Math cheat sheet for
#Bitcoin
mining class 2023
Bookmark this 🧵 to quiz new and old recruits on Mining 101 equations and their implications:
Network Hashrate
Realized hashrate
Hashprice
Miner Efficiency
Hashcost
Power Capacity
NEW: Six lenders own 50% of Core Scientific's self-mining hashrate as collateral.
We all know Core borrowed loans to fund hashrate growth b/c it didn't want to sell mined
#BTC
.
Now a creditor deck breaks down which lender financed how much of $CORZ's hashrate 🧵 👇
North America
#bitcoin
mining firm
@Hut8Mining
is set for vertical integration with a "successful" bid to acquire four natural gas power plants in Canada totaling 310 MW.
$HUT
#bitcoinmining
#BTC
Some interesting data from Galaxy's quarterly filings since 2021 about its
#bitcoin
mining segment.
The production steadily increased in H1'22 before dropping in Q3 but its margin squeeze was not as bad as most other public miners, implying a sub $10k cost of
#BTC
mined.
$GLXY
💥
#Bitcoin
tx fees surpassed block subsidies for the first time at height 788695 about four hours ago, and for the second and third time within just an hour apart (788700 and 788702)
#Bitcoin
mining giant
@Core_Scientific
to raise $55 million in equity amid Chapter 11 exit at an anticipated subscription price of $8.2171 per share
$CORZQ $CORZ $BTC
If you wonder who are the largest bondholders of the bankrupt
#Bitcoin
miner $CORZ, here's a breakdown of names and their bag sizes as identified in a new court filing this week.
NEW: We have added
#bitcoin
hashprice (cc
@hashrateindex
) to our dashboard right next to
#BTC
hashcost – both in $/PH/s.
Adjust the energy rates on the right side to see which miner generation is making gross profit/loss at the current hashprice!
LINK:
Senior executives of Texas
#bitcoin
miner
@RiotPlatforms
are taking a long shot at vesting as many as 13.3 million restricted shares, worth $200 million at current prices, if things go as planned by 2026.
#BTC
#Bitcoinmining
$RIOT
New Issue of
#MinerWeekly
: Marathon Eyes $1.5B Offering after Raising $750M
The top three
#Bitcoin
miners by MCap have raised $1.6 billion since October via stock offerings.
#BTC
#Bitcoinmining
$MARA $RIOT $CLSK
More 👇
Bitfarms and Core Scientific were the top two sellers of
#BTC
among public
#Bitcoin
miners in 2022.
$BITF and $CORZ liquidated 156% and 136% of their productions last year, respectively.
Charts👇
BOOM 💥 Core Scientific's Chapter 11 filing has just dropped.
The U.S. government, several utilities, and construction firms are among the list of creditors that have the largest unsecured claims.
$CORZ Quick recap 👇
Executives of U.S. public
#bitcoin
mining companies have made frequent insider transactions since December. Here's a table to sum up their recent sales and purchases of company stocks.
#BTC
#Bitcoinmining
Around 50EH/s got unplugged due to winter storms.
Assuming all on 30J/TH equipment, that's freeing up 1.5GW of capacity (at least) so that the grid has more for households.
Would that capacity be there if the bitcoin miners weren't up and running, to begin with?
JUST IN:
@MarathonDH
, the largest public
#Bitcoin
mining company by production and realized hashrate, acquires two operational sites for $178 million in a move pivoting into the hybrid mining model
$MARA
#BTC
#Bitcoinmining
🔔 We have recently published a new metric called Fleet Hashcost to evaluate the competitiveness of
#bitcoin
mining companies.
Check out the latest
#MinerWeekly
newsletter for more details and subscribe!
#BTC
#Bitcoinmining
By now all publicly listed
#bitcoin
miners have released production updates for May. A quick 🧵 for takeaways 👇
1/ First of all, the tx fees have boosted the
#BTC
production benchmark despite an increase in the network hashrate in May.
North America
#bitcoin
mining firm
@Hut8Mining
is set for vertical integration with a "successful" bid to acquire four natural gas power plants in Canada totaling 310 MW.
$HUT
#bitcoinmining
#BTC
New
#MinerWeekly
issue is out:
March 2024 is the last full month of the 6.25-BTC-per-block era. So who's mining the most
#bitcoin
in the last pre-halving month?
New post: Through bear market consolidation,
#bitcoin
investment management giants NYDIG and Galaxy Digital have notably ramped up mining revenues 👇
Quite a unique development in
#bitcoin
mining over the last cycle.
New
#MinerWeekly
issue just dropped, featuring some data we compiled from recent filings of $MARA $RIOT and $CLSK that shed light on how BlackRock loaded up
#bitcoin
mining stocks in 2023.
The six largest public
#bitcoin
mining companies by production have slowed down their
#BTC
liquidation pace.
The liquidation/production ratio continued to drop in April amid bitcoin's price rally in recent weeks.
Starting a thread to keep track of the interesting bits from public
#bitcoin
miners' monthly updates.
Kudos to
@Bitfarms_io
for continuously being the first every month. Here's February 2023 👇
Despite ongoing bankruptcy protection,
@Core_Scientific
remains the largest public
#Bitcoin
miner by production, accounting for 5.24% of the total
#BTC
rewards in December. $CORZ
The number of
#Bitcoin
held by public mining companies has steadily increased to nearly 40,000
#BTC
over the past year, reaching the highest level since May 2022.
See our chart featured in the latest
#MinerWeekly
issue.
$RIOT and $IREN realized 100%+ of their proprietary hashrate in August.
It's a unique thing in the bear market.
#Bitcoin
hashprice got so low that these companies were better off with more
#BTC
equivalent by not 100% hashing. Expecting the same thing for $BTDR.
We've found 263 U.S
#bitcoin
miner import records for the year ended Q1'23.
They totaled 7.4mm kilograms in gross weight, equivalent to ~44EH/s in estimation.
54% of those were imported by DDH, Synos, Celsius, Cipher and Core. Who's DDH? Full piece 👇
An overview of the estimated cost of
#BTC
production by 18 major miners in FY'22 with each quarter's breakdown.
The median is $12.1K. With everything else equal, a new breakeven point for public miners will be $24.2K after
#bitcoin
halving in a year.
1/ Core boasts 15EH/s in installed capacity with another 3EH/s pending deployment through Apr'23.
Half of the total 18EH/s has been financed by equipment-secured loans+leases from MassMutual, BlockFi, NYDIG, Liberty, Anchor Labs and Trinity Capital.
NEW DATA:
We found 208 US import records since Mar'22 related to
#Bitcoin
miner shipments by sea.
They had a total gross weight of 5,700 tons, equivalent to ~400K newest-gen units. Here's how they paved the way for
#Bitcoin
's recent hashrate surge👇
$HUT had a pretty tough quarter. Its all-in cost of mining went up to $32K per
#BTC
mined (not even including the merger costs).
Meanwhile, four of the five largest North American pubco miners slashed all-in costs by 10-20% in Q1.
Efficiency is key before the next halving.
In February 2022,
@irisenergyco
expected 10 EH/s to be operational "by early 2023." It is now moving closer to that goal with enough un-levered
#bitcoin
miner preorders – set for Q2 2024.
$IREN
#BTC
#Bitcoinmining