The hottest Mining Substack posts right now

And their main takeaways
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Top Crypto Topics

Following Flows V: Pool Cross-Pollination

Coin Metrics' State of the Network • 0 implied HN points • 05 Mar 24
🕹 Technology Cryptocurrency Blockchain Mining Decentralization Data Analysis
  1. Decentralization concerns exist within Bitcoin mining due to the dominant control by a few major pools like Foundry and AntPool.
  2. Cross-pollination between mining pools is observed through shared addresses and flow of funds, indicating potential coordination among pools.
  3. Mining pools utilize different payout models and external networks like Cobo's Loop for liquidity, leading to a complex landscape with hidden consolidation of power.

Some Bitcoin thoughts

Joshua Gans' Newsletter • 0 implied HN points • 24 Dec 13
🔮 Crypto Payments Innovation Mining Platform Bitcoin
  1. Money is a platform where value transmission depends on belief and agreements among people. Stability and acceptance are crucial for efficient transactions.
  2. Bitcoin's stability as a payments platform is weak, but it offers potential benefits for wealth storage and operating outside government surveillance.
  3. Bitcoin's innovation as a payments platform, especially its programmable nature, is significant and revolutionary in the world of monetary economics.

Halving Pain May Be Inevitable After All

Miner Weekly • 0 implied HN points • 25 Apr 24
🕹 Technology Bitcoin Blockchain Cryptocurrency Mining
  1. Bitcoin's hashprice surged post-halving due to soaring transaction fees linked to the Rune protocol.
  2. Despite an initial surge, the average block fees have subsided, causing the hashprice to drop below pre-halving levels.
  3. Miner operators were able to profit substantially from the fee market volatility following the halving, with significant increases in collected fees.

Your Halving Cheatsheet: 2020 vs 2024

Miner Weekly • 0 implied HN points • 18 Apr 24
💰 Finance Bitcoin Cryptocurrency Mining Regulation Market Analysis
  1. Bitcoin's mining difficulty has increased significantly over the past four years, making mining 5.36 times harder with an average hashrate increase from 115 EH/s to 640 EH/s.
  2. The daily block subsidies in Bitcoin will halve from 900 BTC to 450 BTC after the upcoming halving, potentially leading to a rise in transaction fees as a percentage of block rewards.
  3. The reshuffle of Bitcoin mining pools over the years reflects a shift from China-based pools to North American ones, indicating a consolidation and institutionalization of mining activities.
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Public Miners Stock Up BTC Reserves

Miner Weekly • 0 implied HN points • 08 Feb 24
💰 Finance Mining Regulation Hardware Corporate Financial
  1. Public mining companies are increasing their Bitcoin reserves, reaching a total of 40,000 BTC for the first time since May 2022.
  2. Some public mining companies have been selling a portion of their monthly Bitcoin production, but others, like Riot, plan to retain more in the near term.
  3. The level of Bitcoin liquidation varies among mining companies, with some selling less than others and some even selling more than they mine in a month.

Bitmain Expands Self-Mining While Raising Rig Prices

Miner Weekly • 0 implied HN points • 11 Jan 24
💰 Finance Cryptocurrency Mining Financial News Corporate News Regulation News
  1. Bitmain has increased the prices of its mining rigs but not as significantly as the rise in bitcoin's hashprice.
  2. CleanSpark's recent preorders of Bitmain's Antminer S21 reveal price changes and discounts over time.
  3. Bitmain has expanded its proprietary mining fleet in the U.S. while raising rig prices, showcasing strategic business moves.

