Patrick Rooney

Faith | Pits to Pixels | Power | Bitcoin |

[Patrick Rooney @patrickrooney]

Great to see @jsiegendorf getting recognition.

https://t.co/hJ1a0oBISE

[Patrick Rooney @patrickrooney]

@flipdazed @TrustlessState This looks like it was made for you, Alex. Would be a great lift for the show.

[Patrick Rooney @patrickrooney]

Surprised to see this. Perps are gaining momo and the mother of perpetual futures, BitMEX, is calling it a day. RIP

[BitMEX @BitMEX]

Dear BitMEX Users,

Today, we share with a very heavy heart that BitMEX exchange will shut down its operations, effective 23 September 2026 at 04:00:00 UTC.

The owner and operator of BitMEX, HDR Global Trading Limited, has made the difficult decision to close operations following a strategic review of the business.

It may not look the same today, but we are proud of our 11+ year legacy and the role we played in shaping the crypto industry. We invented the 100x leverage perpetual swap, which for most of you, was the first step to your crypto trading journey. It is now the most traded financial product in the crypto industry, adopted by thousands of users and exchanges. And we remain proud of our robust security infrastructure, which has allowed us to maintain a flawless track record of 0 customer funds lost to hacks in our entire operating history.

We want to reassure you that your assets remain fully safe and under your control during this transition period. This announcement is just to give enough time to ensure a smooth withdrawal process for everyone.

From today we strongly encourage all users to close their positions and withdraw their funds as soon as convenient. For more details on the full process, please read our blog: https://t.co/OOHeh6xHm8

BitMEX was once home to some of the greatest traders today. Our team has dedicated tremendous effort and passion into building the platform into what it is, and we are glad to have reached some of you during your time with us. To everyone who has traded, supported, and grown alongside us - thank you for your trust over the last 11 years.

The BitMEX Team

[Patrick Rooney @patrickrooney]

@Btcbarbells Have a clear view of yourself opens up tremendous opportunity

[Patrick Rooney @patrickrooney]

Elon Musk Makes $1B Commitment for Gas-Fired Off-Grid Power https://t.co/znf9b1STpD

[Patrick Rooney @patrickrooney]

Texas has power

[Justin Lopas @JLopas]

Totally smashed last year’s demand record here in Texas with 91 GW at peak today.

To put it in perspective, all time records for some other areas:
>California: 52.1GW (2022)
>United Kingdom: 61.5GW (2007)
>Australia: 39.6GW (2024)

Also prices were low by almost any standard (~$50/MWh) during this time.

This is what energy abundance looks like.

[Patrick Rooney @patrickrooney]

Data center and climate crisis camps are going to war.

[streetwiseprof @streetwiseprof]

The Answer to the Data Center Wars is “Get the Prices Right.” Which is a Reason to be Pessimistic About the Outcome via @streetwiseprof https://t.co/6gqXxJs9Hd

[Patrick Rooney @patrickrooney]

@sealarkbtc @TronMonGone The most efficient process tends to win.

[Patrick Rooney @patrickrooney]

@ExcellRichard Could be, yes. BTM does reduce strain on utilities.

[Patrick Rooney @patrickrooney]

How?

[Energy Headline News @OilHeadlineNews]

UTILITIES JOIN TRUMP PLEDGE TO LIMIT AI-DRIVEN INCREASES IN ELECTRICITY BILLS - WSJ

[Ian Cassel @iancassel]

“A man who wants to lead the orchestra must turn his back on the crowd.”

— @MaxLucado

[Patrick Rooney @patrickrooney]

@Anthony_Luna5 @AAStack SelfSnips4Sats - Novel commitment

[Patrick Rooney @patrickrooney]

Efficiency is a gateway for growth

[Marty Bent @MartyBent]

Many people have been pointing the parallels to the progression of bitcoin mining ASICs and AI GPUs, but it's still wild to see it play out in real time.

Mining went from CPUs to GPUs to FPGAs to ASICs. An Antminer S9 used around 100 joules per terahash. The S21 XP Hydro operates at 12 J/TH. Representing a more than 8x efficiency improvement.

Now CoreWeave reports that NVIDIA’s Vera Rubin NVL72 can produce up to 10x more DeepSeek-R1 tokens per megawatt than Blackwell at comparable interactivity.

Bitcoin mining ASICS and AI GPUs do very different things, but we're witnessing similar industrial progression. Turn electricity into valuable computation, then relentlessly lower the energy cost of each unit of output. The money pouring into NVIDIA is providing the incentive to find these efficiencies the same way they were created for Bitmain and MicroBT.

Bitcoin mining also taught us what comes next. More efficient machines do not reduce aggregate power demand. They make more deployments economical, attract more capital and create demand for more energy. Bitcoin mining may be in a bear market right now, but I'm pretty confident this will continue to play out for the industry as bitcoin adoption increases.

It's been talked about ad nauseam, but the AI industry is about to realize Jevons paradox at data-center scale. The answer is not to ration compute. It is to build more power.

It's going to unleash a leap in productivity the likes of which humanity has never experienced.

https://t.co/CLBNo3Ucbs

[Patrick Rooney @patrickrooney]

Is natgas-a-plenty coming to an end?

[Patrick OShaughnessy @patrick_oshag]

Matthew Smith has spent the last 18 months modeling every well, pipeline, storage facility, and power plant in the American natural gas system.

His conclusion is that the US is heading toward a natural gas shortage with no precedent, beginning in 2028.

By 2030, he believes we could exhaust our working natural gas storage entirely.

The fuel everyone in AI is counting on, and that everyone assumes is abundant, is not there.

And because gas sets the price of electricity in most of the country, he argues Americans will pay for the shortage in their power bills.

Matthew has worked in energy markets for over 20 years and is the CIO of Chronometer Partners.

This is his second time on the show, and he's one of my favorite people to talk to about energy.

We discuss:
- Why the bottleneck is moving from power to fuel
- Why we can't just shut off exports
- 2028 as the inflection point
- Large-scale nuclear v. SMRs
- Who wins, who loses, and what can still be done

Enjoy!

TIMESTAMPS
0:00 Intro
1:30 What Drives the Deficit
11:00 Why Supply Can’t Catch Up
20:35 The 2030 Gas Crisis
25:05 Winners and Losers
29:00 Nuclear and Solar
33:30 Consumers Pay the Bill
37:20 AI’s Next Shortage
45:25 Solutions and Global Stakes
51:15 The Coming Gas Knife Fight

[Patrick Rooney @patrickrooney]

@Melt_Dem We all pursue greater risk management and traders, those who succeed in trading, are the best risk managers.

[Patrick Rooney @patrickrooney]

Where do we stand on the standardization of compute? Seen any good models? @variantfund @firstc0in

https://t.co/tpkm2fwoIo

[Patrick Rooney @patrickrooney]

Agentic options mean more than you may think

[Daniel Barabander @dbarabander]

> AI agents in general are a massive tailwind for on chain options volume as the UI/UX gets way less esoteric and complicated.

As usual, @koolkrypto223 nails it. AI is such an obvious tailwind to underwrite for onchain options.

[Patrick Rooney @patrickrooney]

@SutterlinDan @jayzio @JohnLeFevre I’ve been full cycle. Worked my way down to carry on only and am back to check everything. No need to lug around and be concerned about stuff if you needn’t.

[Patrick Rooney @patrickrooney]

@cowbroker The Badlands are stunning. Spent time there years ago. Long overdue to get back.

[Patrick Rooney @patrickrooney]

@cb_catt Canadian wine? Chateau de LaBatt?