TeraWulf's $3.7B Deal w/ Google, Block's Disruptive New ASIC, O&G Gets Into Power
Justin Ballard (@JLB_Oso) and Jake Corley (@jacobcorley) regroup to riff on miner-to-AI megadeals, gas-to-power plays, and a modular ASIC that could reset fleet economics.
AI x Power x Bitcoin
This week we break down:
TeraWulf × Google – a 10-year, 200 MW hosting deal (headline $3.7B; options could push multiyear value far higher) and why clean, reliable electrons (nuke/hydro) earn a premium—and might end in outright M&A.
Who’s Next? – the consolidation map: why Bitfarms (and possibly IREN/Iris) look “target-ready,” what MARA/RIOT are more likely to do, and how miner stock spikes telegraph hyperscaler interest.
CoreWeave–Core Scientific Playbook – how long-dated revenue agreements morph into acquisitions when the real prize is energized, rack-ready capacity.
Coterra’s Power Option – a 7-year gas sale to CPV’s 1.3 GW CCGT in Ward County with the right to buy ~250 MW/day indexed to ERCOT West—the first true Permian netback template and what it signals for E&Ps.
Turbines, Permits & Sudoku – deposits and long lead times, GPA/air permits (NOx/CO₂), and the catch-22 between offtakes and hardware—why scale + compliance + capital win.
Block’s Proto Miner – Apple-clean design, rack-side sub-90-second repairs (as pitched), modular hashboards, open-source fleet software, and a 10-year design life—what that does to uptime and capex cycles.
The AI Arms Race – trillion-dollar capex, billion-dollar talent bids, China’s generation build-out, and why power-secure brownfield beats greenfield timelines.
Where to Find Us IRL – Permian Power Conference (Midland, Sep 29–30) + Texas Capitol investor day/North American Blockchain Summit (Dallas, October).
AI x Power x Bitcoin
This week we break down:
TeraWulf × Google – a 10-year, 200 MW hosting deal (headline $3.7B; options could push multiyear value far higher) and why clean, reliable electrons (nuke/hydro) earn a premium—and might end in outright M&A.
Who’s Next? – the consolidation map: why Bitfarms (and possibly IREN/Iris) look “target-ready,” what MARA/RIOT are more likely to do, and how miner stock spikes telegraph hyperscaler interest.
CoreWeave–Core Scientific Playbook – how long-dated revenue agreements morph into acquisitions when the real prize is energized, rack-ready capacity.
Coterra’s Power Option – a 7-year gas sale to CPV’s 1.3 GW CCGT in Ward County with the right to buy ~250 MW/day indexed to ERCOT West—the first true Permian netback template and what it signals for E&Ps.
Turbines, Permits & Sudoku – deposits and long lead times, GPA/air permits (NOx/CO₂), and the catch-22 between offtakes and hardware—why scale + compliance + capital win.
Block’s Proto Miner – Apple-clean design, rack-side sub-90-second repairs (as pitched), modular hashboards, open-source fleet software, and a 10-year design life—what that does to uptime and capex cycles.
The AI Arms Race – trillion-dollar capex, billion-dollar talent bids, China’s generation build-out, and why power-secure brownfield beats greenfield timelines.
Where to Find Us IRL – Permian Power Conference (Midland, Sep 29–30) + Texas Capitol investor day/North American Blockchain Summit (Dallas, October).
Creators and Guests
Host
Justin Ballard
Dad to two rockstars, General Counsel at Adakon Energy Solutions and Founding Partner at Firm 21m, THE Bitcoin only law firm. Tweets are not legal advice.
