Hashprice Dives 🤿 As Hashrate Rips to ATH 🚀!
W36 '24 | 9.2-9.8.24 | Issue XCVI | Block Height 860510
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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W36 ‘24 Vibe Check
The Overview Vibe
Weekly Industry Metrics
Headlines & News
The Media Vibe
Energy Corner
The Meme Vibe
The Overview Vibe
Slide,slide, slippery slide, Bitcoin slid to ~$54K (SAD, but hey cheap sats!). With BTC price sliding ~6% within a difficulty epoch, hashprice paralleled its direction to below $40/PH/Day. OUCH! As we enter into the shoulder months of Fall, curtailable rackspace is re-energizing with the newest ASICs in the game. This could explain why as hashprice nears all-time-lows, hashrate ripped to all-time-highs ~700 EH/s. The upcoming ~6% upward difficulty adjustment will curb-stomp any marginal S19jpros breakevens below $60/MWh.
With August monthly updates from PubCos filing in (check out the news section below), the main vibes this week were all financed. Running back to their Helios strategy, Galaxy Digital offered a $30M loan denominated in BTC to the latest Chapter 11 poster child Rhodium Enterprises. If Rhodium takes it, Galaxy either gets their coin count up or snatches up MWs on the cheap. SMART. BTC/HPC infrastructure colocation firm Applied Digital announced $160M of infrastructure financing led by NVIDIA. I can’t tell if NVIDIA took this place book from Bitmain or the other way around.
As BITF and RIOT continue their press release rap battle ahead of the BITF special meeting, CORZ announced the extension of their 118 MW option with CoreWeave. If executed, this extension would put 500 MW of CORZ’s power + infra towards HPC contracts. With the addition of two directors with vast industry experience across data centers and energy, MARA signals speculation of diversifying vertically into energy and horizontally to HPC. With MARA marketing its 2PIC immersion infrastructure to data centers and doubling down on their Granbury site, this would make all the sense. I’ll be excited to see how that strategy matures.
I hope everyone had a great weekend! As a Longhorn and Buckeye alumn, it was great to see TTUN get their butt whopped in the Big House! I will be at RE+ this coming week, send me a note to meet up if you will be there! Stay hydrated and call your mom! Peace!
Bitcoin/Mining Metrics
BTC price2: ~$54,227.85 @ EOW. -6.77% WOW.
Hash price1: $38.45 PH/Day @ EOW. -7.08% WOW.
Network Hashrate (SMA 7 Day)1: ~700 EH/s @ EOW. +11.46% WOW.
Difficulty1: 89.47 T @ EOW. 0.00% WOW.
ASIC Retail Price (s19/m30 family)1: $6.27/TH/s @ EOW. 0.00% WOW.
Sources: Hashrate Index1, Bitbo2
Headlines & News
Featured
Needham sees high potential in Core Scientific, TeraWulf as bitcoin miners expand into AI and HPC - The Block.
Marathon Puts AI on Horizon with New Board Directors - TheMinerMag.
Core Scientific Announces Extension of CoreWeave Option for 118 Megawatts of Infrastructure to Support High-Performance Computing - Press Release.
Tokyo Grid Operator Mines Bitcoin to Save Renewable Surplus - TheMinerMag.
General PubCo Updates
August Production & Operational Updates
Riot Issues Open Letter to Fellow Bitfarms Shareholders Ahead of Upcoming Special Meeting - Press Release.
Bitfarms Issues Statement to Address Misleading Claims from Riot - Press Release.
Core Scientific Announces CFO Transition Plan - Press Release.
Capital Markets & M&A
Galaxy Offers $30M Cash or Bitcoin Loans to Bankrupt Miner Rhodium - TheMinerMag.
Blockstream Mining Raises Fresh Round of Note That Offers Exposure to Bitcoin Hashrate - CoinDesk.
Bitcoin Miner Ionic Faces Challenge From Disgruntled Shareholders - Decrypt.
Applied Digital Announces $160 Million Strategic Financing, Fueling Transformative Accelerated Compute and AI Infrastructure - Press Release.
Canaan Pledged 530 Bitcoin for $22.3M Loans at 4.2% Interest Rate - TheMinerMag.
Regulatory/Legal Updates
Norway takes the register to keep out cryptominers - DCD.
Hardware/Tech Updates
Antpool, F2Pool to Support Fractal Bitcoin Merge Mining - TheMinerMag.
Bitmain made too many ASIC miners, and no one is buying - BlockSpace Media.
Research/Reports/Newsletters
Bitcoin under pressure, worst week for risk since 2022: TBL Weekly #109
The Miner Weekly - New Blockchain to Increase Bitcoin Mining Rewards??
Hashrate Index - Weekly Hashrate Market Update (September 03, 2024)
The Media Vibe
Energy Corner
The Meme Vibe
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