These Pools Are Consolidating Bitcoin Block Rewards with Antpool

Miner Weekly • 0 implied HN points • 28 Dec 23
🔮 Crypto Mining Regulation Hardware Financial Feature
  1. Recent development: Antpool saw a resurgence in hashrate, surpassing Foundry USA in blocks mined. Foundry regained some ground, but on-chain transactions suggest a larger hashrate shift to Bitmain-linked Antpool.
  2. Consolidation trend: 10 of the top 15 mining pools have combined coinbase block rewards since last year, with many independent operators involved. Multiple pools regularly send rewards to the same addresses in single transactions.
  3. Financial dynamics: Payout consolidation likely results from financing agreements, where a central entity controls coinbase and addresses. Speculation rises on Antpool's potential as the financier, raising queries on hashrate diversion agreements with other pools.

Bitcoin Mining Hashcost, Explained

Miner Weekly • 0 implied HN points • 21 Dec 23
🔮 Crypto Mining Metrics Companies Hardware Financial
  1. Bitcoin's hashprice reaching new highs above $130/PH/s indicates increasing block rewards from transaction fees.
  2. A new hashcost metric evaluates mining companies' competitiveness by assessing the daily operational costs per hashrate.
  3. Reducing hashcost through improved fleet efficiency and lower energy rates is crucial for mining companies, especially with the halving approaching.

Antpool's hashrate resurgence

Miner Weekly • 0 implied HN points • 30 Oct 23
🔮 Crypto Mining Stocks Regulation Hardware Corporate
  1. Antpool's hashrate saw a significant increase in October, reaching the highest number of blocks mined since 2016.
  2. Antpool is in close competition with Foundry USA Pool, with their combined market share at a historic high of 55%.
  3. The rise in Antpool's hashrate could be connected to their cloud mining business launch and importation of S19XPs to the U.S.

These mining pubcos outgrow bitcoin in Q3

Miner Weekly • 0 implied HN points • 09 Oct 23
💼 Business Mining Finance Technology Corporate Regulation
  1. Bitcoin mining companies have been aggressively expanding their operations, leading to a significant increase in the network's hashrate.
  2. Some public mining companies like Bitdeer, CleanSpark, Marathon, and others have surpassed Bitcoin's growth in hashrate during Q3.
  3. The increased competition and growth in mining pubcos are squeezing out smaller players in the market share of Bitcoin production.

Halving came early for mining stocks

Miner Weekly • 0 implied HN points • 02 Oct 23
💰 Finance Stocks Bitcoin Mining Financial News
  1. Bitcoin mining stocks saw a sharp decline of about 50% in Q3, outperforming bitcoin and Nasdaq.
  2. Volatility in mining stocks coincided with equity financing by public mining companies to fuel growth.
  3. Potential in mining stocks lies in choosing operations with low costs, high efficiency, a strong balance sheet, and a track record of delivering on promises.

Core Seeks to Resolve $330M Claims

Miner Weekly • 0 implied HN points • 18 Sep 23
💰 Finance Mining Bankruptcy Agreements Bitcoin Corporate News
  1. Core Scientific is resolving $330 million in claims by reaching agreements with hosting clients, paving the way for its bankruptcy exit.
  2. Part of Core's settlement plan involves sharing net mining profits with clients and selling assets like the Cedarvale site to settle debts.
  3. The decline in Core's market share of Bitcoin production this year is attributed to increased competition and operational expansions by rivals.

Riot realizes 132% of proprietary hashrate

Miner Weekly • 0 implied HN points • 11 Sep 23
🔮 Crypto Mining Energy Regulation Hardware Corporate
  1. Riot achieved 132% of its proprietary hashrate by utilizing power trades and taking advantage of low hashprices, showcasing a unique approach during the bear market.
  2. Due to dropping hashprices, mining companies like Riot may opt to divert some proprietary hashrate to other activities for better profitability rather than focusing solely on mining.
  3. Riot's strategic energy programs in Texas not only contributed to the state's position as a mining hub but also influenced the overall North American power capacity distribution, strengthening the mining industry.

