Stories · as read on the Mining station
Two-Phase Efficiency at Single-Phase Cost
CEO Reza Azizian argues a blended single-phase approach cuts capital costs while maintaining overclocking benefits.
One hundred percent uptime. That is the number Reza Azizian, founder of Feveret, holds up against the industry’s favorite buzzword. This session was recorded at Mining Disrupt Fort Lauderdale from March 25 through 27, 2025. That was 573 days ago. At the time, Bitcoin was trading at $87,393. Today, it sits at $82,691. The price has jumped, but the engineering debate Azizian raised has aged surprisingly well.
Azizian stepped on stage to argue that the rush toward two-phase immersion cooling is a capital trap. He noted that his team is a group of engineers with experience in nuclear reactor cooling and designs for Microsoft and Nvidia. He said, "we are group of engineers that uh has the experience with cooling of the nuclear reactor and also design cooling solution for Microsoft Nvidia and now for crypto."
His core argument is simple. Two-phase systems promise superior efficiency, but they come with massive upfront costs and complex maintenance. Feveret’s modular solution aims to capture the thermal benefits of two-phase without the financial downside. As Azizian put it, "you basically take advantage of uh all the benefits and efficiency that you get on the case of two-phase, but you don't have all the problems and downside that comes with it."
He emphasized that the cost base for their hardware is essentially the same as standard single-phase setups. This is critical because it removes the massive barrier to entry that keeps many miners from adopting advanced cooling. In fact, his team has been running a large-scale implementation for nearly a year with almost 100 percent uptime.
Azizian also challenged the assumption that higher chip temperatures always mean better efficiency. He explained that in reality, efficiency is tied to chip temperature, but their system allows for significant overclocking. He claimed miners can overclock by up to 35 percent while maintaining the same efficiency as a nominal single-phase solution.
As Bitcoin prices rise, the cost of electricity and cooling becomes a larger slice of the margin. Azizian’s proposal is that miners do not need to bet the farm on two-phase infrastructure to get the performance they need. They just need the right engineering. The full story is on Mining Disrupt at miningdisrupt dot com, and many more like it play around the clock on Bitcoin Radio.