Fog Hashing: Mining Today, Computing Tomorrow

At Mining Disrupt Dallas 2025, held November 12 to 14, 2025, Nick Burley, VP of North America for Fog Hashing, told the room that AI is taking energy capacity away from Bitcoin mining sites, and that the operators who come out ahead will be the ones who can get compute running fastest. In his words, "AI is coming in and eating capacity in the Bitcoin market for energy sites." Burley said the value of an energy site is directly proportionate to what is already in place and can be deployed right away. Fog Hashing builds data centers and has run the models, and he argued there is more compatibility between mining infrastructure and GPU clusters than people say. The question he put to the audience was simple.

"Do you have an opportunity for three, four, five times revenue on your site?" The problem is timing. Bitcoin is easy to deploy. Units arrive, power goes in, and there is a customer the moment you plug in. An AI contract can take months to negotiate.

If an operator spends millions on infrastructure before the client side is tied down, Burley said, the result is a massive bleed. His answer is a site that cash-flows on Bitcoin first. Fog Hashing offers chiller units with dry coolers, so a site can run hydro Bitcoin mining today and then add modules like a chiller to hit the parameters an AI customer needs. The temperatures are different and it is not easy, he said, but a tech stack with that kind of jackknife capability lets a site pull down load that would otherwise go to higher-cost jurisdictions.

Burley also expects AI hardware to follow the Bitcoin pattern. Legacy mining equipment moved to lower-cost jurisdictions. Depreciated GPUs that are no longer useful for frontier training will not be worth zero, he said, and will still serve a function in the market. The supply chain is already pinched.

Builders have gone from ten-year engineering projects to tents housing billions of dollars of GPU compute, there are not enough trace people or talent, and one mega project he described has 4,000 people on site, each group running its own schedule. On power, he said other jurisdictions put as much new load on their grids every month as North America manages in a year. His warning: "Exponentials are exponentials. And when you see this line on a graph, there will be a pinch for power." When the session was recorded on November 12, 2025, Bitcoin was trading at $104,994.

On October 12, 2026, it was $83,419. The full story is on Intelligence Disrupt at intelligencedisrupt dot com, and many more like it play around the clock on Bitcoin Radio.