THE MINING POD: Cipher Lands Google Deal, MicroBT Opens U.S. Shop, IREN Doubles GPU Fleet

Sep 26, 2025

Cipher Mining makes waves with a groundbreaking $3 billion AI hosting deal, backed by Google's hefty guarantee. Meanwhile, MicroBT ushers in a new era by launching a U.S. distribution hub, promising 10,000 ASIC miners monthly. Amidst these developments, miners face challenges as hash prices dip below $50/PH/day with surging network hashrates at 1,100 EH/s. IREN also captures attention by doubling its GPU fleet to 23,000 units, aiming for a remarkable $500 million annual revenue by Q1 2026.

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ADVICE

Plan For A Tough Mining Autumn

Prepare for continued upward difficulty and tighter earnings as miners bring more capacity online this fall.
Monitor difficulty epochs and fee market depth to time deployment and sales decisions.

INSIGHT

Hashrate Surge Crushes Hash Prices

Network hashrate surged to ~1.1 ZH/s while hash price dropped below $50/PH/day, a six-month low.
Rising difficulty and weak fee markets are compressing miner economics going into fall.

INSIGHT

Deal Size Can Expand To $7B

The initial $3B contract can expand to ~$7B with two five-year extension options.
Cypher retains full ownership but faces heavy capex and execution risk to realize that revenue.

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Cipher Mining landed its first AI tenant, with $1.3 billion in the deal backstopped by Google, and MicroBT has opened a U.S. distribution hub with 10,000 ASIC miners per month in volume.

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Welcome back to The Mining Pod! On today’s round up, we dive deep into Cipher Mining's $3 billion AI hosting deal with Fluid Stack, backed by Google's $1.4 billion guarantee. And as hashrate surges to 1,100 EH/s, miners are struggling with sub-$50 hash prices. Plus MicroBT has opened a U.S. distribution hub, and IREN’s aggressive GPU expansion.

**Notes:**

• Cipher signed $3B AI deal with Fluid Stack

• Google backstopping $1.4B of obligations

• Hash price under $50/PH/day (6mo low)

• Network hash rate at 1,100 EH/s

• IREN doubled GPU fleet to 23K units, raises Q1-2026 ARR to $500M

• MicroBT opens 10K unit/month US shop

Timestamps:

00:00 Start

03:03 Difficulty Report by Luxor

07:08 Cipher and Fluidstack deal!

13:15 MicroBT opens up shop in US

17:34 Cleanspark Ad

18:03 IREN doubles GPU fleet (again)

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