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Foundry’s Kevin Zhang with Jihan Wu, the founder and chairman of Bitdeer and a co-founder of Bitmain.

Kevin Zhang

Crypto winters don’t scare Kevin Zhang, who has been in the business of mining bitcoin for ten years. He’s lived through a few bear markets in the last decade, but no matter where he has set up shop — the U.S., Sweden, the Republic of Georgia, and China — he’s survived every one. In fact, it is precisely when things look most grim for the sector that Zhang typically doubles down.

In 2013, for example, China banned bitcoin for the first time. The world’s largest cryptocurrency immediately began to crash, and it was a slow bleed down in price for the next few years. As a wave of Western companies went bankrupt, Zhang decided to jump into mining.

“I saw an opportunity to leverage my Chinese language skills and cultural background to become one of the earliest and largest overseas customers of Chinese ASIC manufacturers,” said Zhang, who was born in America but spent his early childhood in Beijing and Shenzhen.

For the next four years, he sourced gear and institutional knowledge from China, ultimately scaling up a site in Montana to become the largest bitcoin mining facility in North America. Zhang has since brought that same cavalier attitude to Foundry, a mining firm tucked under Barry Silbert’s crypto empire.

In May 2020, bitcoin miners suffered two big blows: Much of the world shut down as Covid cases spiked and the most recent halving had just slashed the mining reward from 12.5 to 6.25 bitcoin per block mined. Zhang and the team at Foundry shrugged off the double whammy of blackswan events and spent hundreds of millions of dollars on its mining business, deploying tens of thousands of machines. By Nov. 2021, bitcoin hit an all-time peak of nearly $70,000.

But the stakes are higher this time around.

Bitcoin miners are barreling toward the “halving” — a major market-making event that some fear will be a death knell to many in the industry. It happens roughly every four years and refers to an inflation-curbing schedule baked into bitcoin’s code where the reward for mining a new block of transactions gets cut in half. Historically, it also coincides with the start of a bull run in the price of cryptocurrencies.

Whereas traders eagerly await the halving, hoping for a potential spike in bitcoin’s price, it represents a direct hit to revenues for miners, as they will receive 50% less bitcoin for every block they verify. In a capital-intensive industry with already tight margins, the reduced reward has the potential to prove apocalyptic for some operators.

“This is the ultimate test for miners,” said Zhang, Foundry’s senior vice president of business development. “Some may not make it through; some may. But I feel confident that if they work with us, and work with other strong actors, they may have a good chance to survive this.”

When the halving takes effect in Apr. 2024, the reward for miners will drop to 3.125 bitcoin, or around $83,000. By comparison, the first blocks of bitcoin mined in 2009 carried a reward of 50 bitcoin.

Without a commensurate surge in bitcoin’s price to counterbalance the diminished block rewards, many mining outfits — especially those burdened by rising energy costs, paying down on machines bought at peak pricing in 2021 — could get obliterated overnight.

But rather than seeing the 2024 halving as an extinction-level event, Foundry is expanding its operations — diving into machine sales, on-site deployment, and logistics.

FoundryX is a marketplace for buying and selling miners, both new and used — while their recently unveiled logistics arm deals in the deployment and shipment of miners across state lines and international borders. Managed site services is another program newly debuted where, for its U.S. customers, Foundry will help staff and manage miners on-site.

“Foundry is in this for the long haul,” said Zhang. “We’re taking a long-term bet on bitcoin and on the fact that bitcoin mining will survive and will bounce back even stronger.”

After China launched a fresh campaign against bitcoin mining in 2021, much of the industry migrated west to the U.S. Since then, some states have battled it out to attract mining companies, while others have actively legislated against them.

The controversy goes to energy consumption. Mining at-scale involves data centers packed with highly specialized computers that crunch math equations in order to validate transactions and simultaneously create new tokens. It requires expensive equipment, some technical know-how, and a lot of electricity. Whereas places like Texas and Wyoming welcome the trade, New York lawmakers have created rules designed, in part, to keep miners out.

