CoinDesk Podcast Network THE MINING POD: ABTC Investor Unlock, IREN’s $3.6B Capital Raise, Greenidge’s Fire and Land Sale
Dec 5, 2025
This week's discussion dives into the turbulent world of Bitcoin mining. ABTC shares plummet 39% after an investor unlock raises questions about transparency. Meanwhile, IREN pushes forward with a massive $3.6 billion capital raise to tackle its debts. Greenidge faces tough times with a fire incident and asset sales. The talk turns to Zcash, exploring its branding dilemmas and legal threats as the team debates its real privacies. It's a wild week for miners, marked by challenges and key shifts in the industry!
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Hashprice Hits Record Pressure Point
- Hashprice has fallen to record lows near $36–40 per PH/day, squeezing miner economics.
- CoinMetrics nonce analysis suggests average efficiency ~32 J/TH, implying many miners are close to break-even.
Efficiency Reveals Who Can Survive
- Average network efficiency at ~32 J/TH means hash cost near $38/day at $0.05/kWh, close to breakeven.
- This implies miners with cheaper power or older hardware in low-cost regions still survive price pressure.
Check Unlock Details Before Buying
- Investors should scrutinize cap table events and share unlock terms before buying miner stocks.
- Lack of clear SEC disclosures on unlock size/timing can create sudden, large sell pressure.