Bitcoin mining news: ERCOT queue up 270%, IREN raises $2.3B, Whatsminer M70 launches

Core Insights - Bitcoin mining economics are under pressure as hashprice remains near all-time lows despite network difficulty adjustments [1] - Texas is experiencing a significant surge in power demand, with interconnection requests increasing by 270% in 2025, primarily driven by data centers [2][3] Group 1: Industry Trends - The demand for infrastructure in Texas has exploded, with large load requests totaling 226 gigawatts through 2030, 73% of which is attributed to data centers [2][3] - Cryptocurrency mines account for approximately 9% of the interconnection requests in the ERCOT grid [3] Group 2: Company Developments - MicroBT has launched its new Whatsminer M70 series, which boasts an efficiency rating of 12.5 joules per terahash (J/TH) [8] - IREN successfully raised $2.3 billion through a convertible note offering, primarily to refinance existing debt, with interest rates at 0.25% and 1% [6] - Luxor has expanded its services by launching a GPU trading desk, targeting a market projected to reach half a trillion dollars by 2032 [4][5]