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Riot’s Whinstone mine in Rockdale, Texas.
Riot’s Whinstone Data Center

ROCKDALE, Texas – In this rural Texas town of 5,600 people, two of the biggest names in bitcoin mining are battling it out for market share and cheap electricity.

These rivals also happen to be next-door neighbors.

Bitdeer – a firm spun off from Chinese bitcoin mining giant Bitmain – is four-tenths of a mile down the road from Riot Blockchain, one of the biggest publicly traded mining companies in America. Both are tenants of property once occupied by aluminum maker Alcoa, but they share little else in common.

Riot’s Whinstone mine is run by a team that thrives on transparency and throws open its doors to media on a daily basis, while Bitdeer is aloof, steeped in mystery, and definitely not keen on visitors. 

“In this industry, everyone’s like, ‘Ooh, top secret, we have proprietary information!’ Well, actually, you don’t,” Whinstone CEO Chad Harris told CNBC.

“You take a cable, you plug it into a machine that somebody else built, you turn it on, you add a pool, and you mine bitcoin.”

Whinstone CEO Chad Harris takes CNBC on a tour of the largest bitcoin mine in North America.

Why Rockdale

Located an hour northeast of Austin, Rockdale looks like classic rural America. There are rolling hills, pastures of green grass, hay bales, a Walmart – which Mayor John King says is the main driver of sales tax, a key revenue stream for the city’s annual budget. 

But to the more discerning eye, Rockdale offers all the fixings of a bitcoin miner’s dream home: Crypto-friendly politicians, large swaths of land, previously abandoned industrial infrastructure ripe for repurposing, and the ability to plug into Texas’ power grid. 

The Electric Reliability Council of Texas, or ERCOT, is the non-profit organization that operates Texas’ grid. The grid is deregulated, meaning that customers can choose between providers. 

Because miners at scale compete in a low-margin industry where energy is their main variable cost, they have reason to migrate to the world’s cheapest sources of power. The competition among power providers in Texas is a good thing for miners, since it typically translates to lower rates.

Rockdale was once home to the largest aluminum plant in the world, run by Alcoa. But starting in 2008, it began to shut down its operations, meaning that energy capacity was going to waste, due to the prohibitive cost of building the transmission capacity necessary to carry it to major population centers, according to Lee Bratcher, president of the Texas Blockchain Council.

The arrival of the crypto miners resolved that imbalance.

In addition, miners can be flexible in the face of fluctuating power supplies and prices. Unlike an aluminum smelter or just about any other business, miners can deal with an outage without suffering major financial damage.

This resilience is significant to a state that has recently struggled with the reliability of its power grid, which is separate from the rest of the country. 

ERCOT sometimes asks consumers to conserve energy amid heat waves. The state also infamously suffered blackouts earlier this year after severe winter storms.

Mayor King says today’s arrangement between miners and ERCOT is pretty simple and mutually beneficial. Not only do miners make use of power otherwise going to waste, they also function as “interruptible load,” meaning they are able to turn off all of their machines with a few seconds’ notice when the grid is in a pinch and needs the extra power. Miners volunteer to do this because of financial incentives. 

“Miners are committed to buying a certain amount of power and what they do is they sell it back at market [value] and make a profit,” explained King. “They have a contract of two cents or three cents…and they can sell it for $9 a kilowatt hour.” 

Power supply for Whinstone’s bitcoin mine in Rockdale, Texas.

“There were lots of things that went wrong,” Sen. Ted Cruz, R-Texas, said of the winter storm in early 2021 that devastated much of the state. “But I do think that bitcoin has the potential to address a lot of aspects of that.”

Cruz, whose views on bitcoin and the mining industry more widely, have proven prescient, recently weighed in on the topic at the Texas Blockchain Summit in Austin. During his main stage interview, Cruz pointed to the importance of the ability of bitcoin miners to turn on or off within seconds – a feature that is hugely beneficial during times when energy needs to be shifted back to the grid to meet demand. 

“A lot of the discussion around bitcoin views bitcoin as a consumer of energy,” said Cruz. “The perspective I’m suggesting is very much the reverse, which is as a way to strengthen our energy infrastructure.”

Rockdale’s economic development director, James Gibson, says the town has 160 acres ready for the taking. 

