The Mining Pod | Blockspace Media ABTC Investor Unlock, IREN’s $3.6B Capital Raise, Greenidge’s Fire and Land Sale
Dec 5, 2025
The team dissects the steep 39% drop in ABTC shares following a share unlock, highlighting the challenges miners are facing. IREN's ambitious $3.6B capital raise is also scrutinized as they aim to refinance debt. The episode delves into Greenidge’s recent fire incident and asset sales that could reshape their operations. Finally, the discussion on Zcash reveals intriguing legal threats and debates surrounding its privacy features, questioning how cypherpunk it truly is.
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Hashprice Near Break-Even For Many Miners
- Hashprice has fallen to record lows, making mining economics extremely tight for many operators.
- CoinMetrics' nonce analysis suggests average network efficiency near break-even at common power rates.
Nonce Analysis Reveals Who Can Stay Online
- CoinMetrics nonce analysis estimates average operating efficiency at ~32 J/TH, implying many rigs hover around break-even.
- Lower-cost regions and older hardware can sustain operations, keeping hash rate resilient despite losses.
Share Unlocks Can Devastate Thin Stocks
- ABTC plunged 39% when early investor shares unlocked and were sold into a thin market.
- Poor SEC disclosure of the unlock's size/timing made the cap-table event surprise investors.