🇧🇷 Brazil Opens Doors

**Riot Platforms** mined **428 BTC in November 2025**, marking a **14% year-over-year decline** despite operational improvements. **Key Performance Metrics:** - BTC treasury increased to **19,368 coins** - Operating hashrate grew **34% YoY** - Efficiency improved to **20.5 J/TH** **Market Implications:** The trend reveals a critical industry dynamic: **higher deployed hashrate is yielding fewer BTC per miner**, indicating **rising network difficulty**. **Outlook for Miners:** - Hashprice faces **downward pressure** - **Efficiency and power credits** become critical for profitability - Competition intensifies as more hashrate comes online This reflects the post-halving reality where operational excellence determines survival in an increasingly competitive mining landscape.

**IREN secured a massive $3.6B debt and equity raise** to fuel Bitcoin mining and AI expansion, causing their stock to jump. **Key impacts:** - Significant hashrate addition to the network - Expected downward pressure on hashprice as network difficulty increases - Improved financial health through debt refinancing and lower interest costs **Market implications:** - Medium-term hashprice decline likely as expansion boosts network competition - Follows previous $875M capital injection in October - Part of broader trend of miners strengthening balance sheets This capital infusion positions IREN for sustained operations while contributing to overall network hashrate growth.

**DMND Pool has launched publicly**, bringing institutional-grade security and advanced mining technology to all users. **Key Features:** - SOC 2 compliance for enhanced security - Efficient Stratum V2 protocol support - Open access to all miners **Market Impact:** - Increased competition among mining pools - Expected downward pressure on hashprice - Lower pool fees may boost miner profits **Strategic Considerations:** The new competition will likely attract more hashrate to the network. Miners should consider **fixed-rate hashpower contracts** to hedge against potential volatility in mining returns. This development represents a shift toward more professional mining infrastructure, with institutional-grade standards becoming accessible to retail miners.

**Major Mining Disruption** Greenidge's Dresden Bitcoin mining facility has gone completely offline following an electrical fire at the substation. The incident removed **2.8 EH/s of hashrate** from the network. **Market Impact** - No hardware damage reported at the facility - Temporary hashrate reduction creates upward pressure on hashprice - Active miners may benefit from improved profitability during downtime **Mining Implications** The facility shutdown represents a significant but temporary reduction in network hashrate. This type of incident typically leads to short-term increases in mining profitability for operational facilities as the remaining miners compete for the same block rewards with less competition. Miners can capitalize on these market shifts through strategic contract positioning during periods of reduced network capacity.

**TSMC's Arizona facility faces supply disruption** following a September power failure at Fab 21 that caused significant wafer losses. **Key impacts:** - Financial damage from the outage remains undisclosed - New ASIC miner deliveries may face delays - Reduced supply could boost hashprice as network growth slows **Market implications:** - Tighter ASIC availability may create supply constraints - Slower hardware deployment could benefit existing miners - Hashrate volatility expected as supply chain adjusts This follows recent US investigations into Bitmain ASICs, adding another layer of uncertainty to the mining hardware market. The combination of supply disruptions and regulatory scrutiny may reshape mining economics in the coming months.