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Plus: The Supreme Court clears the way for the Trump administration to send migrants facing final deportation orders to countries they aren’t from. And nearly two million student loan borrowers risk having their pay docked by the government this summer. Kate Bullivant hosts.
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For today’s show, we cover why Bitcoin ATMs are one of the best, most lucrative businesses in Bitcoin.
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Welcome back to The Mining Pod! Today, Brandon Bailey of Second Gate Advisory joins Will to talk about Bitcoin ATMs, an overlooked Bitcoin business model with massive potential. In Q1 2025, Bitcoin Depot generated $164.2M in revenue, a 19% increase year-over-year, while outperforming miners in cash flow per unit. We explore why physical ATMs matter in a digital world, expansion opportunities, and how this could be the next big Bitcoin treasury play.
**Notes:**
• Bitcoin Depot: $333.1M revenue, +92% YoY
• 30,000 Bitcoin ATMs vs 500K traditional ATMs
• ATMs generate $30-40/day vs miners $10-11/day
• 4% of Americans (5.6M people) are unbanked
• Average transaction size around $300
• 1,300 reserve machines ready for deployment
Timestamps:
00:00:00:00 Start
00:01:33:16 Report overview
00:02:48:20 Bitcoin Depot financials
00:05:30:06 Other BTC treasury companies
00:08:52:26 Colorado Air Filter
00:10:57:14 Increasing revenue multiple
00:13:30:08 ATM business history
00:15:03:16 Stablecoins
00:16:37:26 Fractal Bitcoin
00:17:12:25 Physical cash economy
00:19:33:22 Why haven't traditional ATMs added BTC?
00:21:10:20 Per machine cashflows
00:25:27:09 Expansion opportunity
00:31:00:10 Coinflip
00:33:06:11 Wrap up
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Published twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday!
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Iran's government knocked out internet and mobile networks after Israel began bombing the country. That’s left the population with little to no access to critical information. One person who watched this played out is Ahmad Ahmadian, executive director at Holistic Resilience, an organization that helps Iranians circumvent government censorship. He says Iran's government often restricts internet during critical times.
Austin Federa has a non-traditional path into the blockchain world. In college, he studied political & environmental science, and economics. Interestingly enough, those studies map a lot to the blockchain first principles. He was seriously looking to do his PhD, but fell out of love with that space, and joined NPR as a journalist for a while. Then, of course, he got bit by the startup bug. Outside of tech, he enjoys living in Brooklyn, photography, and engaging in some form of learning at all times. He enjoys reading, mention the Children of Time series, as though it was fiction, it had a lot of interwoven psychology and communal themes.
Austin acknowledges that though we all love the internet, it's actually not very good... for high performant systems. And though companies are trying to build dedicated networks in the world, there hasn't been one created for blockchain - IE, not centralized around single party.
This is the creation story of DoubleZero.
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President Trump announced on truth social late Monday that Israel and Iran have agreed to a ceasefire deal. Protesters across L.A. rallied against immigration raids, which caused pushback from the LAPD and implemented a downtown curfew. Hollywood may be in crisis, but top executives are still cashing in. Apple just signed a new deal with media mogul Peter Chernin’s ‘North Road Studio’ — a move that could boost its growing presence in Hollywood.
A.M. Edition for June 24. After a week and a half of fighting, Israel and Iran say they’ve agreed to a cease-fire. Journal deputy Middle East bureau chief Shayndi Raice says despite the deal being confirmed by President Trump on social media yesterday evening, fresh missile attacks by Iran are raising questions about its longevity. Plus, NATO allies look set to more than double defense spending as they meet in The Hague today. And banks are hiking fees on their most exclusive credit cards, testing the limits of loyal customers. Luke Vargas hosts.
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OA1169 - We had our first live video QnA of the new era! It was so good that I really thought more folks should hear it. Thank you to all who attended and we look forward to the next one!
If you'd prefer to watch it, it's available on YouTube.
Overnight, Iran and Israel said they had agreed to a cease-fire — after an Iranian attack on a U.S. air base in Qatar that appeared to be a largely symbolic act of revenge.
But the main topic on “The Daily” is the mayor’s race in New York City, where Tuesday is Democratic Primary Day. The race has quickly become an excruciatingly close contest between two candidates who are offering themselves as the solution to what’s wrong with their party in the age of President Trump.
Nicholas Fandos, who covers New York politics for The Times, discusses the competing visions competing for the mayoralty and who is most likely to win.
Guest: Nicholas Fandos, a reporter covering New York politics and government for The New York Times.
Background reading:
For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.
Photo: Hilary Swift for The New York Times
Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.
President Trump declares a “complete and total ceasefire” between Israel and Iran as attacks continued overnight. Candidates give closing arguments ahead of New York City’s mayoral primary. And activist Mahmoud Khalil speaks exclusively to ABC’s Linsey Davis after more than 100 days in ICE detention.
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The Take this Pod and Shove It boys are back and talking their essential songs of the summer. They curate a Summertime playlist on the spot featuring songs from Zach Top, Alan Jackson, Jimmy Buffett (of course) and more! Got some quintessential summer/beach/vacation listening that we missed? Shoot us a message over on Instagram @takethispodandshoveit
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