A mining pool lets a single miner combine its hashing power with thousands of other miners all over the world. Even though some miners opt to hide their geographic footprint with a virtual private network, pools still function as a useful gauge of the general geographic spread of the mining industry.

Foundry opted to show states even with small amounts of hashrate — an industry term used to describe the computing power of all miners in the bitcoin network — to demonstrate that mining is happening across the country on the Foundry USA Pool.

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

The new data also confirms that Texas has cemented its position as the crypto capital of the United States, as miners flock there for abundant clean energy and a permissive regulatory environment.

Texas made up 8.43% of the hashrate in the U.S. as of the end of 2021, and that percentage has jumped to 28.50% as of July 27, 2023 — though Foundry notes that the data was aggregated during a period of heavy curtailment in July, so Texas’s percentage of actual hashrate is even greater than what’s reflected on their latest map. Zhang added that Texas’s growth in Foundry’s map also had to do with the fact that the firm took on more clients there in the past two years.

Given that the U.S. is currently the world leader in terms of its share of the collective hashrate of the bitcoin network, that makes Texas the bitcoin capital of the world.

Texas has grown to dominate bitcoin mining partly because of support from local authorities and the operator of the Texas energy grid, ERCOT. ERCOT has historically struggled with fluctuating energy prices and sporadic service, so it strikes deals with flexible energy buyers like bitcoin miners to help keep excess energy online during low-demand cycles, then offers incentives for miners to stop their work, allowing that excess energy to flow back to the grid when demand is high.

Research from Castle Island Venture’s Nic Carter and a collective of other industry practitioners including Lancium’s Shaun Connell and the former interim chief of ERCOT, Brad Jones, found that over the past decade, instances of negative pricing surged considerably, accounting for more than 6% of all hours in 2022 across wholesale markets in the U.S. The research paper went on to note that negative priced power may increase further in Texas, in particular, given that the state is rapidly onboarding wind and solar to its grid. Those conditions are ideal for bitcoin miners.

Riot Platforms rakes in $31.7 million in energy credits during Texas heat wave

“All you have to do is pay the miners slightly more than what they would have made mining for bitcoin that hour,” said bitcoin mining engineer Brandon Arvanaghi, who now runs Meow, a company that enables corporate treasury participation in crypto markets. Arvanaghi calls the setup a “a win-win.”

For years, Riot has been powering down operations at its Rockdale mine, about an hour from Austin, to help ease the burden on the state’s grid. In July, for instance, bitcoin miner Riot Platforms raked in more than $31.7 million to keep its mining operations offline — $24.2 million came from energy sold back to the ERCOT grid and the other $7.4 million came via demand response credits.

“August was a landmark month for Riot in showcasing the benefits of our unique power strategy,” said Jason Les, CEO of Riot, in a recent press release. “The effects of these credits significantly lower Riot’s cost to mine Bitcoin and are a key element in making Riot one of the lowest cost producers of bitcoin in the industry.”

Even during the bear market, Texas miners are building out, buying new sites and fresh fleets of hardware.

Riot Platforms, for example, has aggressive expansion plans in place in other parts of the state, including Navarro and Milam counties.

“Riot’s ability to source such a significant expansion opportunity in Texas exemplifies the Company’s partnership-driven approach with all stakeholders, including the Company’s business partners, ERCOT, and all levels of government, to commit to sustainable economic development,” Les said of the expansion plan.

Bitdeer, which operates its biggest facility four-tenths of a mile down the road Riot’s mine in Rockdale, is also in expansion mode. The mining company was spun off from Chinese bitcoin mining giant Bitmain and went public via SPAC earlier this year.

Meanwhile, Cipher Mining purchased 11,000 new mining machines for its facility in Odessa, Texas, while Foundry has acquired mining sites from the bankruptcy estate of Compute North in Minden, Nebraska, and Big Spring, Texas.