King has already fielded close to 40 inquiries from mining companies keen to set up shop there, many of whom are Chinese miners. Earlier this spring, Beijing cracked down on its domestic crypto mining industry. Exiled miners have since begun to seek refuge in places like the United States, which recently became the top mining destination on the planet. 

“They have money. They have equipment. They just need a place – and power, quick,” said Gibson.

Bitdeer’s bitcoin mine in Rockdale, Texas.

David vs. Goliath

At the main entrance to Bitdeer’s Rockdale mine is a small tin shed accented with light blue trim, staffed by a smiling, upbeat guard. There is no gate, nor are there any spike strips on the pavement to deter unwelcome vehicles. Considering how secretive Bitdeer is as a company, it seems relatively welcoming – and surprisingly easy – to gain entry to the property. 

But the company is still fairly closed off. CNBC asked for a tour and an interview, and we were told that while they “valued” the meeting, the person in charge was traveling for several weeks, and it was hard to define their schedule.

The mayor, whose son landed a full-time job with Bitdeer this year, shared a bit about the operation.

Unlike Riot’s Whinstone mine, built in what was once thickly wooded forest, Bitdeer took over the closed Alcoa smelter, which was conveniently still hooked up to major electrical lines. King says most of the football-length buildings that Bitdeer now occupies were constructed in the fifties and had to be retrofitted – a process that included filling concrete into the concaves in the floor where smelting pots once processed aluminum.

According to King, Bitdeer is “expanding as fast as it can be built.”

Not much else is known about the specifics of how Bitdeer’s bitcoin mining operation works. CNBC reached out to ask how many mining rigs and employees they have on site, as well as how much cryptocash they mine in a given month, and the company did not respond.

When Whinstone first broke ground in Rockdale in January of 2020, many saw it as the David to Bitdeer’s Goliath. Harris, the Whinstone CEO, hailed from New Orleans, where he was known for selling pre-decorated Christmas trees to wealthy families. The CTO, Harris’ youngest son, had blue hair and had just dropped out of college after his freshman year. 

It was easy to underestimate the team. But Harris thrives as the underdog. 

“No matter what Alcoa told us, we agreed to it,” said Harris, of the initial negotiations.

“They were like, ‘You need this amount for a deposit,’ and we were like, ‘Absolutely, no problem.’ They said, ‘You need a Moody’s graded guarantor,’ and I’m like, ‘Absolutely, no problem,'” described Harris. After leaving these meetings, his business partners would remind him that they were broke and had no guarantor, but Harris’ response would always be the same: “This is the easy stuff. They said yes.” 

Harris’ leadership style isn’t just about improvisation. The Whinstone CEO tells CNBC that his greatest skill is sending money to suppliers as fast as he can. “I always joke that when a million dollars lands in a company’s account, there is no way accounting is sending it back. They’ll force the people to do it – whatever it is.”

That strategy has repeatedly borne fruit for Whinstone as the price of bitcoin has skyrocketed over the last year or so.

“We bought all the orange conduit in the United States. Every last stick of pipe you could get your hands on,” Harris recounted. “And then they call back a week later saying they made a mistake. ‘We can’t deliver all this.’ We’re like, ‘Just send the money back.’ And then they say, ‘Hold up, I think we can solve it.'”

Alcoa leases space to Bitdeer and Riot Blockchain, two of the biggest bitcoin mining companies in the country.

Harris broke ground in Jan. 2020 when bitcoin was $4,100, they turned on the mine when it was at $6,100, and Harris remembers thinking that if bitcoin could just hit $8,000 a coin, they wouldn’t go bankrupt. The coin recently touched a new record price of nearly $67,000 in mid October.

“When we showed up here, this place was a forest,” Harris told CNBC from his office – one of many inside a prefab roofed trailer that sits adjacent the mine. “We didn’t have power lines…crazy stuff.”

183 days later, in June of 2020, Whinstone began mining. Harris estimates that on day one, they had 300% more capacity than Bitdeer. 

But Harris doesn’t see it as a competition, nor does he feel the need to hide any trade secrets from his neighbors up the road. 

“There is no IP in this business. That’s nonsense,” said Harris, though he clarified at multiple points that this was only his opinion.

Harris says that before Bitdeer was in town, Bitmain used to come over all the time to take a look around. They were most interested in Whinstone’s shelving and racking system. 

