THE MINING POD: IREN $875M Note, Luxor Energy, Record BTC ETF Flows

Oct 10, 2025

Ethan Vera, COO of Luxor, returns to discuss IREN's impressive $875 million convertible note and its implications for the AI cloud sector. He highlights Luxor's new ERCOT-certified retail electric provider, enabling miners to transact in Bitcoin for energy. Ethan also dives into the record $5.95 billion inflow of crypto ETFs and its effects on the market. Additionally, he touches on the estimated 14.05% of Bitcoin hash rate coming from China and the future of intelligent mining and AI integration.

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INSIGHT

Difficulty Likely To Drop Soon

Network difficulty has surged recently but a negative adjustment is likely soon as block times slow.
Hash rate remains above one zeta-hash while hash price sits near $50.81/PHash/day, pressuring miner economics.

INSIGHT

Luck May Explain Recent Hashrate Swing

Difficulty drops typically stem from three buckets: fundamental unplugs, weak economics, or luck.
Ethan leans toward luck driving recent high hashrate and expects reversion rather than economic-driven exits.

ANECDOTE

Iron's Big AI Deal And Convertible Note

Iron (IREN) disclosed a two-year AI GPU contract worth about $225M and then issued an $875M convertible note.
The convertible note carries 0% interest and converts initially at $85 per share, ~42% above the prior price.

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IREN continues its hot streak with a big raise, and crypto ETFs saw a record week last week.

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Welcome back to The Mining Pod! Today, Ethan Vera from Luxor joins us live from NABs in Dallas to talk about IREN's $875 million convertible note following their AI cloud deal announcement, Luxor's launch of an ERCOT-certified retail electric provider enabling Bitcoin-native power payments, last week's record-breaking $5.95 billion in crypto ETF inflows, and a word on Bitcoin mining in China.

**Notes:**

• Hash rate exceeds 1000 exahashes per second

• Hash price at $50.81 per petahash per day

• IREN raised $875M via 0% convertible note

• $5.95 billion in crypto inflows last week

• China represents estimated 14.05% of Bitcoin hash rate

• Iron secured $225M revenue over two years

Timestamps:

00:00 Start

02:13 Difficulty Report by Luxor

04:23 IREN

09:43 Cleanspark Ad

10:12 Luxor Energy announcement

16:40 Bull market doing it's thing

20:22 China hashrate research

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