Elsewhere in the U.S., previous leaders in bitcoin mining saw their influence wane.

In the last two years, Foundry’s dataset shows that Georgia — a miner-friendly state offering competitive pricing on electricity, as well as a mix of renewable power sources including solar and nuclear, has seen its share of the U.S. hashrate plunge from 34.17% to 9.64%. The drop was driven by a combination of factors, including Texas’s growth overall and Foundry’s expanding operations in particular, as well as by measurement differences — one large miner in the state declined to have their activity included in this year’s map.

Though its growth was stagnant compared to the previous study, New York’s share of the U.S. hashrate declined from 9.53% in 2021 to 8.75%, driven mainly by the state’s moratorium against new miners issued in Nov. 2022.

Other mining winners that showed notable growth during the period included New Hampshire and Pennsylvania, while Nebraska, North Carolina, Kentucky, Oklahoma and Washington all saw significant drops.

Despite the plunge in bitcoin valuations since 2021, as well as increasing regulatory scrutiny from the Securities Exchange Commission and other agencies looking to regulate some cryptocurrencies like securities, the total U.S. hashrate — a proxy for industry competition — has more than doubled since the end of 2021.

According to an analyst note from JPMorgan Chase on Sept. 1, the bitcoin network’s overall hashrate set a record high for the eighth consecutive month in August. Foundry says the rise is driven in part by institutions entering the space.

JP Morgan researchers also note that the mining business has gotten less lucrative — miners make an average of $66,400 per day per exahash of mining capacity, versus nearly $342,000 at bitcoin’s peak in Nov. 2021.

Meanwhile, the aggregate market cap of the 14 U.S.-listed miners tracked by the bank has plunged below $10 billion. Riot was the biggest loser in August, down 39%, while Bitdeer was the biggest winner, up 30%.

Bitcoin up 78% YTD, outperforming the Nasdaq 100

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Tesla lawsuits pile up as EVs enjoy their 2nd best US month EVER!

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August 12, 2025

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Tesla lawsuits pile up as EVs enjoy their 2nd best US month EVER!

The floodgates are open following a landmark $243 million ruling against Tesla in a wrongful death suit in Florida, and now that same lawyer is thirsty for more. He’s not alone, either, and America’s leading EV brand seems to be dodging court issues in California and even from its own shareholders! We’ve got all this and more on today’s ruinous episode of Quick Charge!

We’ve also got some killer deals on J.D Power award-winning 2026 BMW electric and plug-in hybrid models and a massive, 82 MW community solar project happening right here in Chicago.

Today’s episode is brought to you by Retrospec—makers of sleek, powerful e-bikes and outdoor gear built for everyday adventure. Check out Retrospec’s viral city ebike, the Beaumont Rev 2, made with a vintage-inspired frame design and modern electric features, all for just $999! Electrek listeners can get 10% off their next ride until August 14 with the exclusive code ELECTREK10 only at retrospec.com.

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple Podcasts, Spotify, TuneIn, and our RSS feed for Overcast and other podcast players.

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New episodes of Quick Charge are recorded, usually, Monday through Thursday (most weeks, anyway). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.

Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.

If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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Anker SOLIX F2600 expanded bundle at new exclusive $1,799 low + PowerCore Reserve 60,000mAh station $80, Segway ZT3 Pro $900, more

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August 12, 2025

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Anker SOLIX F2600 expanded bundle at new exclusive ,799 low + PowerCore Reserve 60,000mAh station , Segway ZT3 Pro 0, more