“We brought them over, gave them the pictures, told them what machine to buy, told them how to do it. It still took them like eight months to plug the machine in,” he said.

Harris has publicly documented the whole process of building Whinstone, posting videos from in and around the Whinstone facility to YouTube. He also shares drone footage to give interested parties a sense of how expansion is going.

“It just doesn’t matter, because what we’re working on will take them two years to catch us,” Harris said. “We’re always two years ahead of what other people are doing.” 

Riot’s Whinstone mine in Rockdale, Texas.
Riot’s Whinstone Data Center

Inside America’s biggest bitcoin mine

When someone mines for bitcoin, they’re actually lending their computing power to the bitcoin network. Roughly every ten minutes, 6.25 new bitcoin are created. In order to mint these new tokens, a global pool of miners compete against each other to see who can unlock a batch of new bitcoin first.

The more machines a miner has online, the greater its share of the network’s hashrate, and the better its chances at winning bitcoin.

Whinstone has multiple buildings on site, each stacked 20 feet high with rows of computer hardware designed specifically for this purpose. Harris estimates that at its current capacity, it’s producing more than 500 bitcoin per month, which at today’s prices, is about $30.7 million, or $368 million a year. The firm claims to have around 100,000 machines on site.

Riot acquired the Whinstone mine earlier this year for $80 million, and it is now billed as the biggest in North America. The company is still expanding, and once the build-out of the 100-acre plot of land is complete, the crypto mine is expected to have a total power capacity of 750 megawatts

To put that in context, Gibson says that downtown Dallas uses just 200 megawatts. “So it’s like having downtown Manhattan, downtown Dallas, all in our backyard,” continued Gibson.

The grid has that amount of power to give. The tricky part is in physically tapping into it. Mines need special equipment to adjust the voltage to a usable level. Transformers take the power from a substation and convert it to a lower voltage that can then be used to power bitcoin miners. 

“Transformers you can get in about 12 weeks if you were hot to try and had cash, but you’ve still got to get the power off of the lines,” said King. The wait for a substation is 16 to 18 months, according to King. 

Whinstone builds its own substations which gives the firm an advantage over other would-be miners looking to head to Rockdale. They are in the process of installing three 100-megawatt transformers now. 

“The irony in that is if you want that transformer today, and you haven’t ordered it, it’s 64 weeks,” said Harris. 

A “hot aisle” in Riot’s Whinstone bitcoin mine, where temperatures can hit 150 degrees thanks to the heat created by mining rigs.

Whinstone is also in the business of trying out cutting-edge tech.

When rigs are mining, they run a computer program which crunches millions of math equations. Doing all those computations is hard work, which is why the hardware gets hot, fast. To make sure they don’t overheat, a facility will typically install fans to cool them down. At the Whinstone site, this hot air is blown by individual fans into a central chamber known as the “hot aisle.” 

Harris took CNBC inside to feel out the temperature, which can hit 150 degrees.

But now, Riot is trying out immersion cooling in a couple buildings at Whinstone. The computers are submerged in a specialized fluid that keeps the integrated circuits operating at lower temperatures. The heated fluid is subsequently pumped and circulated to help with dissipating the heat, at which point the cooled fluid is then pumped back in.

The company says it’s the first time it’s been done at an industrial-scale. All in, the immersion-cooled buildings are expected to host approximately 46,000 S19 series Antminer ASICs. (The term originally referred to the specialized integrated circuits most useful for mining but now is often used as shorthand for a mining rig or computer.)

Riot CEO Jason Les thinks this will be a game changer for the company’s bottom line. 

“We anticipate observing an increase in the company’s hashrate and productivity through 2022, without having to rely solely on purchasing additional ASICs,”  Les said in a statement.

Whiplash in Rockdale

Mayor King is a crypto miner himself. He has 37 five-terabyte hard drives plugged in all around his house, and he uses those machines to mine for chia, an eco-friendly cryptocurrency. The mayor tells CNBC he generates about .035 chia a day, or $4.68. 

King has spent years teaching himself about how crypto and blockchain works, mainly because the town of Rockdale really needed this bitcoin experiment to work out.  

For a long time, Rockdale was a one-company town. Alcoa employed thousands of residents, up until it was forced to close. 