An efficiency race among miners

Miner Weekly • 0 implied HN points • 05 Jul 23
💰 Finance Mining Bitcoin Regulation Financial News Corporate News
  1. Bitcoin miners are engaging in an efficiency race, upgrading equipment and optimizing operations in preparation for the upcoming halving in 2024.
  2. Companies like Riot and CleanSpark are making significant investments in mining equipment to improve efficiency and stay competitive in the market.
  3. The decrease in Bitcoin's hashprice since 2022 has created uncertainties around the next halving, putting pressure on miners to enhance efficiency and lower costs.

Core lays out bankruptcy exit plan

Miner Weekly • 0 implied HN points • 26 Jun 23
💰 Finance Mining Regulation Hardware Corporate Feature
  1. Core Scientific plans to emerge from bankruptcy by the end of September, focusing on boosting its market share in bitcoin mining.
  2. The company aims to expand operations in Texas, purchase new miners, and transition to a profit-sharing model for hosting.
  3. Core Scientific intends to continue selling all mined bitcoin soon after production, with plans to invest in new equipment for increased efficiency.

Major mining pubcos. have come out of crypto winter, at least for now

Miner Weekly • 0 implied HN points • 13 May 23
💰 Finance Mining Earnings Regulation News Corporate News
  1. Major mining public companies have shown improved financial performance after the crypto winter of 2022.
  2. Mining companies have managed to reduce the all-in cost of mining by 10-20%, contributing to increased profitability.
  3. Operational efficiency remains crucial for mining companies as they aim to generate positive earnings, especially as they approach the next bitcoin halving.

The cost of making Avalon miners has declined

Miner Weekly • 0 implied HN points • 29 Apr 23
🕹 Technology Mining Equipment Manufacturing
  1. The cost of making Avalon miners has declined, creating potential for getting bargains as manufacturing costs decrease over time.
  2. The decline in manufacturing costs could allow manufacturers to adjust prices when demand for new mining equipment is low, potentially affecting gross margins.
  3. There is curiosity about whether Bitmain and MicroBT will also see a trend of declining costs for ASIC miners and if this will lead to even cheaper prices as the bitcoin network approaches the next halving.

Miner Weekly: Introducing TheMinerMag

Miner Weekly • 0 implied HN points • 03 Dec 22
🔮 Crypto Mining Regulation Corporate News Hardware & Infrastructure
  1. The MinerMag is a new platform focusing on bitcoin mining companies, aiming to improve industry transparency.
  2. Recent news highlights challenges in cryptocurrency operations, including high energy demand and fraud cases.
  3. Corporate updates include Hut 8 halting mining operations, Compass Mining launching a protection plan, and Alameda's investment in Genesis Digital.

Miner Weekly: Who're mining at a loss?

Miner Weekly • 0 implied HN points • 12 Nov 22
🔮 Crypto Mining Bitcoin Companies Hardware Features
  1. Bitcoin miners may face challenges with profitability if the price of BTC drops below $14,000.
  2. The concept of Hashcost is introduced, showing the raw cost a mining fleet would incur in 24 hours to produce 1 PH/s of hashrate at different energy rates.
  3. Public mining companies could be operating at close to zero or negative gross margins as bitcoin trades around their break-even levels.

Miner Weekly: Marathon's energized, and NYDIG is taking over machines

Miner Weekly • 0 implied HN points • 05 Nov 22
🕹 Technology Cryptocurrency Mining Hardware & Infrastructure Regulation News Corporate News
  1. NYDIG is taking over collateralized mining machines from companies like Core Scientific, Iris Energy, and Stronghold Digital due to potential loan defaults.
  2. Marathon recently energized 32,000 ASIC miners, achieving record production in October, indicating a positive shift for the company.
  3. CleanSpark surpassed Riot in Realized Hashrate for October, despite Riot having a larger installed hashrate, showing notable growth and competition in the mining industry.

Miner Weekly: Rhodium, the next US public miner?

Miner Weekly • 0 implied HN points • 22 Oct 22
💼 Business Mining Regulation Corporate News Hardware & Infrastructure
  1. Rhodium Enterprises has the cheapest cost of production among its US public mining competitors for now.
  2. Rhodium mined a significant amount of BTC and has high realized hashrate compared to other public mining companies.
  3. Rhodium's cost of mining production is currently relatively low compared to its peers due to efficient operations and energy rates.

