Blockspace: AI & Bitcoin

Episode: The Last Bitcoin Mining Bull Market Ever w/ Liang Wang
Host: Blockspace Media (Charlie Spears & Colin Harper)
Guest: Liang Wang, VP at Canaan Creative
Date: March 10, 2026

Overview

In this episode, Colin Harper and Charlie Spears dive deep with Liang Wang, VP at Canaan Creative—one of the world’s largest ASIC bitcoin miner manufacturers and a major operator—on the evolving future of bitcoin mining. With many public miners shifting toward AI and high-performance computing (HPC) workloads, Canaan is bucking the trend by doubling down on bitcoin mining. The episode explores industry economics, energy strategies, the intersection with AI, global regulatory challenges, and Canaan’s recent acquisitions and technology pivots. Profound questions about the longevity and future profitability of bitcoin mining “bull markets” are candidly unpacked alongside data, strategy, and industry philosophy.

Key Discussion Points & Insights

1. The Future of Bitcoin Mining Bull Markets

• Liang Wang expresses uncertainty about future mining bull runs:

  • While another bitcoin bull market seems almost certain, the future of bull markets specifically for mining is in doubt due to worsening economics and increasing operational challenges.
  • Quote:

    “Is there going to be another bull market for bitcoin? Absolutely, yes. Is there going to be a bull market for bitcoin mining in this industry? I don't know ... it is the economics of mining itself that is going worse by time.”
    — Liang Wang [00:00, 47:51]

• Role of economics over AI/HPC:

  • It’s not AI or HPC taking mining’s energy, but mining’s own profit compression.

• Hashrate stability despite price drops:

  • Despite Bitcoin falling to $65-70K, the total network hash rate remains high because mines operate for grid balancing and revenue needs, not just profit.

2. Canaan’s Contrarian Mining Expansion

• Acquisition of Cipher Mining's Texas JVs:

  • Canaan recently acquired joint ventures in Texas, focusing on behind-the-meter wind power.
  • Texas’s deregulated, pro-business environment and low power pricing make it attractive.

• Quote:

  “Bear markets are for believers to start building. So I guess expansion in self-mining is also part of that strategy from us ... There’s no difference in our belief in bitcoin decentralization.”
  — Liang Wang [04:44]

3. Energy Sources and Business Strategy

• Proximity to Energy as Competitive Edge:

  • Canaan wants to own mining sites at the energy source (wind in Texas, oil and gas in Alberta), enabling cost advantages and flexibility.

• Heat reuse pilots in Canada:

  • Initiatives include greenhouses heated by mining rigs and using previously stranded gas for mining—turning waste into value.

• Decentralization ethos:

  • Emphasis on responsible mining and strengthening ecosystem efficiency, not just scale or profit.

• Quote:

  “Everything we do here is to help the overall ecosystem and help our customer doing the right thing ... we try to be a very responsible player and enable people to mine more economically and more efficiently.”
  — Liang Wang [09:27]

4. Stranded vs. Grid Power and the Role of Bitcoin Mining

• Stranded energy is only part of hash rate growth:

  • While stranded energy remains valuable, reliable and cheap grid power (with incentives for interruptibility) is preferred consistently.

• Bitcoin mining as grid balancer:

  • Mining is favored by grid operators for being flexible—able to ramp down when electricity is needed elsewhere, especially as AI/HPC workloads are less flexible.

• Quote:

  “Bitcoin miner is the single most important feature in that state [Texas] ... grid or energy providers like us because we actually provide hash rate to offset the imbalance.”
  — Liang Wang [13:21]

5. ASIC Market Dynamics & Sales Growth

• Surprising ASIC sales growth amid industry pivot:

  • Despite public miners shifting to AI, Canaan reported a 61% YoY and 46% QoQ increase in ASIC equipment sales for Q4 2025—driven by building a trustworthy brand, support for North American clients, and flexible, consumer-friendly products (Avalon Nano).

• Consumer market innovations:

  • The Avalon Nano machine: small, quiet, home-friendly, and doubles as a heater, attracting new demographics to mining.

• Quote—on consumer rigs:

  “A lot of people thought it was really cool to be able to plug in a machine at home that actually looked like furniture ... they joked about this past wife test because the machine is designed to be able to run very quietly and look nice.”
  — Liang Wang [16:48]

6. Global Regulatory Landscape

• China as a risky, shrinking market for mining:

  • Canaan purposely exited China and Kazakhstan due to regulatory unpredictability and government hostility, with North America viewed as uniquely stable.