Then there was Bitmain. The China-based company said it would invest $500 million to build a massive mining facility at the decommissioned Alcoa power plant in Rockdale in 2018 and create 400 local jobs in the process. But as the world descended into crypto winter, so too did the company’s ambitions. Bitmain soon put its plans on ice. 

It didn’t help that the city’s only hospital abruptly shut down in 2018. At the same time, Rockdale was in the thick of battling a problem with its water system, where residents complained of smelly red water coming out of their faucets. Rockdale seriously needed a break. 

But then in came Whinstone and a newly invigorated Bitdeer, which had recently split from Bitmain following infighting at the top. Whinstone has spearheaded multiple efforts at job creation and local community outreach. 

“The Rockdale economy was devastated for several years until the bitcoin miners showed up,” said Bratcher.

Some remain skeptical after years of whiplash. But King thinks this time really is different.

Beijing exiling all of its crypto miners was a black swan event for the industry. For years, China dominated this business, boasting 75% of the world’s bitcoin miners at its peak. But after its crackdown, a mass migration of humans and physical hardware got underway and many began to head to Texas. 

This migration is still happening now and many want to plant their flag in Rockdale, which is just fine by King. 

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Peter Thiel-backed cryptocurrency exchange Bullish files to go public on NYSE

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Peter Thiel-backed cryptocurrency exchange Bullish files to go public on NYSE

Peter Thiel, co-founder of PayPal, Palantir Technologies, and Founders Fund, holds hundred dollar bills as he speaks during the Bitcoin 2022 Conference at Miami Beach Convention Center on April 7, 2022 in Miami, Florida.

Marco Bello | Getty Images

The Peter Thiel-backed cryptocurrency exchange Bullish filed for an IPO on Friday, the latest digital asset firm to head for the public market.

The company, led by CEO Tom Farley, a veteran of the finance industry and former president of the New York Stock Exchange, said it plans to trade on the NYSE under the ticker symbol “BLSH.”

A spinout of Block.one, Bullish started with an initial investment from backers including Thiel’s Founders Fund and Thiel Capital, along with Nomura, Mike Novogratz and others. Bullish acquired crypto news site CoinDesk in 2023.

“In the first quarter of 2025, Bullish exchange executed over $2.5 billion in average daily volume, ranking in the top five exchanges by spot volume for Bitcoin and Ether,” the company said on its website. The prospectus listed top competitors as Binance, Coinbase and Kraken.

The IPO filing says that as of March 31, the total trading volume since launch has exceeded $1.25 trillion.

Read more CNBC tech news

The filing is another significant step for the cryptocurrency industry, which has fought for years to convince institutions to embrace digital assets as legitimate investments.

It’s already been a big year on the market for crypto offerings, highlighted by stablecoin issuer Circle, which has jumped more than sevenfold since its IPO in June. Etoro, an online trading platform that includes services for crypto investors, debuted in May.

Novogratz‘s crypto firm Galaxy Digital started trading on the Nasdaq in May, moving its listing from the Toronto Stock Exchange. And in June, Gemini, the cryptocurrency exchange and custodian founded by Cameron and Tyler Winklevoss, confidentially filed for an IPO in the U.S.

Meanwhile, investors continue to flock to bitcoin. The digital currency is trading at over $117,000, up from about $94,000 at the start of the year.

President Donald Trump, on Friday, signed the GENIUS Act into law — a set of regulations that establish some initial consumer protections around stablecoins, which are tied to assets like the U.S. dollar with the intent of reducing price volatility associated with many cryptocurrencies.

In its filing with the SEC, Bullish says its mission is partly to “drive the adoption of stablecoins, digital assets, and blockchain technology.”

Crypto industry players, including Thiel, Elon Musk, and President Trump’s AI and Crypto czar David Sacks spent heavily to re-elect Trump and have pushed for legislation that legitimizes digital assets and exchanges.

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Microsoft stops relying on Chinese engineers for Pentagon cloud support

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Microsoft stops relying on Chinese engineers for Pentagon cloud support

Microsoft Chairman and Chief Executive Officer Satya Nadella (L) returns to the stage after a pre-recorded interview during the Microsoft Build conference opening keynote in Seattle, Washington on May 19, 2025.

