Author: CoinDesk

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.

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**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

👉 Fractal Bitcoin, Reduces up to 50% of your pool fee. No new hardware, no extra energy.

And it’s easy. FB rewards go straight to your existing Bitcoin wallet address. Over 50% of Bitcoin’s hashpower is already merge mining Fractal. Get more from the same resources — start on Fractal today!

👉 Luxor, Leaders In Bitcoin Mining and Compute Power!

Get game-changing mining results with Luxor Firmware. Boost hashrate, cut energy costs, protect your hardware, and maximize mining profits with LuxOS.

👉 Colorado Air Filter, Leaders In Mining HVAC Solutions!

Pick from 6 different filtration brands from MERV 8 pleats to HEPA filters. Get your mine in top shape before the heat and dust of this summer comes! Contact sales@coloradoairfilter.com

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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Yield Guild Games founder Gabby Dizon breaks down the state of Web3 gaming, from Axie Infinity's cultural moment to building sustainable crypto-native games today.

Gabby Dizon founded Yield Guild Games during the height of the Axie Infinity craze, helping players in developing markets access play-to-earn opportunities through innovative guild structures. In this conversation, he shares insights on what made Axie a watershed moment, why gaming guilds remain relevant despite market downturns and how his team is approaching casual crypto gaming with their new title LOL Land.

Links mentioned from the podcast: 

• YGG Website
• Gabby’s Twitter

Watch this episode on video:

• YouTube
• CoinDesk

Follow us on Twitter: 

• Sam Ewen, CoinDesk

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"Gen C" features hosts Sam Ewen. Executive produced by Uyen Truong.

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Bitcoin treasury strategies are all the rage, but are they actually sustainable?

You're listening to Bitcoin Season 2. Subscribe to the newsletter, trusted by over 7,000 Bitcoiners: https://newsletter.blockspacemedia.com

Welcome back to Bitcoin Season 2! Today, Colin and Charlie talk about the explosive growth of Bitcoin treasury companies and their financial engineering strategies. They break down Strategy's convertible debt playbook, examine why these companies trade at premiums to their Bitcoin holdings, and debate whether this trend is sustainable or an elaborate house of cards waiting to collapse.

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**Notes:**

• MicroStrategy holds 592,100 Bitcoin

• Q1 2025 revenue: $111 million 

• Convertible notes have 0-1% interest rates

• Bitcoin needs to drop way low for liquidation

• Preferred shares pay 8-10% dividends

• Annual obligations: $10-20 billion

Timestamps:

00:00 Start

02:59 Strategy (formerly micro)

10:42 Types of companies

15:13 Preferred stock

24:57 Closed end fund dynamics

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👋Bitcoin Season 2 is produced Blockspace Media, Bitcoin’s first B2B publication in Bitcoin. Follow us on Twitter and check out our newsletter for the best information in Bitcoin mining, Ordinals and tech!

Enjoy the show? Check out our website and newsletter by clicking here.

Questions or want to sponsor? hello@blockspace.media

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Host Sam Ewen breaks down the latest news in the crypto industry as Arizona moved closer to establishing a BTC reserve.

Arizona moved closer to establishing a reserves fund for bitcoin after the state's Senate voted in favor of bill HB2324 at its third reading and a North Korean hacking group is using Python-based malware disguised as fake job applications to target crypto workers. CoinDesk’s Sam Ewen hosts “CoinDesk Daily.”

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Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space.

Visit ledn.io to learn more.  

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This episode was hosted by Sam Ewen.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Summer is coming, and that means mining curtailment in Texas. 

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Welcome back to The Mining Pod! Today, Haley Thomson from Luxor Technology joins Will and Colin to discuss how Texas bitcoin miners are adapting to 4CP, peak load occurrences in the ERCOT system. On the news front, the trio covers US-listed public miners reaching a record 31.6% of Bitcoin's hashrate, Antalpha's stellar Q1, and growing concerns about whether or not the growing corporate treasury strategy trend is becoming a bubble.

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**Notes:**

• US miners hit 31.6% network hash rate record

• Antalpha's loan book grew to $1.77B in Q1

• Texas miners represent 15-20% global hash rate

• Hash prices just above $50 per petahash/day

• 3.5% of Texas peak load is flexible mining

Timestamps:

00:00 Start

02:05 Difficulty Report by Luxor

06:09 Antalpha lending book & Tether

11:47 Fractal Bitcoin

12:24 ERCOT electricity market

26:07 JP Morgan report

35:39 Corporate crypto treasury bubble

44:08 Cry Corner: Semler Scientific Warning Sign

👉 Fractal Bitcoin, Reduces up to 50% of your pool fee. No new hardware, no extra energy.

And it’s easy. FB rewards go straight to your existing Bitcoin wallet address. Over 50% of Bitcoin’s hashpower is already merge mining Fractal. Get more from the same resources — start on Fractal today!

👉 Luxor, Leaders In Bitcoin Mining and Compute Power!

Get game-changing mining results with Luxor Firmware. Boost hashrate, cut energy costs, protect your hardware, and maximize mining profits with LuxOS.

👉 Colorado Air Filter, Leaders In Mining HVAC Solutions!

Pick from 6 different filtration brands from MERV 8 pleats to HEPA filters. Get your mine in top shape before the heat and dust of this summer comes! Contact sales@coloradoairfilter.com

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!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Host Sam Ewen breaks down the latest news in the crypto industry as President Trump warns Iran.

