Why miners run while losing money

On today’s news roundup, the gang covers the American Bitcoin investor unlock that sunk the ABTC share price this week, plus IREN’s pricing a $3.6B capital raise.

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Welcome back to The Mining Pod! Today, Colin, Charlie, and Matt break down yet another brutal week for miners. We analyze why ABTC shares tanked 39% following a share unlock and look at IREN's aggressive $3.6B capital raise. The team also covers Greenidge’s Dresden, NY fire and SC land sale. Finally, we debate the Zcash Foundation’s legal threats and just how private and cypherpunk Zcash is. 

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**Notes:**

-ABTC shares plunged 39% on Tuesday

-Hashprice dropped below $40/PH/day

-IREN pricing $3.63B in notes/equity

-Avg network efficiency: 32 J/TH (CoinMetrics)

-Greenidge sells 60MW power rights, land

Timestamps:

00:00 Start

01:42 Difficulty Report by Luxor

08:07 ABTC down bad

14:31 IREN convert / equity sale

18:55 Tough month for Greenidge

23:48 Cry Corner: Zcash pump & dump

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