THE MINING POD: MARA’s Q2 Earnings, In-Kind BTC ETFs, Bitmain’s U.S. Manufacturing Moves
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 1 August 2025
⏱️ 36 minutes
🧾️ Download transcript
Summary
MARA beat expectations for Q2, the SEC approves in-kind BTC ETFs, and Bitmain is shipping more raw materials to the U.S.
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Welcome back to The Mining Pod! Today, Colin and Matt dive into Mara's Q2 earnings, the SEC's approval of in-kind Bitcoin ETF redemptions, Bitmain onshoring manufacturing to the US, and JPMorgan's prediction that pure play miners will outperform HPC hybrids as the field becomes oversaturated with AI pivots.
**Notes:**
• Mara revenue up 12% to $238.5M in Q2
• Bitcoin at $118k with hash rate at 900 EH/s
• Hash price around $58.70/PH/day
• Fees represent only 1% of block subsidy
• Bitmain shipped 187 tons of parts to US
• SEC approves in-kind BTC ETFs
Timestamps:
00:00 Start
02:24 Difficulty Report by Luxor
06:21 MARA Q2 earnings call
14:29 Cleanspark
15:01 SEC in-kind Bitcoin ETF approval
20:43 Bitmain is shipping in Antminer parts to the US
28:30 Pure-play miners to outperform as HPC hybrids
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Transcript
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| 0:00.0 | Searching for a romantic summer getaway. Escape with Rich Girl Summer, the new Audible original |
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| 0:26.5 | together the secrets surrounding a mysterious family and falling deeper and deeper in love with the |
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| 0:41.3 | Valerie learns her summer is about to get far more complicated |
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| 0:51.2 | Go to audible.com slash rich girl summer. |
| 0:53.8 | What's going on, y'all? Welcome back to the M pod, news roundup edition. You've got Colin Harper, editor-in-chief at Blockspace, and we've got Matt Kimmel of coin shares on today. It's just the two of us. Will is getting some much-needed and much-deserved R&R. So Matt and I are going to chop it up. We've got some interesting stories lined up. |
| 1:13.0 | Mara's Q2 earnings, S.C. |
| 1:15.3 | approving in kind Bitcoin ETFs, a report from the miner mag about Bitmain shipping in |
| 1:20.4 | parts for their miners for assembly in the U.S. |
| 1:23.3 | And also, why JPMorgan thinks that PurePlay miners are going to have their go at it while HBC miners take a back seat. |
| 1:31.9 | You were listening to the mining pod and we will be jumping into the normal data roundup from our friends at Hatchford Index after a word from our sponsors. |
| 1:40.6 | You ever get into your buddy's car and think, dude, how do you live like this? |
| 1:44.8 | There's half-eaten Taco Bell on the console, a pile of garbage and fast food cups and bags, |
| 1:51.8 | rumbling in the trunk. |
... |
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