#758: Strategy Is A Time Bomb with Jamie McAvity

June 15, 2026

AI Summary

5 min read

Jamie McAvity, the founder of what he calls the lowest-cost Bitcoin mining operation in the world, describes the feeling of building an exceptional business in a market that does not care. “It feels like we have won a fencing competition,” he says. “We won something that not many people really care about.” That deflating gap between ideological admiration and market indifference is the backdrop for a wide-ranging conversation about where Bitcoin mining, energy markets, and AI compute are colliding in 2025.

The Old Mining Paradigm Is Over

McAvity argues that the era of upgrading ASICs every two to three years, running them 95% of the time, and relying on a stable fee market is finished. The crowding of the Bitcoin mining market over the last year—driven by difficulty increases unconstrained by economic reality—accelerated a necessary transition. “It's the best time to invest in Bitcoin mining, hands down, of the last maybe five years,” he claims, pointing to a negative 10% difficulty adjustment on the horizon and a relative lack of new investment.

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What you'll learn

1 (00:13) **Central Banks & The Case for Bitcoin** - Jamie argues that in a world of constant currency devaluation, Bitcoin is the victor, setting the ideological stage.
2 (01:03) **The Dichotomy of Bitcoin Mining** - Jamie describes the disconnect between being celebrated by Bitcoiners and being ignored by the market, and the tension between Bitcoin and AI-focused employees.
3 (03:22) **The Crowding Out of Bitcoin Mining** - The AI boom and unconstrained difficulty increases have made Bitcoin mining investments look bleak, but paradoxically, this is now the best time to invest in years.
4 (04:49) **The New Bitcoin Mining Paradigm** - Jamie outlines the shift: ASICs running for a very long time, co-located with energy, and a volatile fee market driven by solar energy availability.
5 (08:09) **The Energy & AI Data Center Gold Rush** - Jamie contrasts the old “renewables above all” policy with the new “grow the grid at all cost” stance, and laments the misinformation campaign against AI data centers.
6 (10:55) **Debunking the Electricity Price Myth** - The conversation breaks down why electricity prices are rising (transmission planning, not demand), with ERCOT in Texas held up as the model for cheap, market-based power.
7 (12:51) **Texas as the Test Case** - The massive queue of data center projects in Texas is discussed, along with the positive local economic impacts (tax revenue, school budgets, residential rebates).

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Show Notes

Marty sits down with Jamie McCavity to discuss why the exodus from Bitcoin mining has created the best investment opportunity in five years, how the AI compute boom is forcing a complete rewrite of global energy strategy, and why he believes Michael Saylor’s financial engineering at Strategy has crossed into outright shareholder deception.

Jamie on X: https://x.com/jamesmcavity

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