THE MINING POD: ASIC Market Update, Hut 8 / American Bitcoin Business Updates, Tether’s New Mining Venture, 50 EH/s Club

Jul 4, 2025

Ethan Vera, COO of Luxor Technology and an expert in Bitcoin mining, discusses key industry updates, including Hut 8's remarkable 205 MW Vega facility and its strategic 310 MW electricity deal with Ontario. He dives into American Bitcoin's impressive $220 million fundraising, while also addressing the fluctuating ASIC market and its decoupling from hashprice trends. Furthermore, the conversation touches on Tether's surprise mining venture in Brazil and the increasing concentration of hash power among just a few companies.

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INSIGHT

Summer Hashrate Difficulty Drop

A recent 7.48% drop in Bitcoin mining difficulty was due to heat curtailments and economic factors this summer.
This caused a temporary rise in mining profitability and a trend towards difficulty adjustment reversal.

INSIGHT

Hut 8 Expands Mining and Power

Hut 8’s Vega facility is energized with 205 MW capacity, boosting their mining operations significantly.
They also signed a 310 MW electricity supply deal in Ontario, signaling a diversification into power infrastructure.

INSIGHT

Diversification and Split Strategy

Hut 8's strategy shows diversification across mining, power generation, and data centers to optimize value.
Splitting operations into HUD-8 infrastructure and American Bitcoin mining allows better market valuation and fundraising.

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For this week’s news roundup, we cover trends in the ASIC market, a series of business updates from Hut 8, and Tether’s latest mining venture.

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Welcome back to The Mining Pod! Today, Colin and Matt are joined by Ethan Vera, the COO of Luxor Technology, to talk about Hut 8's 205 MW Vega facility and its 310 MW deal to deliver electricity to Ontario. Plus, American Bitcoin's $220 million fundraise, an ASIC market update, Tether's surprise mining expansion into Brazil, and how just four public companies now control nearly a quarter of Bitcoin's total hash rate.

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**Notes:**

• Difficulty dropped 7.48% after US heat wave

• American Bitcoin raised $220M private placement

• Hut 8 secured 310MW deal with Ontario to supply electricity via natural gas plant

• Four miners control 200+ exahashes (~20% network)

• ASIC prices are decoupling from hashprice movements

• Tether goes in on mining venture in Brazil

Timestamps:

00:00 Start

02:00 Difficulty Report by Luxor

05:32 Hut 8 energizes Vega

06:22 Hut 8 310 MW electricity deal in Ontario

13:57 American Bitcoin raises $220M

18:22 ASIC market update with Ethan

26:33 Antminer S23 market

31:07 China ban reverse rumors

32:09 Tether in Brazil

38:20 50 EH/s club

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