🍁 Sept PubCo 📊 Updates + WULF 🐺 Exits Nuclear ☢️ ⛏️ing for AI 🤖
W40 '24 | 9.30-10.6.24 | Issue C | Block Height 864487
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W40 ‘24 Vibe Check
The Overview Vibe
Weekly Industry Metrics
Headlines & News
The Media Vibe
Energy Corner
The Meme Vibe
The Overview Vibe
Welcome to the 100th issue of the Vibe Checks! Thanks for all the continued support (especially the awesome paid subs who donate! Y’all are the real MVPs!) and readership. Please continue to share with your friends/colleagues and provide feedback! Bitcoin retreated to $62K as the armed heating up of the Middle East caused some FUD. If you want to see how Bitcoin did in Q3, check out this quality write-up by the homies at NYDIG.
Hashprice tracked Bitcoin price during this inter-epoch week, with hashrate ripped towards new all-time highs. Hashrate tagged 684 EH/s before slightly retreating, potentially due to the electrical infrastructure havoc in the southeast United States after Hurricane Helene. CleanSpark is one Pubco that announced post-storm recovery progress. With Bitcoin in an upswing and hashprice sentiment not in the total dumps, S19 and XP generation machines have seen a slight bump in pricing due to their stateside liquidity.
Sept PubCo Updates (see news section below) dropped with the first shoulder month production numbers of the fall, alongside capital market, AI, and operational news. Mullet miner Terawulf exited their 25% equity position in the PA behind-the-meter nuclear-powered Natilius Bitcoin mine to their JV partner Talen Energy for $92M. This sale marks a sweet 3.4 ROI, a pretty significant premium @ ~ $1.2M/MW + ASIC value (including a super competitive $0.02/kWh PPA), and cash to invest into their AI strategy at Lake Mariner. WULF plans to pour that cash into building 20 MW of AI computing after a successful 2 MW AI pilot build. As always, @pennyether has a pretty quality and robust tweet looking at WULF. Check it out!
Following up on the legal rollercoaster kicked off by Swan last week, Proton Management (defendants in that lawsuit) counter-punched with new filings that revealed new facts that don’t look well for Swan (Check out this great reporting by Blockspace Media). It claims that Swan never had a mining business but a 20% minority share in a JV funded by Tether called 2040 Energy.
Tether controlled the board and Swan was not entitled to any profits until after capital was returned. As the relationship deteriorated, it looks like Tether removed Cory Klippsten as 2040 Energy CEO. The team that put on over 11+ EH/s in 12 months kept operating and deploying under a new management structure. It looks like the California court has rejected Swan’s request to return laptops with a hearing scheduled for Nov 8th. I am sure we will learn more in the coming days.
Thanks again for supporting the Vibe Check through 100 issues! Please share with your friends and shoot me back feedback. I want to make this industry blurb as beneficial as possible to those who read my run-on sentences lol. Have a great weekend y’all! Stay hydrated and call your mom!
Bitcoin/Mining Metrics
BTC price2: ~$62,662.60 @ EOW. -4.86% WOW.
Hash price1: $45.52 PH/Day @ EOW. -4.27% WOW.
Network Hashrate (SMA 7 Day)1: ~683 EH/s @ EOW. +8.24% WOW.
Difficulty1: 88.4 T @ EOW. 0.00% WOW.
ASIC Retail Price (s19/m30 family)1: $7.43/TH/s @ EOW. +22.81% WOW.
Sources: Hashrate Index1, Bitbo2
Headlines & News
Featured
TeraWulf Monetizes Equity Interests in Nautilus Joint Venture to Fuel Expansion of HPC/AI and Bitcoin Mining at Flagship Lake Mariner Facility - Press Release.
New filings raise questions about mining ownership in Swan lawsuit - BlockSpace Media.
General PubCo Updates
September Production & Operational Updates
CleanSpark Provides Update on Hurricane Helene - Press Release.
CleanSpark Executives Aim for $91M in Performance Awards - TheMinerMag.
Operations & Site Updates
Compass Mining Energizes New Facility in Nebraska with 2,400 Bitcoin Miners - Press Release.
Capital Markets & M&A
Bitfarms Files Amended and Restated Prospectus Supplement for its Existing At-the-Market Equity Offering Program - Press Release.
HIVE Digital Updates ATM Equity Program - Press Release.
Hut 8 Announces Early Payoff of Outstanding Loan - Press Release.
Canaan Raises $50M in Third Tranche of Preferred Stock Offering - TheMinerMag.
Regulatory/Legal Updates
This New York Town Passes Bitcoin Mining Regulations - TheMinerMag.
Here’s What Swan Bitcoin Redacted in Mining Lawsuit Involving Tether - TheMinerMag.
Judge axes class action claiming Iris Energy misled investors during IPO - CoinTelegraph.
Bitfarms Settles Dispute with Former CEO Geoffrey Morphy - TheMinerMag.
Hardware/Tech Updates
Announcement on BTC.com's Brand Upgrade to CloverPool - Press Release.
Research/Reports/Newsletters
Wealth effects & Operation Chokepoint 2.0 flaming injustices: TBL Weekly #113
The Miner Weekly - Another Distressed Bitcoin Mine Set for Auction
Hashrate Index - Weekly Hashrate Market Update (September 30, 2024)
Hashrate Index - Hashrate Derivatives Monthly Lookback - September 2024
The Media Vibe
Energy Corner
The Meme Vibe
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