How much do miners spend on ASICs and who captures that revenue?

Fan favorite Pennyether joins the show to discuss the bitcoin mining stocks, the future growth of Bitcoin’s hashrate, and more.

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Welcome back to The Mining Pod! Today, independent stock analyst Pennyether joins us to talk about Bitcoin hashrate crossing 1 zettahash, the economics of ASIC manufacturing, and how Bitdeer could challenge Bitmain's dominance. We explore why miners spend 35-40% of revenue on ASICs, the HPC narrative driving mining stocks up, and why hashrate will continue growing exponentially despite megawatt concerns.

**Notes:**

• Bitcoin hashrate officially crossed 1 zettahash

• ASIC manufacturers capture 35-40% of mining revenue

• $19B+ annual Bitcoin mining revenue potential

• Bitfarms stock rose 138% in one week

• Bitdeer using TSMC for competitive advantage

• HPC deals 2-5x more profitable than mining

Timestamps

00:00 Start

05:38 Who is Penny?

08:39 Testing ideas & mining data

14:31 ASIC manufacturing market

24:10 Hashrate

28:28 HPC & AI

31:14 Valuation with & without deals

36:24 ASICs & Bitdeer

40:34 ASIC margins

45:21 Cannan

49:19 Vertical integration

52:42 When mining stocks polymarket?

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