In this episode, Nazar Khan, COO of Terawulf, discusses his entry into power and bitcoin mining, weighing the importance of inexpensive energy versus more efficient machines. He shares his thoughts on the growth of mining capacity, the competition between AI and mining for power, and the possibility of utilities acquiring bitcoin miners. Nazar also explores Terawulf's dual exposure to AI and mining, strategies for managing bitcoin's volatility, and the challenges of operating in a hyper competitive market. He addresses the impact of miners on bitcoin's price, potential international expansion plans, and whether mining could lead to lower consumer electricity prices. The episode wraps up with Nazar's views on mining's natural decentralization, a contrarian belief he holds, and the biggest risks facing bitcoin today. SUPPORT THE PODCAST: → Subscribe → Leave a review → Share the show with your friends and family → Send us an email [email protected] TIMESTAMPS: 00:00:00 Intro 00:01:17 Nazar’s into to power and mining 00:06:51 More energy or better machines? 00:08:32 Was bitcoin mining intuitive to you at first? 00:13:08 8 GWs added over the last few years, what about the next 4 years? 00:15:00 Do AI and mining compete for power? 00:22:37 Will utilities acquire bitcoin miners? 00:25:27 WULF—AI vs mining exposure 00:28:03 Mining through the volatility 00:30:14 Is mining a brutally competitive market? 00:34:00 Most difficult part about operating a bitcoin mine? 00:35:15 Do miners affect the price of bitcoin? 00:36:59 Is WULF US only? When international mining? 00:40:47 Magnitude of mining power 00:42:00 Is global energy production about to explode? 00:48:56 Does mining lead to lower consumer electricity prices? 00:56:30 Does mining naturally decentralize to low cost power? 00:56:55 What’s something you believe that most bitcoiner’s disagree with? 00:59:12 What’s the biggest risk to bitcoin? 00:59:36 Closing thoughts WHERE TO FOLLOW US: → Unchained Twitter: https://twitter.com/unchainedcom → Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom  → Unchained Newsletter: https://unchained.com/newsletter  → Joe Burnett’s Twitter: https://twitter.com/IIICapital