep someday.
- [55:10]
A
He went gloves off with that second.
- [55:12]
B
Yeah, Rob. Very B.O. balanced, neutral, fired up. Yeah.
- [55:17]
A
I mean it reminds me of the impassioned speeches that bitcoiners used to make about the separation of money and state and all of these things. To me it makes total sense that you would have, especially as someone who works in Software engineering like he does. Of course you would have a strong stance on this. And to me it is as someone who doesn't, who's not running code reviews for this stuff. It's pretty, pretty bleak man. Thinking about the ramifications that we can't use these things for cyber defense. Like, I mean I'm sure, I assume on what in Washington they will be able to do that at the drop of a hat.
- [56:00]
B
Yo, but like you know, there's the NSA and the CIA and the, and the other three letter agencies. But what about, you know, you're leaving
- [56:08]
A
your entire domestic industry and population kind of.
- [56:11]
B
What about your community? Yeah, what about your community bank? What about your, what about all your baby photos and your personal information? What about being able to know that it's your mom calling you and not some North Korean? Like you know, that kind of stuff. So this is probably gonna be a fun and terrifying story to cover over the next several months, perhaps longer. All right, we're going to keep on going. We're going to. We saved the best for last. Batch 0 equally impactful as existential AI threat which is the power pipeline in Texas. We will go and talk about the latest Batch 0 updates right after a word from our sponsor Lygos.
- [57:03]
A
You know what sucks? Losing your Bitcoin to the cold card exploit. But you know what also sucks but a little bit less. Because let's be honest, this is kind of your fault if it happens. Using your Bitcoin in a Bitcoin backed lending scheme that was playing funny games with your hard earned satoshis. Well, I got good news for y'.
- [57:22]
C
All.
- [57:22]
A
If you want a Bitcoin backed lender but you don't want to give up control of your keys, our sponsor Lygos Finance is the company for you. They are our preferred Bitcoin backed lender here at Blockspace because they use Bitcoin data smart contracts to make sure that you always control your Bitcoin. You heard that right. When you're lending with Lygos Finance over the course of the loan, you always have control of your keys. With Lygos there's no rehypothecation, no bridging, no wrapping, no funny business, just competitive rates as low as 8.55 to 10% APR. Go to Lygos Finance to learn more. All right, Charlie, we are gonna bring it on home by going to the Lone Star State and looking at some of the hiccups that are surfacing as a result of Greg Abbott's data center audit. Headline here from Blockspace reads ERCOT seeks to suspend batch zero deadlines for Texas data center audit. There's a lot going on here, Charlie, and I'm going to do my best to untangle the intricacies of this because there are a number of deadlines that are being that are potentially going to be pushed back as a result of this. Now specifically with regards to this headline, ERCOT is making this request to the puct, I.e. the public utilities Commission of Texas. ERCOT filed with PUCT on Monday requesting good cause exceptions to suspend several batch zero deadlines while it conducts the data center audit that Abbott has mandated. That audit is projected to take a few months. Now a few months could mean two to three, it could mean four to five, but no doubt it's going to take some time and they need the PUCT to approve them to push back on certain deadlines. What deadlines are those? Number one, the August 7th classification deadline. They already missed it. ERCOT was required to notify interconnecting large load entities of dynamic data deficiencies by that date. Couldn't get through all the 200 submissions. They cited internal processing constraints and also variations on how these interconnecting large load entities formatted their data. Now specifically, the dynamic data deficiencies angle is a Data is basically data reporting on how your data center or your large load would be impacted or impact certain interruptions within the grid. So this is front of mind with regards to curtailment events, whether that be 4cp which is forecasted or whether that be things like the winter Yuri storm that snapped the grid. So the August 7th deadline was specifically for ERCOT to understand how these large loads were approaching that problem of what would happen in the event of a shortfall or some sort of interruption with regular transmission. Again, that was missed. The August 1st and November 1st quarterly stability assessments. Oh, sorry, hang