Sep 28, 2026 · 1 hr 26 min · 15 segments
AI just bailed out Bitcoin's public miners, and Bob Burnett says that is the healthiest thing to happen to mining in years. Liam sits down with the Ocean executive chairman on falling hash rate, who…
Bob BurnettGuestLiamHost
Just real quickly, the reason I use that term is there's an article I wrote for Bitcoin Magazine probably five years ago now.
And I kind of divide the mining landscape into three classes of miners, rabbits, horses, and elephants.
And the elephants are typically the big publicly traded guys, although there are some private guys that would fit in that class as well.
And they develop big sites, 50 megawatts, 100 megawatts, several hundred megawatts.
they're big and they're powerful, but those kind of sites take forever to build.
They would be easy to hunt, meaning if you were a legislator or tax authority or bureaucrat of some sort and you hated mining and you wanted to go after mining or Bitcoin, they'd be easy targets.
The other end of the spectrum would be the rabbits, which is, you know, an individual who might have one machine here or there.
And individually, the rabbits are not very powerful, but collectively, they could potentially be big.
And the horses kind of fill the gap in the middle, the one megawatt site, the three megawatt site.
And if it's of interest, we can talk about that a bit later, you know, why I think the future is more off-grid than on-grid.
But what's happened is we've gone through a cycle, I believe, where we went through an extended period where the elephant guys were gaining share.
So if we kind of group everything together, they really from the China mining ban until a year ago was a period in which the big were getting bigger and the small were getting smaller.
If you follow global hash rate, depends on how you measure it, but we're down 25 to 33% year over year on global hash rate.
The first was, I think there was a natural thing occurring where a lot of those companies really weren't doing that well.
And the period of time in which their stock was rewarded for growth versus profitability had ended.
So for a long period of time, I think the market viewed, especially the publicly traded guys as like, well, they kind of viewed them like a tech company.
And they said, well, you know, we'll reward growth and we'll assume the profits come later.
Just real quickly, the reason I use that term is there's an article I wrote for Bitcoin Magazine probably five years ago now.
And I kind of divide the mining landscape into three classes of miners, rabbits, horses, and elephants.
And the elephants are typically the big publicly traded guys, although there are some private guys that would fit in that class as well.
And they develop big sites, 50 megawatts, 100 megawatts, several hundred megawatts.
they're big and they're powerful, but those kind of sites take forever to build.
They would be easy to hunt, meaning if you were a legislator or tax authority or bureaucrat of some sort and you hated mining and you wanted to go after mining or Bitcoin, they'd be easy targets.
The other end of the spectrum would be the rabbits, which is, you know, an individual who might have one machine here or there.
And individually, the rabbits are not very powerful, but collectively, they could potentially be big.
And the horses kind of fill the gap in the middle, the one megawatt site, the three megawatt site.
And if it's of interest, we can talk about that a bit later, you know, why I think the future is more off-grid than on-grid.
But what's happened is we've gone through a cycle, I believe, where we went through an extended period where the elephant guys were gaining share.
So if we kind of group everything together, they really from the China mining ban until a year ago was a period in which the big were getting bigger and the small were getting smaller.
If you follow global hash rate, depends on how you measure it, but we're down 25 to 33% year over year on global hash rate.
The first was, I think there was a natural thing occurring where a lot of those companies really weren't doing that well.
And the period of time in which their stock was rewarded for growth versus profitability had ended.
So for a long period of time, I think the market viewed, especially the publicly traded guys as like, well, they kind of viewed them like a tech company.
And they said, well, you know, we'll reward growth and we'll assume the profits come later.
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