The Mining Pod | Blockspace Media ERCOT’s 266 GW Surge, IREN’s $2.3B Raise, GPUs Eat ASICs, Whatsminer M70 Launch
Dec 12, 2025
Ethan Vera, COO of Luxor, is an expert in Bitcoin mining operations and hardware markets. He discusses MicroBT’s Whatsminer M70 launch and its positioning in a competitive ASIC market. The conversation shifts to IREN's impressive $2.3 billion note raise and the urgent implications of a 270% surge in ERCOT interconnection requests. Ethan reveals insights on Luxor's new GPU hardware sales and trading desk, while also tackling the controversial Cat bitcoin fork proposal that analyzes miner incentives and transaction fees.
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Hashprice Slump From Rapid Hashrate And Curtailment
- Bitcoin hashprice is depressed with multiple negative difficulty adjustments, driven by rapid hashrate growth and regional curtailment.
- Ethan Vera expects slow hashrate growth through winter as miners face curtailment and some pivot to AI.
Use Refinancing To Signal Strength
- Refinancing high-rate short-term convertible notes with longer, cheaper tranches can signal market strength.
- Companies can use proceeds to retire older debt and enter hedges like cap calls to manage downside.
Great Machine, Terrible Timing
- MicroBT's Whatsminer M70 is an impressive 12.5 J/TH and ready to ship, but arrives into a saturated market of cheap used S21-class units.
- Timing and pricing will likely limit large-volume sales despite strong specs.