Miner Weekly: Pubcos’ Q3 Gross Margin Plunge

Miner Weekly • 0 implied HN points • 15 Oct 22
💰 Finance Cryptocurrency Mining Regulation Corporate News Hardware & Infrastructure
  1. The average gross margin for public mining companies has declined significantly in Q3, dropping from nearly 70% in Q1 to 26%.
  2. Rising energy costs are squeezing bitcoin mining's gross margin, causing challenges for both public and private mining firms.
  3. If key parameters like bitcoin prices, mining difficulty, and energy costs do not reverse, the industry may see increased consolidation and challenges in the upcoming quarters.

Miner Weekly: Mining Power Distribution in North America

Miner Weekly • 0 implied HN points • 01 Oct 22
💼 Business Mining Finance Infrastructure Regulation
  1. North America has become the main computing hub for securing the bitcoin network after China expelled miners.
  2. The power capacity for mining is more distributed in North America due to varied political and social landscapes in the U.S. and Canada.
  3. The power capacity of public mining companies in North America is estimated to be about 2.8 gigawatts, with Texas and Georgia occupying the top spots.

Miner Weekly: KucoinPool a Poolin White Label?

Miner Weekly • 0 implied HN points • 17 Sep 22
🔮 Crypto Mining Regulation Hardware Finance Infrastructure
  1. Hashrate movements in major mining pools like Poolin affect the overall distribution of hashing power in the network, leading to observations like KucoinPool potentially being a Poolin white label.
  2. The mining community is reminded of past incidents where crypto exchanges used white labels of established pool operators to attract customers, revealing a dependency on fewer pool operators than commonly assumed.
  3. Regulation, hardware advancements, finance updates, and infrastructure developments are key areas of interest in the mining industry, reflecting the dynamic nature of the cryptocurrency ecosystem.

Miner Weekly: Hashprice Squeeze 🥲

Miner Weekly • 0 implied HN points • 03 Sep 22
💰 Finance Mining Regulation Hardware Finance Infrastructure
  1. Bitcoin mining difficulty increased, causing hashprice to drop to around $0.08 per TH/s, impacting mining profitability and leading to pressure on inefficient miners.
  2. Public bitcoin mining companies have managed to keep mining costs below $20,000, but general expenses could push some companies to exceed $30,000 per BTC, affecting their overall profitability.
  3. Regulations, such as the rejection of green crypto mining studies and veto of crypto mining laws due to energy costs, and hardware news, like companies broadening digital ambitions and increased mining difficulty, continue to shape the crypto mining landscape.

Weekly Mining Newsletter

Miner Weekly • 0 implied HN points • 30 Jul 22
🕹 Technology Mining Regulation Hardware Finance Infrastructure
  1. Bitcoin's hashrate increased by ~8% as Texas miners resume power, significant news announced during Mining Disrupt 2022 and Bitmain's WDMS in Miami
  2. Ethereum Classic saw a surge of over 100% since mid-July due to the Ethereum PoW fork discussion and the debut of AntPool in its ecosystem
  3. Public miners like Stronghold and Mawson released their Q2 production data, showing growth surpassing network competition rise, offering a holistic view of 17 public miners' quarterly production

Weekly Mining Newsletter

Miner Weekly • 0 implied HN points • 10 Jul 22
💰 Finance Mining Bitcoin Cryptocurrency Infrastructure General
  1. Many mining companies sold a large amount of BTC in June but still hold significant amounts on their balance sheets.
  2. Bitcoin's mining difficulty has decreased slightly recently, allowing existing miners to potentially earn a larger share in the upcoming weeks.
  3. Important developments in the mining industry include companies like Core Scientific selling a substantial amount of Bitcoin, while some like Hut8 continue to hodl all mined BTC.

