It was a packed week for bitcoin mining news headlines.

American Bitcoin (NASDAQ: ABTC) suffered a steep 39% drawdown following an early investor share unlock. Meanwhile, IREN (NASDAQ: IREN) priced an aggressive $3.63 billion capital raise to restructure its debt, and network economics deteriorated further as hashprice touched all-time lows.

 Greenidge Generation (NASDAQ: GREE) also faced operational headwinds with a facility fire and asset divestitures.

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American Bitcoin shares plummeted 39% on Tuesday as shares from a June 27, 2025 private placement were unlocked, allowing early investors to liquidate their positions. 

These early investors moved swiftly to cash in on profits, creating significant selling pressure on the stock.  Thin trading volume and order books further amplified the downward price action during the liquidation event.

Bitcoin mining revenue hovered just above record lows this week, as hashprice dipped below $40 per petahash per second per day. 

This decline occurred despite a recent decrease in mining difficulty, signaling an increasingly difficult economic environment for operators as bitcoin’s price falters. The metric indicates that without a significant recovery in Bitcoin price, the average bitcoin miner could be at or near breakeven costs for their operations.

For example,data from CoinMetrics’ MINEMATCH nonce-analysis model suggests the average efficiency of machines on the network is currently 32 joules per terahash (J/TH).

Based on this efficiency rating and assuming a power cost of $0.05 per kilowatt hour, the Bitcoin network’s average breakeven hashcost is approximately $38.40 per petahash per day. This suggests a significant portion of the network is operating near or at breakeven, forcing miners with higher power costs or older generation hardware to rely on cash reserves or shut down.

IREN priced a massive $3.63 billion offering consisting of convertible senior notes and equity to restructure its debt. 

The company intends to use the proceeds to retire older notes with upcoming maturities and higher interest rates, effectively pushing its debt obligations out while securing lower coupon rates. 

With the restructuring effort, IREN plans to clean up its capital stack and hedge against potential dilution through capped call transactions, positioning the company to pad its balance sheet for large-scale capital expenditures related to high-performance computing expansion.

Greenidge Generation is selling its remaining land holdings and rights to 60 megawatts of future electrical service in Spartanburg, South Carolina. 

This sale follows a previous debt settlement where the company transferred the mining facility in 2023 to NYDIG to satisfy an ASIC miner-backed loan. The divestiture comes as the company deals with a fire at its Dresden, New York plant, which management stated will take the facility offline for several weeks.