Jason Redmond | AFP | Getty Images

Microsoft on Friday revised its practices to ensure that engineers in China no longer provide technical support to U.S. defense clients using the company’s cloud services.

The company implemented the changes in an effort to reduce national security and cybersecurity risks stemming from its cloud work with a major customer. The announcement came days after ProPublica published an extensive report describing the Defense Department’s dependence on Microsoft software engineers in China.

“In response to concerns raised earlier this week about US-supervised foreign engineers, Microsoft has made changes to our support for US Government customers to assure that no China-based engineering teams are providing technical assistance for DoD Government cloud and related services,” Frank Shaw, the Microsoft’s chief communications officer, wrote in a Friday X post.

The change impacts the work of Microsoft’s Azure cloud services division, which analysts estimate now generates more than 25% of the company’s revenue. That makes Azure bigger than Google Cloud but smaller than Amazon Web Services. Microsoft receives “substantial revenue from government contracts,” according to its most recent quarterly earnings statement, and more than half of the company’s $70 billion in first-quarter revenue came from customers based in the U.S.

In 2019, Microsoft won a $10 billion cloud-related defense contract, but the Pentagon wound up canceling it in 2021 after a legal battle. In 2022, the department gave cloud contracts worth up to $9 billion in total to Amazon, Google, Oracle and Microsoft.

ProPublica reported that the work of Microsoft’s Chinese Azure engineers is overseen by “digital escorts” in the U.S., who typically have less technical prowess than the employees they manage overseas. The report detailed how the “digital escort” arrangement might leave the U.S. vulnerable to a cyberattack from China.

“This is obviously unacceptable, especially in today’s digital threat environment,” Defense Secretary Pete Hegseth said in a video posted to X on Friday. He described the architecture as “a legacy system created over a decade ago, during the Obama administration.” The Defense Department will review its systems in search for similar activity, Hegseth said.

Microsoft originally told ProPublica that its employees and contractors were adhering to U.S. government rules.

“We remain committed to providing the most secure services possible to the US government, including working with our national security partners to evaluate and adjust our security protocols as needed,” Shaw wrote.

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The investor behind Opendoor’s 190% run nearly shut down his fund

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The investor behind Opendoor's 190% run nearly shut down his fund

Courtesy: Opendoor

On June 6, online real estate service Opendoor was so desperate to get its beaten-down stock price back over $1 and stay listed on the Nasdaq that management proposed a reverse split, potentially lifting the price of each share by as much as 50 times.

The stock inched its way up over the next five weeks.

Then Eric Jackson started cheerleading.

Jackson, a hedge fund manager who was bullish on Opendoor years earlier when the company appeared to be thriving and was worth roughly $20 billion, wrote on X on Monday that his firm, EMJ Capital, was back in the stock.

“@EMJCapital has taken a position in $OPEN — and we believe it could be a 100-bagger over the next few years,” Jackson wrote. He added later in the thread that the stock could get to $82.

It’s a long, long way from that mark.

Opendoor shares soared 189% this week, by far their best weekly performance since the company’s public market debut in late 2020. The stock closed on Friday at $2.25. The stock’s highest-volume trading days on record were Wednesday, Thursday and Friday of this week.

Jackson said in an interview on Thursday that the bulk of his firm’s Opendoor purchases came when the stock was in the 70s and 80s, meaning cents, and he’s bought options as well for his portfolio.

Nothing has fundamentally improved for the company since Jackson’s purchases. Opendoor remains a cash-burning, low-margin business with meager near-term growth prospects.

What has changed dramatically is Jackson’s online influence and the size of his following. The more he posts, the higher the stock goes.

“There’s a real hunger for buying the next big thing,” Jackson told CNBC, adding that investors like to find the “downtrodden.”

It’s something Jackson’s firm, based in Toronto, has in common with Opendoor.

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When Opendoor went public through a special purpose acquisition company in 2020, it was riding a SPAC wave and broader gains driven by low interest rates and Covid-era market euphoria. Investors pumped money into the riskiest assets, lifting money-losing tech upstarts to astronomical valuations.

Opendoor’s business involved using technology to buy and sell homes, pocketing the gains. Zillow tried and failed to compete.