Weekly Mining Newsletter

Miner Weekly • 0 implied HN points • 02 Jul 22
🕹 Technology Mining Regulation Hardware Infrastructure General & Features
  1. Mining companies may continue to sell bitcoin and equipment to manage increasing debt levels, potentially impacting market dynamics.
  2. Bitcoin's mining hashprice has stabilized at $90 per PH/s, while some miners are currently operating at a loss.
  3. Regulatory challenges for miners include permit denials, investigations into alleged tax fraud schemes, and the impact of hardware developments on mining profitability.

Weekly Mining Newsletter

Miner Weekly • 0 implied HN points • 07 May 22
🕹 Technology Mining Regulation Finance Hardware Infrastructure
  1. The New York Mining Moratorium bill is advancing, potentially impacting crypto mining operations in the state.
  2. Big names in Bitcoin like Jack Dorsey and Michael Saylor are collaborating to defend crypto mining against environmental concerns.
  3. Financial updates include Argo borrowing $70M to buy mining rigs, Riot selling half of its mined Bitcoin, and Marathon Digital considering selling some Bitcoins.

Weekly Mining Newsletter

Miner Weekly • 0 implied HN points • 09 Apr 22
🕹 Technology Mining Regulatory Finance Hardware Infrastructure
  1. Bitcoin miners have shown strong growth in Q1 production, collectively mining 12,131 BTC over three months.
  2. Regulatory challenges are affecting the mining industry, with delays in NY and Texas approval processes.
  3. Companies in the mining sector are making significant financial moves like IPO filings, acquisitions, and public offerings.

Goodbye, Miners

Sector 6 | The Newsletter of AIM • 0 implied HN points • 18 Sep 22
🔮 Crypto Blockchain Mining Decentralization
  1. Ethereum has switched from proof-of-work to proof-of-stake, which changes how it operates. This new method involves validators being chosen based on how much they own.
  2. Proof-of-stake is seen as more energy-efficient than proof-of-work. This shift can help reduce environmental impact.
  3. The upgrade marks a significant change in the blockchain world, moving towards more sustainable practices. It sets a new standard for other cryptocurrencies to consider.

State of the Network’s Q3 2024 Mining Data Special

Coin Metrics' State of the Network • 0 implied HN points • 08 Oct 24
🔮 Crypto Mining Market Trends Business Models Revenue streams
  1. Bitcoin mining revenues dropped to $2.5 billion in Q3 2024, down from $3.7 billion, mainly because of the halving event in April 2024.
  2. Transaction fees have been low, making miners look for new ways to earn money, like renting out space for AI or tokenizing whiskey barrels.
  3. There are still many empty blocks being mined, especially by certain pools, which raises questions about how miners are optimizing their processes.

How mining giant Rio Tinto and Founders Factory selected their 2024 cohort

The Green Techpreneur • 0 implied HN points • 18 Oct 24
💼 Business Startups Investments Technology Mining Sustainability
  1. Rio Tinto is investing in climate tech by partnering with Founders Factory to support early-stage startups focused on making mining greener and safer.
  2. The mining industry faces big challenges in cutting emissions while increasing mineral production, especially in remote locations where energy use is high.
  3. Startups in the program are using innovative technologies, like AI and biology, to recover metals and improve mining processes, aiming for a more sustainable future.

State of the Network’s Q4 2024 Mining Data Special

Coin Metrics' State of the Network • 0 implied HN points • 17 Dec 24
🔮 Crypto Mining Market Trends Hardware Profitability
  1. The recent Bitcoin halving really affected how much miners earn. Even though their revenue dropped, rising Bitcoin prices helped a bit.
  2. Publicly traded Bitcoin mining companies are seeing a lot of ups and downs compared to Bitcoin itself. Firms with better equipment and finances are doing better than others.
  3. Bitcoin miners need to keep upgrading their technology and operations to stay competitive, especially after big events like halving that change their earnings.