CoinDesk Podcast Network THE MINING POD: Foundry Layoffs, $5 Billion In Raises and MARA’s Windfarm Purchase
Dec 6, 2024
In this week’s discussion, the Bitcoin mining scene faces turbulence with Foundry's significant layoffs and Marathon's strategic wind farm purchase. The unexpected reveal of illegal mining operations in Polish universities adds a touch of humor to serious industry issues. As Bitcoin surges past $100,000, insights into financial struggles and financing trends shape the landscape. The hosts also tackle the intriguing impacts of 'pool luck' on mining revenues and the evolving dynamics of hash rates across the globe.
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Hash Rate Fluctuation
- Bitcoin's hash rate hit an all-time high on a seven-week average, then trended downwards.
- This variance might be due to a major storm impacting mining operations.
Mining Profitability and Hash Price
- Bitcoin mining profitability has improved, with the S18J Pro now profitable at median power costs.
- Despite Bitcoin's price increase, the Bitcoin-denominated hash price remains low.
Foundry Layoffs and Restructuring
- Foundry, the largest Bitcoin mining pool, laid off 27% of its workforce.
- DCG, Foundry's parent company, is restructuring, creating new entities like Yuma (AI).