Opendoor shares peaked at over $39 in Feb. 2021 for a market cap just above $22.5 billion. But by the end of that year, the shares were trading below $15, before collapsing 92% in 2022 to end the year at $1.16.

Rising interest rates hammered the whole tech sector, hitting Opendoor particularly hard as increased borrowing costs reduced demand for homes.

Jackson, similarly, had a miserable 2022, coinciding with the worst year for the Nasdaq since 2008. Jackson said his key client withdrew its money at the end of the year, and “I’ve been small ever since.”

‘Epic comeback’

While his assets under management remain minimal, Jackson’s reputation for getting in early to a rebound story was burnished by the performance of Carvana.

The automotive e-commerce platform lost 98% of its value in 2022 as investors weighed the likelihood of bankruptcy. In the middle of that year, with Carvana still far from bottoming out, Jackson expressed his bullishness. He told CNBC that April that he liked the stock, and then promoted its recovery on a podcast in June. He also said he liked Opendoor at the time.

Investors willing to stomach further losses in 2022 were rewarded with a 1,000% gain in 2023, and a lot more upside from there. The stock closed on Friday at $347.52, up from a low of $3.72 in Dec. 2022, and almost triple its price at the time of Jackson’s appearance on CNBC in April of that year.

After Carvana’s 2022 slide, “then obviously began an epic comeback,” Jackson said. Opendoor, meanwhile, “continued to roll down the mountain,” he said.

Jackson said that the fallout of 2022 led him to pursue a different method of stockpicking. He started hiring a small team of developers, which is now four people, to build out artificial intelligence models. The firm has experimented with several models —some have worked and some haven’t — but he said the focus now is using what he’s learned from Carvana to find “100x” opportunities.

In addition to Opendoor, Jackson has been promoting IREN, a provider of power for bitcoin mining and AI workloads, and Cipher Mining, which is in a similar space. He’s seen his following on Elon Musk‘s social media site X, which he said was stuck for years between 32,000 and 34,000, swell to almost 50,000. And after a lengthy lull, investors are reaching out to him to try and put money into his fund, he said.

Jackson has a lot riding on Opendoor, a company that saw revenue and number of homes sold slip in the first quarter from a year earlier, and racked up almost $370 million in losses over the past four quarters.

In early June, Opendoor announced plans for a reverse split — ranging from 1 for 10 to 1 for 50 — to “give us optionality in preserving our listing on Nasdaq.” With the stock now well over $1, such a move appears less necessary, as shareholders prepare to vote on the proposal on July 28.

“I think it’s a terrible idea,” said Jackson. “Those things usually further cement a company’s move into oblivion rather than hail some big revival.”

Opendoor didn’t respond to a request for comment.

Banking on growth

Analysts are projecting a more than 5% drop in revenue this year, followed by 20% growth in 2026 and 12% expansion in 2017, according to LSEG. Losses are expected to narrow over that stretch.

Jackson said his analysis factors in projections of $11.5 billion in revenue for 2029, which would be well over double the company’s expected sales for this year. He looked at the multiples of companies like Zillow and Carvana, which he said trade for 4 to 7 times forward revenue. Opendoor’s forward price-to-sales ratio is currently well below 1.

With Zillow and Redfin having exited the instant-buying home market, Opendoor faces little competition in allowing homeowners to sell their property online for cash, rather than going through an extended bidding, sales and closing process.

Jackson is banking on revenue growth and increased market share to lead to a profitable business that will push investors to value the company with a multiple somewhere between Zillow and Carvana. At $82, Opendoor would be worth about $60 billion, which is roughly 5 times projected 2029 revenue.

Jackson said his model assumes that “like Carvana, Opendoor can prove that it can permanently turn the tide and get to sustained profitability” so that the “market multiple would get reassessed.”

In the meantime, he’ll keep posting on X.

On Friday, Jackson wrote a thread consisting of 11 posts, recounting the challenge of having “99.5% of my AUM” disappear overnight after his primary investor pulled out in 2022.

“Translation: he fired me for losing him too much money,” Jackson wrote. He said he almost shut down the fund, and was even encouraged to do so by his wife and accountant.

Now, Jackson is using his recent momentum on social media to try and attract investor money, while still reminding prospects that he could lose it.

“All I have is my reputation,” he wrote, “and, unless I keep picking good stocks, it will be gone.”

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