on, I've got to move on to that in a second. I just skipped over the other the other deadlines. Sorry Charlie, let me get here back on my notes. Okay, here we are. Yes, the August 1st and November 1st quarterly stability assessments. These are the other deadlines. ERCOT wants to include unclassified loads in both. We'll get more to that in a second. And the September system wide study start that can't proceed on schedule because they have to do the audit. So those are the three key deadlines for batch zero, which again is the new large load interconnection batch study process as a result of all these data centers that are coming to the grid under these new rules. So those were the deadlines that are being pushed back. The audit will begin shortly after August 20th and quote, take several months, end quote. Going back to the quarterly assessment, the quarterly stability assessment. ERCOT is requesting that 6 projected Q1 2027 loads and 17 Q2 27, 2027 loads be potentially eligible for these quarterly assessments. They are, quote, requesting authorization to include them. The PUCT hasn't granted ERCOT this yet. This is important because this may include some of the companies that we cover, namely I believe Hut 8 and Galaxy. But I know definitely Hut 8 with regards to a its Beacon Point data center. Galaxy or Hut 8 has a PPA in place with AEP Texas for the expansion at that data center that will likely classify it as baseload as a result of the Batch 0 process. And so if the PUCT actually allows ERCOT to include some of those expected Q1 and Q2 2027 loads to be included in these quarterly stability assessments, that should help usher them along. Basically, it's ERCOT saying, look, we have these deadlines that we are going to miss, but we'd still like to keep some of the more serious projects in the queue. They didn't name any by name. We don't know for certain whether or not hut 8 will be included in that inclusion, but it's worth noting that it will certainly affect some of the companies that we that are in our universe of coverage. Just following up on that note, absent a good clause exception, these large loads would be excluded from the August 1 and November 2 or November 1 QSAs and ineligible to energize on their projected date solely because ERCOT hasn't finished that classification. So if these companies are not included in those quarterly, in those quarterly stability assessments, that will delay their energization timeline. That's why ERCOT wants to get those six from Q1 and 17 from Q2 in terms of their projected energization date or approval date to be ushered through so that they can keep those timelines intact. There is a and just to note, that doesn't authorize energization the stability assessments. That's just one other milestone to clear in this whole process. There's also an August 31st deficiency cliff here to take into account. Buried in the same section of the filing is this is this contingency under planning, under a planning guide, that interconnecting large load entities must resolve those dynamic data deficiencies by August 31, 2026 or be removed from Batch 0 entirely? This is part of the reason, I think, that Abbott is pushing this audit. Certain folks have not had their paperwork in order. This is Abbott's attempt and ERCOT's attempt to chase off Phantom Load, I. E. Projects that are submitting multiple requests at the same time for different interconnection agreements from different power providers. And specifically if these entities do not resolve the deficiencies in their dynamic data reporting, they're going to be removed from Batch 0 entirely and said you have to get in line for another batch down the road. Again, ERCOT has reviewed like 200 plus submissions and notified those developers that are not been up to muster, they haven't finished all of the rest. So that's like a hard removal date, roughly three weeks out. So if applying to projects that may not have known they have a deficiency. So that is a clear cutoff for some of the, on some of the projects in this queue right now and will be I think one of the first like separating the wheat from the chaff moments here. Now importantly with this, the ERCOT is proposing with the PUCT to keep its April deadline for the study. So this is stage three of the Badge Zero process, a screening study with an 4-9-2027 deadline and ERCOT basically this is them saying this study will determine two things, mostly the maximum peak demand that can be reliably served in each year according to these new interlarge load entities interconnected to the grid and also the transmission upgrades required to support these new allocations. So this is a system wide state, steady state and stability screening study for 2028 