THE MINING POD: GPU Financing Rough Patch, Antalpha’s $300M Valuation, Bitfarms Pauses ASIC Orders

The GPU financing market could be on the cusp of a transformation.

May 9, 2025

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Welcome back to The Mining Pod! Bitcoin’s back above $100k and hashrate is rebounding above 900 EH/s with it. In this week's news roundup, Kelly Greer from Crucible Capital joins to explain trends in the GPU financing and hosting markets – and what ASIC market cycles can tell us about where they might be going. We also cover Alpha's IPO valuation, the Digital Energy Council's push against tariffs on ASIC miners, and how Bitfarms is joining other miners in halting hash expansion to focus on HPC and AI infrastructure builds.

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# Notes:

- Network hash rate rebounding to ~900 exahashes

- GPU rental prices down to $1.45-2.10 per hour

- Alpha IPO valued at $215-300 million

- Tariffs on ASICs could reach 24-36%

- BitFarms halting hash expansion for HPC/AI focus

- Trump admin signals support but tariffs persist

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