• Quote:

  “This market has been unregulated; it had a ban back into 2021 about people working internally and domestically with bitcoin mining ... Why people still do it? Because there’s a need in the market. But ... this is a very risky strategy if you ask me.”
  — Liang Wang [23:28]

• North American focus explained:

  • Predictable legal frameworks, local community involvement, and less risk of abrupt shutdowns.

7. Semiconductor & ASIC Supply Chain

• Supplier relationships:

  • Canaan will not confirm or deny specific foundry partnerships (Samsung/TSMC), explaining the complexity and importance of long-term, trust-based relationships for advanced chip nodes.
  • Wafers and node selection is strategic, balancing tech ambition, supply chain risk, and unpredictable future demand.

• AI/HPC capex now rivals mining:

  • AI and traditional chip markets increasingly compete for wafer space, but supply/demand tends to balance long-term.

• Quote:

  “Bitcoin manufacturers are happen to be one piece of the puzzle, but not the whole puzzle ... I wouldn't even say the most important piece.”
  — Liang Wang [45:01]

8. AI, HPC, and the Future of Bitcoin Mining

• AI/HPC is not directly “taking away” bitcoin mining’s share:

  • Mining’s challenge is more its own economics (halvings, price stagnation, efficiency races) than AI competition.
  • Bitcoin mining and AI/HPC can be mutually beneficial for flexible load balancing in modern energy grids.

• Uncertain future for mining booms:

  • Mining profits likely to further compress post-2028 halving unless bitcoin’s price rises dramatically.
  • The host and guest agree that mining will persist, but the “easy-money” era is over.

• Quote:

  “We don’t think the monetary benefits will be a key driver after 2028. I hope I’m wrong ... but that is the part that I can’t predict.”
  — Liang Wang [47:51]

Notable Quotes & Moments

• “Bear markets are for believers to start building.”
  — Liang Wang [04:44]
• “In the past, Bitcoin miners have always been looking for energy sources that are cheap, flexible, and away from population ... that has been getting really hard because population, the AI HPC boom, all these manufacturing back and forth and the deglobalization.”
  — Liang Wang [09:27]
• “The Avalon Nano... [is] designed to be able to run very quietly and look nice and provide heat to the room as a heater. And it’s also very easy. You just use a cell phone to scan a barcode and you can remotely control and make it part of your smart home solutions.”
  — Liang Wang [16:48]
• “China is huge ... Considerations from the federal government, considerations from the perspective of financial stability ... At a state level Bitcoin mining was actually helping people, right? It provides jobs, provides taxes.”
  — Liang Wang [23:28]
• “I do think we should embrace AI ... But is this going to replace all of bitcoin manufacturing and bitcoin mining? I don’t think so.”
  — Liang Wang [47:06]
• “Bitcoin mining will last. It will continue to be part of the overall energy map ... but we don’t think the monetary benefits will be a key driver after 2028.”
  — Liang Wang [47:51]
• “If only we all did [have a crystal ball], everyone would be rich.”
  — Colin Harper [51:38]

Important Timestamps

• [00:00; 47:51]: Will there be more bitcoin mining bull markets? The economics may no longer work post-2028.
• [04:44]: Canaan’s Texas acquisition, expansion strategy, and grid-balancing role.
• [09:27]: Energy source strategy, heat reuse, stranded gas, and Canaan’s responsible ethos.
• [13:21]: Stranded energy vs. grid power for future hash rate growth.
• [16:48]: Q4 sales, ASIC market, consumer gear (Avalon Nano).
• [23:28]: China/Kazakhstan market risks; North America as the stable core.
• [33:48]: Semiconductor partner strategy (Samsung/TSMC), chip node risks.
• [39:41]: AI/HPC and allocation, inventory mistakes, market unpredictability.
• [45:01]: Will AI/HPC crowd miners out of foundries?
• [47:06]: Mining's future: economics vs. technology vs. grids; uncertain post-2028 profitability.

Tone & Language

The conversation is frank, technical, occasionally philosophical, and informed by a strong sense of industry history and global perspective. Wang is candid about risks and uncertain futures and accentuates a principled approach to mining—and tech—in the face of market and geopolitical volatility. There's an undercurrent of engineer’s optimism amidst structural skepticism about easy profits.

Useful Takeaways for Newcomers

• Mining is now an energy and infrastructure play, not simply a hardware arms race.
• Profitability is being squeezed by both AI energy competition and self-imposed halving economics.
• Most public miners are pivoting to AI, but Canaan sees value in specialization.
• Market and regulatory risks are driving consolidation in “safe” regions, primarily North America.
• Post-2028, only the most efficient, well-integrated, and innovative miners may survive without substantial bitcoin price growth.

End of Summary