MARA 🔥🛢️ Goes Off-Grid While 🇪🇹 BTC ⛏️ing Hits ~600 MWs 💧⚡️!
W41 '24 | 10.7-10.13.24 | Issue CI | Block Height 865537
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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W41 ‘24 Vibe Check
The Overview Vibe
Weekly Industry Metrics
Headlines & News
The Media Vibe
Energy Corner
The Meme Vibe
The Overview Vibe
Bitcoin said, “Don’t test me,” and bounced back to ~$62K after a midweek pulldown. With difficulty adjusting ~4% to 92.05, hashprice dove to the lower $40s/PH/Day before roaring back, thanks to inflated transaction fees. The BTC and hashprice marginally ended the rollercoaster of the week where it started.
Most interestingly, the hashrate ballooned up to ~698 EH/s before closing the week, marginally lower than where it started at the start of the week. While the upward difficulty adjustment might have influenced the deflation in hashrate, a hotter-than-normal October week in Texas and continued grid problems from Hurricane Helene could have also influenced curtailment across the mining footprints of the United States. It looks like hashrate growth might finally be slowing entering the holiday season.
As the last of September PubCo updates trickle in (check the news section below), this week's biggest news was MARA’s entrance into oil field flare gas mitigation. In partnership with NGON (a veteran of the flare gas to Bitcoin space), MARA announced 25 MWs of off-grid mining across the shale patches of Central Texas and North Datoka. Partnering with an experienced operator at scale will allow MARA to continue investment in infrastructure and grow their energy harvesting strategy. I will be interested to see if they will use this footprint in the United States to catapult flare gas mitigation in the Middle East, where they already have a significant on-grid footprint.
While many haters may be in denial (or THE NILE), Ethiopia continues to heat up as the global hotspot for mining. As reported by Luxor’s Ethan Vera at a recent industry-government summit, authorities from Ethiopian Electric Power (EEP) confirmed that ~600 MW of bitcoin mining is active in the country. Ethiopia has quickly grown to be the hub of choice for many Chinese, Russian, and European capitalists. They cheap power from the Blue Nile hydro dams and homes for older gen machines that are being pushed out of Northern Europe and the United States. Time and political winds will tell if the industry there will flourish like in Texas or stall out like in Paraguay.
I hope everyone had a great weekend! While my Buckeyes forgot to watch the flow (SAD FACE), my Longhorns looked alright alright alright at the Cotton Bowl. Remember to call your mom, stay hydrated, and consolidate your UTXOS!
Bitcoin/Mining Metrics
BTC price2: ~$62,723.25 @ EOW. -0.10% WOW.
Hash price1: $45.56 PH/Day @ EOW. -0.09% WOW.
Network Hashrate (SMA 7 Day)1: ~681 EH/s @ EOW. -0.29% WOW.
Difficulty1: 92.05 T @ EOW. +4.13% WOW.
ASIC Retail Price (s19/m30 family)1: $2.97/TH/s @ EOW. +60.03% WOW.
Sources: Hashrate Index1, Bitbo2
Headlines & News
Featured
The crypto executive who could soon be running the SEC - Politico.
Bitcoin miner Riot open to AI opportunities if the right deal comes along: Bernstein - The Block.
Bitcoin Miners at a Crossroads: Gain Market Share or Go All-In on AI? - CoinDesk.
Ethiopia Said to See Bitcoin Mining Soar to 600MW - TheMinerMag.
Bitmain Rolls Out S21+ Bitcoin Miners Boasting 15 J/TH Efficiency - TheMinerMag.
MARA Announces 25-Megawatt Micro Data Center Project Powered by Excess Natural Gas from Oilfields - Press Release.
General PubCo Updates
September Production & Operational Updates
CleanSpark Achieves 30 EH/s - Press Release.
Ionic Digital Announces Elizabeth LaPuma As New Board Chair - Press Release.
Operations & Site Updates
Compass Partners with Mindshift to Provide Bitcoin Mining Services in South Korea - Press Release.
Capital Markets & M&A
Bitfarms Co-Founder Nets $4 Million in Shares Liquidation - TheMinerMag.
Regulatory/Legal Updates
Another Texas City Is Protesting Against Bitcoin Mining - TheMinerMag.
Bitcoin miner IREN overstated its compute ability and prospects, says lawsuit - CoinTelegraph.
Research/Reports/Newsletters
CoinMetrics - State of the Network’s Q3 2024 Mining Data Special
The Miner Weekly - Pubcos Capture Record 25% of Bitcoin Mining Rewards
Hashrate Index - Weekly Hashrate Market Update (October 07, 2024)
The Media Vibe
Energy Corner
The Meme Vibe
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