Today’s Green Deals are almost exclusively about solar power, except for our lone EV deal. Headlining this edition is the exclusive $1,700 savings we’ve secured for our readers on the Anker SOLIX F2600 Portable Power Station with an expansion battery at a new $1,799 low. There’s also Segway’s special promotion taking its ZT3 Pro Smart All-Terrain Electric Scooter down to its second-best price of $900, as well as Anker’s PowerCore Reserve 60,000mAh Power Bank Station down at $80. From there, we also have Anker’s SOLIX C300 DC 90,000mAh Portable Power Station returning to its lowest price and a special EcoFlow promotion dropping 220W and 400W solar panels (as well as multi-bundles) to their best prices to date. Plus, all the hangover savings are at the bottom of the page, like yesterday’s first cash discount on Velotric’s new Breeze 1 Cruiser e-bike alongside bundled gear, Navee’s Back to School e-scooter sale, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Save an exclusive $1,700 on Anker’s SOLIX F2600 power station with an expansion battery at a new $1,799 low

We’ve secured an exclusive deal from Wellbots on the Anker SOLIX F2600 Portable Power Station with a BP2600 expansion battery for $1,798.56 shipped, after using the exclusive code 9TO5F2600 at checkout. You’d normally have to shell out $3,499 for this bundle at full price, which we’ve seen go as low as $2,399 in the past. You’re looking at a combined 49% markdown that cuts $1,700 off the tag in all, giving you the best price we have tracked on this expanded backup power solution.

A successor to the F2000 model, Anker’s SOLIX F2600 power station starts at an increased 2,560Wh LiFePO4 capacity that is then doubled thanks to the expansion battery inclusion to 5,120Wh. There are twelve output ports (including a TT-30 port for RV support) to connect devices and appliances, with the unit delivering up to 2,400W of continuous power that can surge as high as 2,800W – all within a convenient suitcase-like design complete with wheels for easier transport.

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The two main ways to recharge Anker’s SOLIX F2600 power station are either by utilizing its max 1,000W solar input that can have it back to 80% in around two hours, or you can activate its HyperFlash mode to charge to 80% via an AC outlet in one hour and 40 minutes. It comes rated for a 10-year lifespan of continuous use, so using it less often just means extended support for your backup needs, and offers the full array of remote smart controls through its companion app that you would expect.

man riding Segway ZT3 Pro electric scooter through mud puddle on dirt trail

Segway’s ZT3 Pro e-scooter brings Apple Find My and proximity locking to all-terrain adventures for $900

Following right alongside a similar deal we saw on Segway’s new F3 Electric KickScooter that is still going strong through August 17, the brand is offering a promotional discount on its ZT3 Pro Electric Scooter at $899.99 shipped through August 31, after using the code ZT3AUG100OFF at checkout, beating out Amazon pricing by $100. This model carries a $1,300 MSRP directly from the brand, but keeps down at $1,000 normally over at Amazon. We saw it hit a new $850 low last month during Prime Day, with the deal here being the next-best rate that matches its preorder launch deal from September for the first time. You’ll be saving $100 off the going rate ($400 off the MSRP), landing it just $50 above the one-time low.

If you want to learn more about this newer and smarter model, be sure to check out our original coverage of this deal here.

woman carrying Anker's PowerCore Reserve 60,000mAh power station by handle towards car in front of lake

Tote Anker’s PowerCore Reserve 60,000mAh station through the rest of summer and beyond for $80

By way of its official Amazon storefront, Anker is offering its popular PowerCore Reserve 60,000mAh Power Bank Station at $79.99 shipped in both colorways, which comes in $1 under the brand’s direct website pricing. You’d normally have to spend $150 for this model at full price, though discounts have been regularly keeping the costs down between $110 and $90 on average, with some falls lower to $80, like today, and one previous drop to the $75 low during Prime Day. Aside from that one-time appearance, you’re otherwise looking at the best price we have tracked, which gives you $70 off the going rate and lands it $8 under our previous mention from three weeks ago.

