Hey
@ben_mckenzie
You think you are the expert on Bitcoin, Mining and Energy? You wrote a book?
I am Chief Mining Officer
@Bitfarms_io
I have done this full time for 8 years in 7 countries.
Debate me. Anytime. Anywhere.
"You think you're environmentalists and you think you care. You just wanna get rich like everybody else."
Watch
@BillMaher
and
@ben_mckenzie
get real about the environmental costs of crypto on
#RealTime
:
Bitfarms to start trading on the Nasdaq, June 21st.
With the ticker $BITF, they will become the largest publicly traded
#Bitcoin
miner in North America using greater than 99% hydroelectric renewable electricity. 🌊♻️
I am thrilled to be the new CEO of
@Bitfarms_io
.
This has been my personal ambition for many years and it has become a reality.
I am honoured to take on this responsibility and to have this opportunity to lead this incredible team at this amazing point in time.
Let’s go $BITF
This is an open challenge to debate Bitcoin’s impact on Climate from the Chief Mining Officer of one of the largest
#Bitcoin
miners on the planet
@Bitfarms_io
to
@chrislarsensf
, co-founder of
#ripple
and
Alex de Vries,
@DigiEconomist
Retweet if you want to see this happen.
In Jan 20 I woke up with a debilitating condition where I blacked out and fell over many times a day.
Months later it was diagnosed as my heart randomly stopping for up to 17s a time.
At 31 I got a pacemaker.
I should be dead.
Today I did my 1st Ironman 70.3.
Proof of Work.
Hey
@billmaher
why don't you have a real Bitcoiner on
@RealTimers
? We speak truth to power which is what you show is supposed to be about.
It would be your most popular episode ever.
If not for you at least do it for the ratings. Won't somebody please think of the ratings?!
Recently
@Bitfarms_io
has announced:
$100M
#Bitcoin
backed loan credit facility with
@GalaxyDigitalHQ
3,452
#Bitcoin
mined in 2021 using hydropower
2.2 EH/s of
#Bitcoin
mining (up 228% in 2021)
2021 was a huge year for growth
2022 will be even bigger as we grow to 8 EH/s 🚀
We’re delighted to share today’s news.
Get to know Bitfarms’ new CEO, Ben Gagnon in this interview👇
See the full press release here:
$bitf
#Bitfarms
#Bitcoin
#Blockchain
Yesterday I did a presentation on
#Bitcoin
mining economics and hashprice expressed in units of energy.
Click in for a free lesson on Bitcoin mining economics and energy👇
Bonus: You won’t believe which energy source isn’t profitable!
@Bitfarms_io
first 12 Bitmain T21 are undergoing initial testing and performance.
After 3 days hashing, performance is even better than advertised across all 12 miners in both normal and high powered mode.
T21 hashing
240 TH per miner in high power mode
193 TH in normal
$bitf
Both
@DigiEconomist
and
@CambridgeAltFin
make their data available to the public. I have had both data sets integrated into my Bitcoin model since early 2021.
Here's what happens when you combine their electricity estimates with historical network hashrate data.
🧵👇
Bitcoiners care about “number go up”, but how much upside does the BTC price have while Bitcoin is running on the energy-intensive proof-of-work mining?
Price and environmental impact are strongly linked. Rn Bitcoin is consuming 1% of global electricity; soft capping the price👇
I have genuinely never been more optimistic or excited about our future. We are fully funded for our 2024 growth plan, and we are poised to deliver the greatest hashrate growth and cost improvement in our history.
Read my letter to shareholders here:
Read CEO Ben Gagnon’s Letter to Shareholders here:
“The future is bright for Bitfarms.
As we take steps to expand and diversify into exciting new areas like HPC/AI, energy generation, energy trading, and heat recycling, we will continue to maximize the
So glad to announce Washington! I have been personally overseeing this + my normal duties. Fantastic site, economics, and in US!
By end of 2022 we will be
Operating in 4 countries
Reduced avg $/kwh
~3x our installed electrical capacity
~4x our installed hashrate
$bitf go brr!
3 years ago today I started working at
@Bitfarms_io
.
#BTC
was 7k
$BITF was at 813 PH / 64MW in 5 Quebec farms.
Since then
$BITF hash is up 541%
Power infra is up 284%
Built 6 new farms
Expanded to 4 countries
Grown the team to 130
Rebuilt our MGMT software
Improved w/TH to 40
In DC with
@Amanda_Cavaleri
and
@bitcoinbeezy
educating policymakers about
#Bitcoin
,
#mining
and the positive impacts our operations have in the communities we operate.
