⚡️Bitdeer just showed what the new structure of mining looks like. One hand redirecting capacity into AI. The other expanding Bitcoin mining. Both deals in the same week.

Bitdeer's Norwegian subsidiary signed a long-term colocation lease at its Tydal AI data center site — the next step after the May deal with Anthropic for 400 MW of Canadian capacity.

At the same time, Sphere 3D signed co-mining agreements with the same Bitdeer — 30 MW of Bitcoin mining capacity landing across three Sphere 3D data centers in Tennessee and Kentucky.

This isn't contradictory activity. Public miners stopped being mining companies a while ago. They're compute operators running a portfolio, with Bitcoin mining as one line of business alongside AI and HPC. Capacity gets allocated to whichever line pays more per megawatt this quarter. Right now, in a lot of cases, that's AI. At hashprice $50+ some of it comes back.

JPMorgan puts the numbers on it: about 20% of the network is unprofitable, average BTC production cost is $78,000, price is $59,800. That's the environment where big operators shift capacity between verticals as spot economics change. That optionality is what separates them from everyone else.

Independent operators don't run a portfolio. They run mining. The only variable they control is how efficiently each machine works — J/TH, firmware stability, autotuner calibration against the actual current hashprice.

🤩 VNISH builds firmware for that second group. The operators whose battle isn't about reallocating capex between AI and BTC — it's about pulling the last few percent of performance out of the fleet they already own.

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✍️Friday Mining Digest | Week of July 3, 2026
Seven days in mining: difficulty up, hashprice down, Russia opens a legal corridor

📊Numbers
— BTC: ~$60,300 (testing $60K for the third time since mid-June)
— Hashprice: $28.68 / PH/s/day (down 18% in 30 days)
— Difficulty: 133.87T (up 7.15% since June 26)
— Network hashrate: ~984 EH/s
Three stories defined the week.

The June 26 difficulty adjustment: +7.15%. Second-largest upward move of 2026. The mechanic is simple: operators who switched off in June came back online after difficulty fell 10% on June 13. That returning hashrate closed the larger-reward-share window that opened two weeks earlier. First positive move in six weeks, with a catch — the window is now smaller than it was Monday.
Hashprice fell 18.34% in 30 days, from $35.12 to $28.68. That's the tightest air efficient fleets have had in months, and gross breakeven for everyone else. Bitcoin.com framed it well: "Deployed machines are sunk capital. Shutting down entirely means surrendering future upside, possible difficulty relief, and the chance to accumulate BTC."
Russia's Bitcoin law took effect July 1. Three days in now. Bitcoin is officially permitted for foreign trade, and mining has full economic-activity status with legal protection for the first time. Eight licensed venues, mandatory reporting on transactions above $1,300. For Russian operators, this is week one of running in a declared jurisdiction — a shift that will start showing its shape as the first real cases play out.

⚙️ What it means at the machine level
Two things happening at once: difficulty is up, price keeps pressing down. Bitcoin Foundation's production cost estimate sits at $84,300, price is $60,300. The gap is a quarter.

Difficulty at +7% and hashprice at $28.68 push hardest on operators who were already close to their off switch in June. Autotuner settings calibrated for the May market are running on numbers that no longer exist — same inputs, different outputs. Getting them right before the July 11 adjustment is just execution.

🤩 From the week
From the chat: "Recalibrated the autotuner for hashprice $29, set a new curtailment threshold. On 120 machines: +$14K/month vs May. Same hardware, same tariff." Fourth story like this in two weeks.
Yours — drop it in the comments.

📅 Next week
— Next difficulty adjustment around July 11. Estimate is roughly flat — the network is balancing.

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⚡️Galaxy Digital just closed a deal worth almost $1B — but not in mining.

On July 6, Galaxy delivered 133 MW to CoreWeave at its Helios site in Texas, with CoreWeave already committed to 526 MW under a 15-year lease across all three phases. Helios was originally a bitcoin mining facility built by Argo Blockchain back in 2021; Galaxy bought it in 2022 for about $65M after Argo hit trouble during the crypto winter.

After the 2024 halving, mining margins tightened, power got more expensive, and AI companies started paying more for the same electricity miners used to count on.

But scale matters here: Helios is 2,200+ acres with gigawatt-scale grid capacity. That kind of pivot is available to almost nobody. Most operators aren't sitting on thousands of acres — they've got a fleet in a container. And the real question there isn't "leave for AI." It's simpler: is every unit actually pulling its weight, or is margin quietly leaking out through firmware and thermals nobody's checked in months.

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#Bitcoin #Mining #AI #Galaxy #DataCenters #VnishCom

🎟 We're giving away 5 tickets to Mining Disrupt Miami — July 21-23.

Here's how to win:

- Subscribe to this channel
- Share this post to your story or forward it to a friend

We'll pick 5 winners on July 20 from everyone who completed all three steps. One ticket per winner.

Find us at Booth 23. Good luck 🍀
#MiningDisrupt #Bitcoin #BitcoinMining #Miami #Giveaway

🤩 Even the best fall sometimes.
But with the right firmware, you stay on top.

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Less than a week until the VNISH x EMCD side event in Miami.

July 21 — right after Mining Disrupt opens, we're hosting it together: no stage, no slide decks. Just the people actually running this industry, all in one place — pool, firmware, farms, hardware. The conversations that turn into deals happen here, not on the show floor.

⏳Spots are limited and going fast. If you mine or build in this space, this is where you want to be.

Registration form

📍 Miami | July 21

🗓 Friday Mining Digest | Week of July 10, 2026
Miner stress just hit a level historically seen only near cycle bottoms

📊 Numbers of the week
— BTC: ~$63,800
— Hashprice: ~$30 / PH/s/day
— Network hashrate: ~950 EH/s
— Miner Stress Composite: new 2026 low, "undervalued" zone

The Miner Cycle Stress Composite fell to a level historically matched only near the 2015, 2018, and 2020 bottoms. CoinShares estimates 15–20% of miners are unprofitable right now. JPMorgan says BTC has traded below its $78,000 production cost for five straight months.

At the same time, SBI Crypto is shutting down its mining pool after five years — over 2% of global hashrate now looking for a new home, with the pool set to stop accepting shares July 30.

VanEck looked at similar episodes before: hashrate contractions of this scale have preceded median 90-day returns in the high-40% range. The same pattern, three cycles running.

At hashprice $29, S21-class hardware breaks even around $0.088/kWh, while S19-class machines already need $0.055. That gap between hardware generations decides who's still running when the pattern plays out again.

🏆 From the week
From the chat: "Stock S19 XP at our $0.06 tariff has been flat for a month. On VNISH we got effective breakeven down to $0.052." A gap of 0.8 cents per kWh — the thing deciding whether a farm runs in July or not.

❗️One more thing, and it's not about the charts.
We're heading to Mining Disrupt in Miami, July 21–23 — come find the VNISH booth 23, we'll talk through your setup in person.

And on July 21 — Samba Party. The whole team will be there. If you're in Miami that week, come by — that's usually where the best conversations happen.

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