Bitcoin 🚀 ATH After 🟠👨💼 Wins 🇺🇸Election!
W45 '24 | 11.3-11.10.24 | Issue CV | Block Height 869795
Welcome to the latest issue of the Vibe Check, your weekly source at the intersection of Bitcoin, Energy, and Bitcoin Mining.
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W45 ‘24 Vibe Check
The Overview Vibe
Weekly Industry Metrics
Headlines & News
The Media Vibe
Energy Corner
The Meme Vibe
The Overview Vibe
Sooooo…With Trump, the Bitcoin-friendly presidential candidate in the 2024 election winning last Tuesday, Bitcoin said “WE GOT THE BOOM” and mooned to an all-time high of ~$81K (at the time of this typing). Even with difficulty hitting an all-time high of 101.65 T, hashprice recovered above $50/PH/Day as hashrate relaxed to ~728 EH/s. With Bitcoin starting to sprint within difficulty adjustment epochs, hashrate continues to follow going into the new year. Even economically marginal machines make sense to be racked to catch those sprints of . With winter seeming a bit tame, will we see less North American curtailment than last year?
With much general pro-Bitcoin vibes from the next administration, many public miners continue to grow and refresh their fleets. Ahead of their Q3 call next week, Hut 8 announced a fleet refresh of 31,145 BITMAIN Antminer S21+ miners at $15/TH. The infrastructure and energy-focused public peer will increase their hashrate by 66% entry Q1 while also maintaining the option to buy their hosted 3U Bitmain Hydro ASICs announced earlier this year. I’d be interested to learn how those S21+ slot in with their power management strategies in West, Texas.
In an interesting domino effect from the last cycle, now Helios site owner Galaxy Digital will end its ~2.3 EH/s colocation hosting contract with previous owner Argo Blockchain. This is part of Galaxy’s focus on HPC after announcing an executed term sheet with a U.S.-based hyperscaler for all 800 MW at the site. Galaxy jumps on the HPC wave after nearby neighbors IREN at Childress and Crusoe in Abeline go all in. I wonder what this will mean for their other sites and long-term Bitcoin mining strategy.
In leaving Helios thanks to Galaxy’s HPC strategy, Argo Blockchain in turn has entered into an LOI for HPC services at their sites in Canada. Twitter favorite Cathedra Bitcoin finished their 60 MW Bitcoin data in North Dakota as many other peers look to report Q3 earnings this coming week. I will be interested in how the public sector walks through a pretty rough Q3 while leaning into the short-turn momentum. I wonder if analysts will be able to focus on the fundamental performance of the Q3 results without getting distracted by the ticker meme-like behavior.
If y’all will be at NABs in Dallas later this month, give me a shout! I hope y’all stayed hydrated this weekend, called your mom, and even offered to help her with self-custody. Help your families get their sats off the exchanges before the money printers go BRRR again!
Bitcoin/Mining Metrics
BTC price2: ~$80,670.23 @ EOW. +18.16%% WOW.
Hash price1: $51.23 PH/Day @ EOW. +12.79% WOW.
Network Hashrate (SMA 7 Day)1: ~728 EH/s @ EOW. -3.70% WOW.
Difficulty1: 101.65 T @ EOW. +6.25% WOW.
ASIC Retail Price (s19/m30 family)1: $2.75/TH/s @ EOW. 0% WOW.
Sources: Hashrate Index1, Bitbo2
Headlines & News
Featured
Jack Dorsey’s Block Shifts Focus to Bitcoin Mining Amid Trump's Crypto Promises - Decrypt.
Michael Novogratz's Galaxy Looks to AI Computing as Bitcoin Mining Revenue Falls - CoinDesk.
NYDIG acquires Consensus Technology Group - BlockSpace Media.
SEC Crypto Enforcement Slated for Major Rollback Under Trump - Bloomberg.
General PubCo Updates
October Production & Operations Updates
Q3 Results
BitFuFu - Press Release
Core Scientific - Press Release, Presentation, Call Transcript
Galaxy Digital - Press Release, Presentation, Call Transcript
Argo Blockchain: Baie Comeau, High-Performance Computing and Helios Updates - Press Release.
Hut 8 Announces Initial ASIC Fleet Upgrade - Press Release.
Galaxy to End Hosting for Argo’s Bitcoin Miners as It Shifts Focus to HPC Hosting - TheMinerMag.
Operations & Site Updates
Cathedra Bitcoin Announces Completion of 60-Megawatt North Dakota Data Center - Press Release.
Gryphon to End Bitcoin Mining Hosting Agreement with Coinmint - TheMinerMag.
Hyperscale Data to Launch Bitcoin Mining Pilot in the Gulf of Mexico with Oil and Gas Producer - Press Release.
Hardware/Tech Updates
Bitdeer Taped Out SEAL03 Bitcoin ASIC with 10 J/TH Efficiency - TheMinerMag.
Research/Reports/Newsletters
Elections, FOMC Meeting, & Bitcoin All-Time Highs: TBL Weekly #118
The Miner Weekly - A New Metric for Bitcoin Miners: Revenue per Megawatt-Hour
Hashrate Index - Weekly Hashrate Market Update (November 04, 2024)
The Media Vibe
Energy Corner
The Meme Vibe
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