21 meetings in 3 days. DC is eager to learn.
Let’s go!
The fourth
#Bitcoin
halving is almost here.
And a proper thank you is in order to the ones impacted the most.
So, to the miners…thank you for moving money forward.
Atlas Shrugged is more than a novel,
It is a guide for Bitcoiners to navigate the world.
If you haven't read it, read it.
If you have read it, read it again.
To illustrate this, I used AI to reimagine some characters in Bitcoin as characters in Atlas Shrugged.
🧵👇
So proud of our growth of over 1EH in less than a year!
2 EH/s!
That’s 2*10^18 chances per second to find a block!
When I started out 6 years ago this number was unimaginable. Now it is just one milestone on the way to a 4x higher number 8 EH/s.
Gotta love the $BITF retail investors!
@Bitfarms_io
has such a passionate community of
#Farmers
on
#stocktwits
and Twitter. We love you guys.
We’ll keep minting the coins.
Y’all keep minting the memes.
Was really good to speak with
@thinklikeawhale
on Wednesday. We talked all things
#Bitcoin
, $bitf,
#mining
economics and Bitcoin geopolitics.
Full interview available here:
Listen and share!
Thanks for having me on
@cazenove_uk
and
@McnallieM
for Power Mining Analysis to talk about
@Bitfarms_io
growth plans to 21 EHs this year!
Go check it out farmers!
$bitf
#Bitcoin
is freedom.
It is the only path to
#freedom
.
The journey is perilous, made more so by all the naysayers around you.
Do not heed the words of those repeated incessantly and without thought or conviction.
In a sea of madness, stand alone.
#hodl
Bitfarms $BITF deposited 96% of their BTC production into custody this year rather than sell it on the open market. If other publicly traded miners do the same,
#Bitcoin
stock to flow is going to infinity. Then it is going negative. This is not factored into anyone's model.
Taproot activated!
#Bitcoin
upgraded!
This is how consensus is formed and upgrades are done! Incredibly slow, non-controversial, and not forced.
Y’all better recognise.
#BTC
ready to fly 🚀
#Bitfarms
reached 4.2 EH/s, our September 30, 2022 target operating hashrate.
In the first nine months of 2022, we mined 3,733
#BTC
, surpassing 2021 full-year production of 3,452
#BTC
by 8% heading into Q4.
$bitf
@Bitfarms_io
#Bitcoin
#mining
Constitution - 52 pg
Louisiana Purchase - 4 pg
Civil Rights Act ‘64 - 28 pg
Patriot Act - 132 pg
American Recovery Act - 407 pg
Affordable Care Act - 974 pg
Infrastructure Bill - 2702 pg
#Inflation
comes in many ways
Has a single person voting read the 2702?
#Bitcoin
fixes this
@artimusfoul
This is a blatant lie.
The unrest is due to the government removing a subsidy on LPG causing fuel prices for cars to double.
It has nothing to do with electricity used in Bitcoin mining.
You don’t understand the difference between fuel and electricity.
Go back to film.
@DavidFBailey
Large miner here.
The default stance of all miners should be to reject BIPs until it’s proven well beyond a doubt that it doesn’t introduce harms/risks and that the benefits are worth it.
Tbh most miners, including myself, don’t yet know enough about BIP 300 to know eitherway.
Not only is this an absurd position, it directly conflicts with
@DigiEconomist
own paper, "Bitcoin's growing e-waste problem" which claims that the useful lifespan of a
#Bitcoin
miner is ~18 months.
#WhichIsItAlex
? 18 Months or going on 61 months?
Bitaxe board 95$
They say the chip is 15$
So thats 110$ + shipping
$208.72+shipping per TH and you will make less than 3 cents a day revenue.
Fun if you want to tinker but don’t pretend like this is a game changer or an investment. It is a hobby toy.
NEW: HUGE DEVELOPMENT IN HOME
#Bitcoin
MINING 🚨
The open source bitaxeUltra is a miner running off a BM1366 ASIC, which only costs $15 to purchase 👀
It runs at 527 GH/s and a very efficient and competitive 20 J/TH.
This could help democratize bitcoin mining and bring it to
So cool to see the markets learn and evolve on Twitter.
Experience and vertically integrated operations matter.