If you want to learn more about this popular portable charging solution, be sure to check out our original coverage of this deal here.

man and woman inside tent lit by Anker SOLIX C300 DC power station pop-up light

Anker’s SOLIX C300 power stations are portable 90,000mAh backup companions that start from $150

By way of its official Amazon storefront, Anker is offering its SOLIX C300 DC Portable Power Station at $149.99 shipped, matching the brand’s direct website pricing. You’d have to pay $250 for this unit at full price regularly, though discounts in 2025 have seen it go as low as $150, which was last seen in July’s Prime Day Sale event, with things otherwise seen repeating to $170 since June. You’re looking at another shot at the second best price we have tracked, giving you $100 off the going rate that is only beaten by the $140 low we last saw during Black Friday and Christmas sales.

If you want to learn more about this model, be sure to check out our original coverage of this deal here.

man setting up EcoFlow 220W solar panel next to power station in field in front of tent

Score up to 61% total savings on EcoFlow 220W and 400W solar panels and bundles at lowest prices starting from $254

As part of its current Home Backup Sale running through August 17, EcoFlow is offering an additional 15% off promotion on 220W and 400W solar panels (plus dual panel bundles). Things start at their lowest with the NextGen 220W Bifacial Portable Solar Panel at $254.15 shipped, after using the code ASOLAR15OFF at checkout for the extra savings, beating out Amazon’s pricing by $75. It’s already down from its full $649 price tag thanks to the sale, with the price having stayed above $300 with discounts until today. Not only has the brand dropped the initial pricing from $329 to $299, but the extra savings make the deal all the sweeter, cutting a total $395 off the going rate for a new all-time low price, alongside the other lows we’re seeing on the 220W bundle and 400W offers.

To learn more about these solar panels or to view the full lineup of solar panel deals, be sure to check out our original coverage of this promotion here.

Best Summer EV deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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Genesis may drop its most affordable model to trade up for SUVs and EVs

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August 12, 2025

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Genesis may drop its most affordable model to trade up for SUVs and EVs

Genesis-most-affordable-model

It’s only a matter of time before the Genesis G70 sedan will no longer be offered. Genesis is reportedly planning to kill off its most affordable model as it shifts its focus to SUVs and electric vehicles.

The most affordable Genesis model is on the way out

Starting at $42,500, the G70 is the most affordable Genesis vehicle offered. But that might not be the case for long.

According to a new Automotive News report, the Genesis G70 sedan will be retired after the 2027 model year. Although it was the luxury brand’s third-best-selling vehicle last year, Genesis is moving away from sedans, with more buyers opting for SUVs and EVs.

The report said that industry analysts don’t believe the G70 is on track for a second generation. And that’s not just the US, Genesis expected to kill off its most affordable model globally.

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Genesis has yet to confirm the news, but a company spokesperson said, “We have no plans to discontinue the G70 at this time.”

The keyword is “at this time.” The G70 underwent a major refresh for the 2022MY. Much like its newest models, Genesis fine-tuned the exterior design and added more luxury to the interior, featuring a larger infotainment system and new features.

Genesis-most-affordable-model
2025 Genesis G70 (Source: Genesis)

Genesis already dropped one model this year. Earlier this month, Genesis confirmed to Car and Driver that it will no longer sell the Electrified G80 in the US, its luxury electric sedan.

The electric G80 has already been pulled from its US website, leaving only the GV60 and Electrified GV70 as purely electric options.

Genesis-G80-EV
Genesis Electrified G80 updated model (Source: Hyundai)

Genesis said that “the customer is at the core of every decision we make, and we remain flexible as we adapt to ever-changing consumer needs and market conditions.”

If Genesis kills off the G70 sedan, it will leave the GV70 SUV as its most affordable model, with starting prices from $47,985.

Genesis-GV90-coach-doors
Genesis Neolun ultra-luxury electric SUV concept (Source: Genesis)

While Genesis is trimming sedans from its lineup, it’s planning to trade up for a new flagship electric SUV. The GV90 will be the production version of the Neolun concept (shown above) revealed last March.

Genesis is expected to introduce the GV90 next year as its new ultra-luxury SUV to rival the Mercedes-Benz G-Class. Last month, we caught a sneak peek of it for the first time with Rolls-Royce-like coach doors.

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