

THE MINING POD: WhiteFiber’s IPO, Public Miner Executive Comp, BIT Mining’s Ethiopia Expansion
Jul 18, 2025
Matt Kimmel, a researcher and analyst at CoinShares, joins the discussion to dissect the latest in Bitcoin mining. They dive into Bit Digital's intriguing WhiteFiber IPO and its strategic pivot towards Ethereum. The conversation also highlights Bitcoin’s soaring price, executive compensation woes in the mining sector, and the expansion of BIT Mining's operations in Ethiopia. With transaction fees hitting all-time lows, they explore how these factors influence miner profitability and the future landscape of cryptocurrency.
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Bitcoin Mining Revenue Surge
- Bitcoin's hash price is near a 12-month high at about $60 per petahash per day despite very low transaction fees.
- This strong miner revenue is mainly driven by Bitcoin's price surge to $123K rather than network activity fees.
BitDigital’s HPC Business Strength
- BitDigital’s WhiteFiber HPC business generated $47.6M revenue in 2024 with strong margins, showing robust performance.
- Their approach of owning machines outright contrasts with other miners focusing on retrofitting hosting sites.
BitDigital’s Ethereum Pivot
- BitDigital is pivoting from Bitcoin mining to an Ethereum treasury strategy with over 100k ETH and plans to raise $67.3M for expansion.
- This shift reflects a strategic move amid changing industry conditions and speculative ETH market momentum.