Additionally, our
#hashrate
and
#Bitcoin
production numbers are the only ones audited by a
#big4
firm.
@Bitfarms_io
$bitf Invest in Excellence
So we are to believe that
1.
#Bitcoin
miners are destroying the planet out of monetary greed
AND
2.
#Bitcoin
miners are deracking newer, more profitable machines for older, barely/not profitable machines during one of
#BTC
mining's most profitable periods?
#WhichIsItAlex
?
Reverse engineering
@DigiEconomist
data at the time of writing this, the est. w/TH of the entire Bitcoin network is approximately 115 w/TH.
This is 15% less efficient than the original
#bitmain
S9 released in July 2017 and 44% less efficient than an S9 with
@braiins_systems
.
Bitcoin mining transaction fees are soaring as of late adding up to 30% to mining revenue.
Still a ways away from setting a new ATH but if current trends continue… 2024 could overtake 2017 in BTC transaction fee revenue.
A huge boost to Bitcoin miners like
@Bitfarms_io
$bitf
GPU
#mining
is dead less than 24 hours after the
#merge
.
Here are the three largest
#GPU
chains and current daily profitability with a 3090 GPU and 6 us¢/kwh
#ETC
-7 ¢
#XMR
-37 ¢
#RVN
2 ¢
The only coins showing profit have no marketcap or liquidity. The profit is not real
#btc
If you missed this interview over the weekend go check out my interview with
@SimplyBitcoinTV
.
Was a very fun conversation and I am honoured to receive the title of Proof Of Work CEO.
Ben Gagnon | Proof Of Work CEO of Bitfarms | Simply Bitcoin IRL
It’s only fitting that Bitfarms new CEO proved his work to the top position. Ben Gagnon (
@hashoveride
) the new CEO of BItfarms talks about the future of Bitfarms, navigating bitcoin cycles, and positioning yourself
The latest podcast hosts
@hashoveride
to discuss bitcoin mining:
Should you mine at home?
Can small-scale mining operations compete with large scale miners?
What are the effects of China's mining ban?
What does the future of mining look like?
Today
@Bitfarms_io
has provided how the recent $375 million 'At The Market' (ATM) offering will be utilized.
The company has exercised their purchase option for 28,000 Bitmain T21 miners and procured an additional 19,280 T21 units at US$14/TH, alongside 3,888 Bitmain S21 miners
"There's nothing less American than the US dollar."
@parkeralewis
explains how
#Bitcoin
reinstates the American concept of individual rights and freedom from government-decreed money.
It’s easy to be bearish on markets these days.
But when you take a step back and look at the bigger picture, I can’t help but feel incredibly
#bullish
about what the next 3 years will bring.
Bring it on.
The best
#Bitcoin
miners like
@Bitfarms_io
are profit maximalists. We are naturally incentivised to seek cheaper power.
Being a buyer of last resort for power which is overlooked, under-utilised, lacking demand or transmission infrastructure is profit maximising for both sides.
The benchmark coal index in Asia Pacific shows coal is not cost effective with efficient Bitcoin mining equipment.
As greedy profit maximalists we are not using coal as our “largest source of electricity” -
@Greenpeace
it is in fact, the least profitable and the smallest source.
Over a dozen calls and hours spent. Being told I need to fly four hours one way to the closest bank branch to wire $16,000 domestic.
How do banks expect to compete with Bitcoin when this is how business is conducted?
#Bitcoin
didn't do this to banks but it does fix them.
Tomorrow (Jan 25) at 4PM Eastern, we will be doing a livestream with
@hashoveride
, the Chief Mining Officer at
@Bitfarms_io
!
Feel free to drop us any questions you would like us to ask him.
#Bitmain
E9
#Ethash
#mining
profitability down 99.77% from over $50 the day before the
#merge
to 17 cents the day after.
These
#miners
were listed for sale at $10k up to the day of the merge and are now worthless.
GPU
#mining
is dead less than 24 hours after the
#merge
.
Here are the three largest
#GPU
chains and current daily profitability with a 3090 GPU and 6 us¢/kwh
#ETC
-7 ¢
#XMR
-37 ¢
#RVN
2 ¢
The only coins showing profit have no marketcap or liquidity. The profit is not real
#btc
The CEO of
@ln_strike
@jackmallers
today announced the company’s expansion into Argentina as it continues its mission to “make the world a better place” with
#bitcoin
and the lightning network.