through 2032. And this is the, this is the big one with regards to whether or not these companies will make it through the Batch 0 process and actually get approval. April 9, 2027 is when ERCOT must deliver the study results and it's the date developers learn how many megawatts they will actually get and what transmission upgrades they are on the hook for. So ERCOT's got a lot to plow through, man. If so the, again the, the audit is pushing back this, this September system wide study start and it can't proceed until that, it can't proceed until the audits are done. So the study that is due in April 9, 2027 was set to start next month. We don't really know when it's going to start now and it's going to take for it's going to have to be until the audit is completed. And just to be clear one more time, this is ERCOT requesting the PUCT to accept these amendments to the batch zero timeline. And I would imagine that most of these contingencies will be pushed through. But there are some legitimate questions with can you get the studies done in time? Let's say the audit takes four months and we're bumping up on the end of the year here. Can you get that study done before the April deadline? I think that's a question that's up in the air. But needless to say, it just shows that, you know, on the one hand there are a lot of hiccups here with regards to how the ERCOT and how the Texas grid is processing this influx of demand. On the other hand, I don't really know what you expect them to do if you have data center developers coming in and just like not really filing their paperwork accordingly. You can't get an idea for which projects are serious. You have to figure out how much demand you're actually going to be bringing onto the grid to make sure things don't break. So I think they're probably moving along as quickly as they can here.
- [68:10]
B
Yeah, like what do you expect them to do? Like, they have to do something. They're like they're progressing linearly through the batch. The interconnection request, as is just is not going to work. So they have to do something. Maybe there's multiple things driving this, but one of which is got to reform the process. And time will tell because it'll be a little clear probably six months from now whether or not this was primarily to try to reform the process or whether it was like a community pushback, hampering political move. Given the fact that ERCOT has in some ways clumsily, but overall somewhat effectively added data center capacity over the past four to five years, I'm a little optimistic. I just think it's just too big of an opportunity for them to totally fail and fumble it like with the amount of capital with. I mean, I saw a, read a story that Dallas overtook New York in like finance jobs over the past year. You see Elon's bringing his trillion, multiple trillion dollar companies down to Texas. You see tech in Austin, you see energy in Houston. Like I there. You have too many smart people, too much capital having formed in Texas for them to totally fumble the bag here and with.
- [69:43]
A
And if they don't, Texas will be the most important state in the United States in 10 or 20 years.
- [69:50]
B
Yeah, I was in Oklahoma. Look, I like to say, you know, we're gonna ride on those coattails. We'll, we'll play our little real or, you know, Red river rival Red river rivalry football games. But you know, if they seceded, we'd go with them, I like to say.
- [70:10]
C
So.
- [70:11]
A
You can't, though, because you're too. You're too important to.
- [70:15]
B
Yeah, we are. We're important. That's. That's true. We're very important.
- [70:18]
A
That's. That's Oklahoma's motto now.
- [70:20]
B
Yeah. The sooner you realize we're important, State. Okay. All right. Okay. I don't know. I think we're. We're a little off track. I think that's probably. Do you have any else you want to. No, no. That.
- [70:32]
A
That's it. Just. Yeah. Deadlines are potentially being moved. Nothing confirmed yet.
- [70:39]
B
Yeah. All right. Thank you so much for watching Block Space live. I. If you haven't. If you're stick. If you're still around, I will call your attention to earnings week. This is day two of week two of earnings week. We have a big rest of the earnings week tomorrow, Wednesday. Kind of the heavy hitter for the day, Sam Tabar of white fiber. Brandon McBee of Core Weave, Nebius and White Fiber Watch parties on our channels. Thursday, Ben Gagnon of Keel Saluna Watch Party. And on Friday, Mike Pichi, CFO of Saluna. Make sure to like and subscribe. Follow Blockspace everywhere. Go to our website, blockspace Media. This show is brought to you by CleanSpark. Nasdaq listed ticker CLSK. I'm Charlie.
- [71:25]
A
I'm Colin.
- [71:27]
B
We'll see you tomorrow.