THE MINING POD: ERCOT’s 266 GW Surge, IREN’s $2.3B Raise, GPUs > ASICs, Whatsminer M70

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Welcome back to The Mining Pod! Today, Ethan Vera, COO of Luxor, joins us as we dive into Whatsminer’s M70 launching into a challenging ASIC market, IREN’s $2.3 billion convertible note offering, the precarious state of hashprice, Luxor’s new GPU hardware sales business, the staggering 270% leap in ERCOT interconnection requests, and the controversial Cat bitcoin fork proposal aimed at filtering ordinals / inscriptions.

**Notes:**

- Hash price is below $40 per second

- Three negative difficulty adjustments

- Ercot requests leaped 270% in 2025

- 73% of requests from data centers

- IREN raised $2.3B in convertible notes

- M70 efficiency: 12.5 J/TH

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