President Donald Trump's warning on Iran sent overall crypto markets in turmoil and Polymarket bettors believe that there's an over 60% chance that the U.S. will take military action against Iran. Plus, the Senate passed the GENIUS Act and the USELESS coin draws hype. CoinDesk’s Sam Ewen hosts “CoinDesk Daily.”

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Is the Layer-1 landscape saturated? Bahamut Blockchain offers a fresh perspective, aligning validator economics with real usage. Discover Bahamut's new approach to validator rewards in our CoinDesk Research's latest report. In it we explore their novel Proof of Staking and Activity (PoSA) consensus mechanism and activity-weighted validator scoring system.

Go to CoinDesk.com/Research to read more about the Bahamut Blockchain.

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This episode was hosted by Sam Ewen.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jeremy discusses his Miami Bitcoin office, building a staking platform directly into Bitcoin client, redesigning Bitcoin script entirely, CTV endorsement process, and why Bitcoin should make users feel dramatically more free on the day they start using it.

You're listening to Bitcoin Season 2. Subscribe to the newsletter, trusted by over 7,000 Bitcoiners: https://newsletter.blockspacemedia.com

Jeremy Rubin joins us to talk about his secretive Miami Bitcoin office building Polybeam bridge and a Bitcoin staking platform, his controversial ideas for redesigning Bitcoin script entirely using RISC-V instead of the current "crappy programming language," his CTV endorsement process and why CAT proposals fell short, plus his theory on optimal soft fork activation timing to avoid holidays and summer vacations.

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Notes:

• Building Bitcoin staking platform into core client

• Polybeam bridge connects Bitcoin to StarkNet

• CTV endorsement process received few submissions

• Recommends 10 megabytes memory for new script

• Early November best time for soft fork activation

• In-person work more effective than remote

Timestamps:

00:00 Start

01:39 Working from home

03:10 Jeremy's secret project

04:17 Polybeam

05:28 Char & Bitcoin staking

07:11 Staking within the client

09:58 Whiteboarding at OP_NEXT

11:47 64 byte transactions

28:49 Drama & Kanye

30:52 CTV

36:54 Softfork activation (the human version)

45:21 Best day of life

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👋Bitcoin Season 2 is produced Blockspace Media, Bitcoin’s first B2B publication in Bitcoin. Follow us on Twitter and check out our newsletter for the best information in Bitcoin mining, Ordinals and tech!

Enjoy the show? Check out our website and newsletter by clicking here.

Questions or want to sponsor? hello@blockspace.media

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this episode, we explore how people consistently choose digital convenience over privacy protection. With key thought leaders and featuring street interviews that reveal the gap between what people say they value and their actual online behavior. We examine why true privacy solutions remain inaccessible to most users, the concerning opacity of AI data usage and the need for better education about the real costs of our data exchanges.

To learn more, visit https://midnight.network/break-free.

This episode is created in partnership with Midnight Network and Brave.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Host Sam Ewen breaks down the latest news in the crypto industry as X suspended Pump.fun’s official account.

Social media giant X suspended Pump.fun’s official account and co-founder Alon Cohen’s handle on June 16, along with other memecoin platforms in an apparent crackdown. What does it say about the freedom of speech on the platform? Plus, Polyhedra suffered a liquidity attack and ARK Invest sold $51.8 million worth of Circle shares. CoinDesk’s Sam Ewen hosts “CoinDesk Daily.”

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Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space.

Visit ledn.io to learn more.  

-

This episode was hosted by Sam Ewen.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sean McDonough of New West joins the pod to discuss how oil and gas bitcoin mining has changed and where the sector is headed. 

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Welcome back to The Mining Pod! Today, Sean McDonough, president and founder of New West Data joins us to talk about the company’s vertically integrated oil and gas bitcoin mining operations in Alberta, Canada. We explore the pros and cons of full O&G ownership versus JV partnerships, barriers for large oil companies entering Bitcoin mining, regulatory considerations in Alberta, and the convergence of oil, gas, and AI data centers.

Subscribe to our newsletter! 

**Notes:**

• New West: $1.5M CAD per megawatt CapEx cost

• Alberta flare gas mining still relatively small scale

• Dual revenue streams: oil sales + Bitcoin mining

• Cash flows split evenly between oil and Bitcoin

• Generators are largest CapEx item, more than miners

• Hash rate trading in 800-900 range for months

00:00 Start

02:38 New West

04:26 Ownership instead of service

07:35 Why don't we see more miner vertical integration

10:06 JV's and risk

10:56 Nat Gas economics

12:30 Nat Gas more profitable than mining?

15:48 Regulation in Alberta

17:57 Understanding of BTC mining in Alberta

19:58 Drillers shifting thinking

24:37 Economics of pure play Nat Gas mining?

28:45 Have oil producers soured on BTC miners?

32:55 NYDIG & Caruso buyout

36:09 Ai energy bottleneck

41:00 Hashrate predictions

42:41 Hashrate chart waves

👉 Fractal Bitcoin, Reduces up to 50% of your pool fee. No new hardware, no extra energy.

And it’s easy. FB rewards go straight to your existing Bitcoin wallet address. Over 50% of Bitcoin’s hashpower is already merge mining Fractal. Get more from the same resources — start on Fractal today!

👉 Luxor, Leaders In Bitcoin Mining and Compute Power!

Get game-changing mining results with Luxor Firmware. Boost hashrate, cut energy costs, protect your hardware, and maximize mining profits with LuxOS.

👉 Colorado Air Filter, Leaders In Mining HVAC Solutions!

Pick from 6 different filtration brands from MERV 8 pleats to HEPA filters. Get your mine in top shape before the heat and dust of this summer comes! Contact sales@coloradoairfilter.com

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!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.